Hospitals and Health Systems Sector Outlook — September 2026

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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HOSPITALS AND HEALTH SYSTEMS

Hospitals: Profitability Is Where the Price Gap Sits

How the listed hospital operators are priced today on forward EBITDA, what recent transactions cleared, and where the spread inside one classification actually sits.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HOSPITALS AND HEALTH SYSTEMS

   Cover page introducing the September 2026 Hospitals and Health Systems sector outlook.

   We open with the headline finding for hospital and health system investors: pricing across the listed peer set lines up with margin durability more than with growth. This report walks that story end to end, from the public market screen through precedent transactions to the operating choices it raises for owners and acquirers.

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   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HOSPITALS AND HEALTH SYSTEMS Hospitals: Profitability Is Where the Price Gap Sits How the listed hospital operators are priced today on forward EBITDA, what recent transactions cleared, and where the spread inside one classification actually sits. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page maps the report's five sections plus the appendix.

   We've structured this report so the bottom line comes first, followed by the landscape, valuation and situations, precedent transactions, and the strategic implications for owners and acquirers. A reader who stops after section one already has the full story; everything after builds the evidence behind it. That structure lets you go as deep as you need, from a short read to the complete comparable set in the appendix.

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   CONTENTS What This Report Covers 01 The Bottom Line One Hospital Classification, and a Price Band That Runs Wide Inside It 02 The Landscape Behavioural and Specialty Hospital Facilities Is the Whole Peer Set Here 03 Valuation & Situations Two Operators Hold the Top of the Range and Two Sit at the Bottom 04 Precedent Transactions Buyers Have Been Paying Above the Listed Middle for Hospital Platforms 05 Strategic Implications What to Work on While the Price Band Stays This Wide 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Hospitals and Health Systems: One Facilities Group on the Screen, and the Higher Prices Sit with the Slower Growers

   This page states the report's core finding: one hospital peer group, with premium multiples sitting on the slower-growing names.

   Across the 8 approved hospital operators, one classification covers the whole screen, yet forward multiples span 5.5x to 8.2x around a 6.8x median. Split the set by growth and the slower-growing half trades at 7.6x against 6.0x for the faster half, a premium that sits with slower growth rather than faster. Reported EBITDA margins range from 8% to 29%, a spread wide enough to put earnings quality on the table in diligence. That's the story the rest of this report unpacks in the public and precedent transaction evidence.

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   01 · THE BOTTOM LINE Hospitals and Health Systems: One Facilities Group on the Screen, and the Higher Prices Sit with the Slower Growers The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 One Label Covers the Whole Screen — the Comparison Is Name by Name 8 of the 8 approved names sit in behavioural and specialty hospital facilities, and 8 of the 8 carry a CY2027E EBITDA estimate. The middle of the set is 6.8x forward EV / EBITDA, with the middle band running from 5.5x to 8.2x — one label, a wide price band inside it. 2 The Faster-Growing Half Carries the Lower Price Split the 8 listed hospital operators at 4% revenue growth and the slower half sits at 7.6x on CY2027E EBITDA against 6.0x for the faster half, 4 names each side. A forward multiple already credits the growth in the forecast, and on this set the premium still sits with the slower half rather than with the faster one. 3 A Wide Margin Spread Puts Earnings Quality in Play Reported EBITDA margins across the 8 run from 8% to 29%, a far wider spread than revenue growth shows. With core inpatient rates administered rather than negotiated, how much of that margin rests on commercially contracted volume versus supplemental payment programmes is a question the earnings profile itself raises in diligence. 4 Recent Transactions Have Cleared Above the Listed Middle Across the 9 transactions shown, disclosed EBITDA multiples run from 7.2x to 9.8x, a band that sits above the middle of the 8 listed hospital operators. Not-for-profit and regional systems appear as buyers and sellers in that record, so that band is associated with local density. 6.8x Sector median EV/EBITDA CY2027E consensus · 8 rated of 8 companies 9.9x Premium end EV/EBITDA vs 4.6x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 17 Transactions with disclosed terms 45 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the market map and landscape section.

   We now turn to the peer set itself: one classification, behavioural and specialty hospital facilities, covers every name on the screen. The comparison that matters from here runs operator against operator, not segment against segment.

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   SECTION 02 02 THE LANDSCAPE Behavioural and Specialty Hospital Facilities Is the Whole Peer Set Here The comparison that matters runs operator against operator, not segment against segment. 02 of 06 Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   One Classification Covers the Whole Screen, so Value Is Judged Name by Name

   This page groups the 8 approved companies by business segment and shows the median EV/EBITDA (CY2027E) per group.

   All 8 approved companies sit inside one classification, behavioural and specialty hospital facilities, so segment grouping alone won't separate the names for you. That means value on this screen has to be judged company by company rather than by category. We use this page to set up the name-level valuation work that follows.

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   02 · MARKET MAP One Classification Covers the Whole Screen, so Value Is Judged Name by Name 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BEHAVIORAL AND SPECIALTY HOSPITAL FACILITIES 8 cos median 6.8x HCA Healthcare (HCA) Tenet Healthcare (THC) Encompass Health (EHC) Universal Health (UHS) Community Health (CYH) Ardent Health (ARDT) Nutex Health (NUTX) Auna S.A. (AUNA) This is the entire peer set — 8 of the 8 operators sit here, so relative value is argued operator against operator rather than segment against segment.

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   02 · LANDSCAPE

   One Group on the Table, and the Spread Inside It Is Where the Story Sits

   This page presents the segment view of the approved universe with EV/EBITDA (CY2027E) medians on rated names.

   With a single segment covering the whole approved universe, the real story is the spread inside that one group rather than any gap between groups. We show the median here as the anchor point before breaking the set apart by growth and margin in the next section. Full company-level detail sits in the appendix for anyone who wants to trace a specific name.

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   02 · LANDSCAPE One Group on the Table, and the Spread Inside It Is Where the Story Sits Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Behavioral and specialty hospital facilities 8 100% 6.8x HCA Healthcare, Inc. (HCA) · Tenet Healthcare Corporation (THC) · +6 more One label, the whole set. 8 of the 8 approved names sit here — 100% of the screen — and the middle of the group is 6.8x forward EV / EBITDA on CY2027E. Inside one label sit operators of different shape: acute hubs with ambulatory rings, post-acute rehabilitation and physician-aligned formats. That is why buyers underwrite facility-level EBITDA and build value up from there, rather than pricing the label.

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   Divider introducing the public market valuation section.

   Two operators hold the top of the valuation range and two sit at the bottom, with all 8 rated names carrying a CY2027E estimate. We use this divider to move from the landscape into the valuation detail behind that spread.

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   SECTION 03 03 VALUATION & SITUATIONS Two Operators Hold the Top of the Range and Two Sit at the Bottom Forward EV / EBITDA on CY2027E, with 8 of the 8 names on the page carrying an estimate. 03 of 06 Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Two Operators Hold the Top of the Range; Two Sit at the Bottom

   This page ranks all 8 rated companies by EV/EBITDA (CY2027E), sorted descending against a sector median of 6.8x.

   Sorting the full rated set by forward multiple shows two names holding the top of the range and two sitting at the bottom, against a sector median of 6.8x. Tier zones here are cut at the rated set's own quartiles, so they describe the shape of this specific peer group rather than an external benchmark. That spread is the starting point for asking what separates the top of the range from the bottom, which is what the next page tests.

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   03 · PUBLIC MARKET VALUATION Two Operators Hold the Top of the Range; Two Sit at the Bottom EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 6.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 9.9x CORE · median 6.8x DISCOUNT · median 4.6x Sector median 6.8x WHAT SEPARATES THE TWO ENDS The top pair trades on durability. Encompass Health Corporation (EHC) and HCA Healthcare, Inc. (HCA) sit at 9.9x on CY2027E EBITDA. Both run multi-market platforms with depth in high-acuity service lines and an established position in their defined service areas, which is the profile buyers say they underwrite. The bottom pair carries open questions. Ardent Health Inc. (ARDT) and Auna S.A. (AUNA) sit at 4.6x. At this end of the range the questions that get asked are concentration in a single platform or geography, how much of the margin base depends on programme renewal, and what catch-up capex the plant needs. A forward lens already credits growth. Because the multiple is set on CY2027E earnings, the forecast is already in the price. A premium that survives that lens is the market paying for durability of the earnings base rather than for a number in next year's plan — which is where an owner's own case has to be made.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 20% Margin Line Carry 8.3x Against 5.2x Below It

   This page splits the rated names by revenue-growth cohort and by EBITDA-margin cohort to compare median multiples.

   Names above the 20% margin line carry a median of 8.3x against 5.2x below it, a wider separation than the growth split produces. That's an association we're showing in the data, not a claim that margin causes the multiple. It does tell us where to focus in diligence: profitability, not pace, is what's lining up with price on this set.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 20% Margin Line Carry 8.3x Against 5.2x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 20% Split at 4% Growth, the Slower Half Prices Higher Split the 8 listed hospital operators at 4% revenue growth and the slower half sits at 7.6x forward EV / EBITDA, against 6.0x for the faster half, with 4 names on each side. On a set this size that is an association rather than a mechanism, but it says pace alone is not what the market is rewarding here. Clearing the Margin Bar Travels with the Higher Multiples On the 2 names above the margin bar but below the growth bar, the multiple sits at 8.3x; on the 2 names above the growth bar but below the margin bar, it sits at 5.2x. That ordering matches how buyers price facilities — off adjusted facility EBITDA, with rent and minority economics taken out first. Reported Margins Run Far Wider than Growth Does Reported EBITDA margins across the 8 run from 8% at Ardent Health Inc. (ARDT) to 29% at Nutex Health, Inc. (NUTX), a wider spread than the growth estimates show. Payer mix, negotiated commercial rate position and contract labour reliance are the first places to look when a gap that wide opens up. Programme Renewals Sit on the Earnings Base, Not the Growth Line Supplemental payment, state directed payment and provider fee income carry renewal risk that buyers rarely capitalise on the same basis as commercially contracted volume. Two operators with identical reported margin can be underwritten very differently once that split in the base is worked through.

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    03 · SITUATION MAP

    3 of the 8 Hold a Premium Price on Slower Growth

    This page cuts the 8 rated names on EV/EBITDA against the sector median and revenue growth against the covered median.

    3 of the 8 names hold a premium price on slower growth, the situation this report keeps returning to. These are observations built from where each name sits against the cohort's own medians, not recommendations to act. We use this map to frame the operating questions the next pages put on the table.

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    03 · SITUATION MAP 3 of the 8 Hold a Premium Price on Slower Growth Cut on EV / EBITDA vs the sector median (6.8x) (rows) and revenue growth vs the covered median (4%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Above the Middle on Price and Growth Above-median multiple · above-median revenue growth 1 names Encompass Health Corporation (EHC) Encompass Health Corporation (EHC) is the single name above the middle of the group on both price and revenue growth. On a cell of one, treat it as a reference point for what a durable earnings base plus pace looks like in this set, not as a rule. Premium Price, Slower Growth Above-median multiple · below-median revenue growth 3 names HCA Healthcare, Inc. (HCA) · Tenet Healthcare Corporation (THC) · Community Health Systems, Inc. (CYH) Three of the 8 sit here: HCA Healthcare, Inc. (HCA), Tenet Healthcare Corporation (THC) and Community Health Systems, Inc. (CYH). Buyers are paying above the middle of the group without the faster growth, so the case rests on position in defined service areas, commercial mix and service-line depth. Below on Price, Faster Growth Below-median multiple · above-median revenue growth 3 names Universal Health Services, Inc. (UHS) · Nutex Health, Inc. (NUTX) · Auna S.A. (AUNA) Universal Health Services, Inc. (UHS), Nutex Health, Inc. (NUTX) and Auna S.A. (AUNA) are growing faster than the middle of the group and priced below it. This is where earnings-quality questions usually live — programme dependence in the base, concentration in one geography, and contract labour reliance. Below the Middle on Both Below-median multiple · below-median revenue growth 1 names Ardent Health Inc. (ARDT) Ardent Health Inc. (ARDT) sits below the middle of the group on both price and revenue growth. On a single name, read it as a prompt to work through the margin base and payer mix rather than as a settled view of the business.

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    03 · GROWTH VS PROFITABILITY

    2 of the 8 Clear Both Bars: Growth and Margin Together

    This page plots revenue growth against EBITDA margin for the 8 companies with both estimates, split at the covered medians.

    Only 2 of the 8 names clear both the growth and margin bars at once, with quadrant cuts set at the covered set's own medians of 4% growth and 20% margin. Each quadrant carries its own median EV/EBITDA, showing how few names combine both drivers of value. That scarcity is itself the signal: balancing growth and margin together is the harder, and rarer, combination in this set.

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    03 · GROWTH VS PROFITABILITY 2 of the 8 Clear Both Bars: Growth and Margin Together Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (4% growth, 20% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 2% 4% 6% 8% 10% 10% 15% 20% 25% 30% MARGIN ONLY median 8.3x BALANCED median 8.4x NEITHER median 6.3x GROWTH ONLY median 5.2x CYH THC HCA ARDT UHS AUNA EHC NUTX x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map splits the 8 listed hospital operators on the same growth line used through this deck and on a 20% EBITDA margin bar. Encompass Health Corporation (EHC) and Nutex Health, Inc. (NUTX) clear both and sit at 8.4x; the 2 names clearing margin alone sit at 8.3x, the 2 clearing growth alone at 5.2x, and the 2 clearing neither at 6.3x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 8 names clear it.

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    03 · THE AGENDA

    Three Operating Choices That Sit Alongside the Top of the Hospital Price Range

    This page frames three operating questions for owners and acquirers sitting alongside the top of the hospital price range.

    Based on the cohort data shown earlier, we lay out three operating choices worth resolving: deepening density in existing service areas, owning the ambulatory ring around the acute hub, and reducing how much EBITDA depends on payment programme renewal. These are framed as questions to work through, not recommendations to transact. They give an owner or acquirer a starting agenda tied directly to what separates the top of this range from the bottom.

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    03 · THE AGENDA Three Operating Choices That Sit Alongside the Top of the Hospital Price Range NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Density in the Service Areas You Already Hold Local share is what gives a negotiated commercial rate position, and the recorded transactions have been bought for density in defined markets rather than for total bed count. Adding share where you already have an acute hub is the cheaper route to the same payer leverage. What changes the answer: Same-facility adjusted admissions moving one way while commercial mix moves the other. Own the Ambulatory Ring Around the Acute Hub Outpatient migration is already in motion, and the operators priced at the upper end of this set are the ones with the ambulatory and specialty footprint built around inpatient capacity. Build-versus-buy on surgery capacity and physician alignment is the live capital allocation question. What changes the answer: Outpatient volume growing while inpatient case mix index flattens in your core markets. Reduce How Much of the EBITDA Base Depends on a Renewal Supplemental and state directed payment income is examined separately by buyers and is rarely capitalised on the same basis as commercially contracted volume. Shifting mix toward contracted commercial acuity, and taking agency reliance out of the cost base, changes what the base is worth. What changes the answer: A state programme entering its renewal cycle, or a shift in directed payment approval.

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    SECTION 04

    04

    Divider introducing the precedent transactions section.

    Buyers have been paying above the listed middle for hospital platforms, with regional systems, operators and one financial sponsor active across the recorded transactions. This divider moves us from the public market screen into that transaction evidence.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Have Been Paying Above the Listed Middle for Hospital Platforms Regional systems, operators and one financial sponsor across the recorded transactions. 04 of 06 Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Hospital Transactions Set a Second Price Benchmark Alongside the Public Peers

    This page walks through a case study from the transactions with disclosed terms, benchmarked against the public peer set.

    We use disclosed-terms transactions to build a second price benchmark alongside the public peers, told here as case studies with the complete list held in the appendix. Deal multiples are measured on LTM financials at announcement, a different basis from the forward CY2027E convention used for the public names, so we don't claim a direct spread between the two. What the case study does show is a read on why a deal happened, grounded in the recorded evidence rather than assumption.

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    04 · DEAL CASE STUDIES Precedent Hospital Transactions Set a Second Price Benchmark Alongside the Public Peers 1 of 17 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 52 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 28 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jul-2026 $1.1B Intermountain Health Intermountain Health commits $1.1B for a two-hospital package in one service area EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer is a regional system and the targets are two hospitals in the same local market, which points to completing a referral network inside a defined service area rather than adding national bed count. Deals in this shape usually come with negotiated community commitments — capital investment undertakings and service line continuation — alongside the price. HOW THE TARGET WAS VALUED The disclosed value is $1.1B for the pair, recorded as pending in July 2026. For an owner, it is the clearest recent marker of what a regional system will commit for local density in a single service area, and it sits among the larger recorded transactions in this set.

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    SECTION 05

    05

    Divider introducing the strategic implications section.

    With the price band this wide, the question turns to what to work on operationally while it stays that way. We use this divider to move into the operating moves and evidence worth watching over the next stretch.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What to Work on While the Price Band Stays This Wide Operating moves that sit alongside the higher end of the range, and the evidence to watch. 05 of 06 Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Revenue Mix and Margin Are Where Owners Have Room While the Price Band Stays This Wide

    This page sets out the operating questions revenue mix and margin put on the table for owners, boards and acquirers.

    Revenue mix and margin are where owners have room to act while the price band stays this wide, and we frame this as three audience-specific questions rather than a single prescription. For owners, margin durability lines up with where the upper end of the range sits; for boards, renewal cycles and lease or joint-venture economics change what a buyer would underwrite from the same reported number; for acquirers, the recorded transactions have been paying for local density. Each of these is a lever this report's evidence points to, not a forecast of what happens next.

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    05 · STRATEGIC IMPLICATIONS Revenue Mix and Margin Are Where Owners Have Room While the Price Band Stays This Wide NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS The Upper End of This Range Is Held on Margin Durability Across the 8 listed hospital operators the price separation lines up with reported profitability more closely than with pace. The operating levers are payer and acuity mix, negotiated rate position, nurse staffing and agency reliance, and service-line depth around the acute hub. FOR BOARDS Know How Much of Next Year's EBITDA Needs Something Renewed Programme renewal cycles, rent obligations from sale-leaseback structures and joint venture minority economics all change what a buyer would underwrite from the same reported number. Those three lines are worth resolving before any capital commitment is made against them. FOR ACQUIRERS Local Density Is What the Recent Record Has Been Paying For Regional systems and multi-facility operators dominate the recorded transactions, buying clusters inside existing service areas. Price is customarily set on facility-level EBITDA adjusted for rent and minority economics, while the regulatory path — change of ownership, certificate of need, state review — shapes timing.

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    SECTION 06

    06

    Divider introducing the appendix covering the full comparables universe, methodology and sources.

    The final section carries the comparables detail behind every figure in the body, the valuation basis used throughout, and where each underlying disclosure lives. We use this divider to hand over the full record for anyone who wants to trace a number back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This appendix page lists all 8 rated companies on EV/EBITDA (CY2027E), grouped by valuation tier.

    Every one of the 8 rated companies sits in this appendix table, shaded against the 6.8x sector median, with tickers linking to the underlying source. This is the complete rated set referenced throughout the report, laid out for direct verification. Use it alongside the companion workbook if you need the full field set behind any single name.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.8x); amber marks below · 8 rated companies · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥8.2x · median 9.9x · 2 companies Encompass Health Corporation EHC Behavioral and specialty hospital facilities $15.8B 10.6x 8% 21% 30 HCA Healthcare, Inc. HCA Behavioral and specialty hospital facilities $148B 9.1x 4% 20% 24 CORE — 5.5x–8.2x · median 6.8x · 4 companies Community Health Systems, Inc. CYH Behavioral and specialty hospital facilities $10.7B 7.9x 1% 12% 13 Tenet Healthcare Corporation THC Behavioral and specialty hospital facilities $36.5B 7.4x 1% 22% 23 Nutex Health, Inc. NUTX Behavioral and specialty hospital facilities $1.7B 6.1x 11% 29% 40 Universal Health Services, Inc. UHS Behavioral and specialty hospital facilities $15.8B 5.8x 5% 14% 19 DISCOUNT — <5.5x · median 4.6x · 2 companies Ardent Health Inc. ARDT Behavioral and specialty hospital facilities $2.4B 4.6x 4% 8% 12 Auna S.A. AUNA Behavioral and specialty hospital facilities $1.4B 4.6x 6% 20% 26

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, newest first.

    This table carries the transactions with disclosed terms behind the precedent analysis, with deal values linking to the underlying filing. A number of records carry data-quality flags noted in the source line, and transactions without either a disclosed value or multiple are held in the companion workbook rather than listed here. We keep the full record visible so any deal referenced earlier in the report can be traced back to its filing.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 17 transactions with disclosed terms in this tier (45 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 52 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 28 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2026 Intermountain Health → Mountain View Hospital and Idaho Falls Community Hospital $1.1B n/a n/a Intermountain Health and the two-hospital package of Mountain View Hospital and Idaho Falls Community Hospital, recorded at $1.1B in July 2026 and shown as pending. Not-for-profit regional systems remain the recurring counterparty, completing referral networks inside… Mar-2026 Freeman Health System → four Arkansas hospitals n/a n/a 8.9x Freeman Health System completed the purchase of four Arkansas hospitals at 8.9x EBITDA in March 2026. A multi-hospital cluster in adjacent geography is the format that has been clearing at the upper end of the recorded transactions. Jul-2024 WoodBridge Healthcare, Inc. → Community Health Systems, Inc. n/a 0.9x 7.9x A completed July 2024 transaction with WoodBridge Healthcare, Inc. as buyer and Community Health Systems, Inc. as target, recorded at 7.9x EBITDA and 0.9x revenue. Divesting campuses outside the core geography is a standing feature of this sector's deal flow. Jul-2021 Cano Health, Inc. → Doctors Medical Center of Modesto, Inc. n/a 1.5x n/a Cano Health, Inc. announced the acquisition of Doctors Medical Center of Modesto, Inc. in July 2021, recorded at 1.5x revenue. A physician-aligned buyer taking on a facility points to referral capture and alignment rather than bed count. Jun-2021 Cano Health, Inc. → University Health Care n/a 1.7x n/a Cano Health, Inc. announced the purchase of University Health Care in June 2021 at 1.7x revenue. Two transactions from the same buyer in consecutive months suggest a build-out of a local care network around existing patient panels. Dec-2019 Methodist Le Bonheur Healthcare → Memphis-area hospitals n/a 1.5x 7.2x Methodist Le Bonheur Healthcare and the Memphis-area hospitals, recorded in December 2019 at 7.2x EBITDA and 1.5x revenue, shown as pending. In-market consolidation of this kind sits squarely on the regulatory critical path, which shapes timing more than price. Jul-2018 Apollo Global Management LLC → LifePoint Health Inc. n/a n/a 7.3x Apollo Global Management LLC announced the acquisition of LifePoint Health Inc. in July 2018 at 7.3x EBITDA. Sponsors participate selectively in this sector, usually with an operating partner, and the price here sits close to the middle of the recorded EBITDA… May-2017 Steward Health Care LLC → IASIS Healthcare LLC n/a n/a 8.2x Steward Health Care LLC announced the acquisition of IASIS Healthcare LLC in May 2017 at 8.2x EBITDA. Buying a multi-state operator outright is the route to density when tuck-ins are not available in the target service areas. Jun-2015 HealthSouth Corporation → Reliant Hospital Partners, LLC n/a n/a 9.8x HealthSouth Corporation announced the purchase of Reliant Hospital Partners, LLC in June 2015 at 9.8x EBITDA. Post-acute rehabilitation carries more predictable reimbursement and lower capital intensity than general acute care, and it sits at the upper end of this…

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the list of precedent transactions with disclosed terms, newest first.

    This second table completes the disclosed-terms transaction list introduced on the previous page, again newest first with deal values linked to the underlying filing. The same data-quality notes apply here as on the prior page. Together, the two tables give the complete disclosed-terms record behind the precedent benchmark used earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 17 transactions with disclosed terms in this tier (45 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 52 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 28 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2015 Encompass Health Corp. → Reliant Hospital Partners, LLC n/a n/a 8.9x Jul-2013 Community Health Systems, Inc. → Health Management Associates, Inc. n/a n/a 8.2x Jun-2013 Tenet Healthcare Corporation → Vanguard Health Systems, Inc. n/a n/a 7.8x Jun-2010 Select Medical Holdings Corporation → Regency Hospital Company, L.L.C. n/a n/a 7.6x Jul-2006 Hercules Holding II, LLC → HCA Inc. n/a n/a 7.9x n/a n/a → HCA Healthcare, Inc. n/a 2.1x 10.2x Value shown as recorded in the filing; status defaulted announced. n/a n/a → HCA Healthcare, Inc. n/a 2.1x 10.2x Value shown as recorded in the filing; status defaulted announced. n/a n/a → Nutex Health Inc. n/a 1.6x 4.0x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page documents the report's sources, assumptions and data-quality exclusions.

    We use this page to show how the report was built: what was included, what was excluded, and where every underlying disclosure lives. Every figure in this report links back to the record it was taken from, and where no link exists, the appendix names the source and the basis on which it was read. This is the reference page for anyone checking a specific number in the deck.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Hospitals and Health Systems and it clears the coverage gate with 8 of 8 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 2 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 336 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (335) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across the 8 Listed Operators, the Higher Prices Sat with the Slower-Growing Names.

    Closing page restating the report's core finding.

    Across the 8 listed operators, the higher prices sat with the slower-growing names. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for tracing any figure here.

    Everything on this page

    Across the 8 Listed Operators, the Higher Prices Sat with the Slower-Growing Names. NeuraCap AI — Hospitals and Health Systems Coverage September 2026 · Prepared by NeuraCap AI · Confidential Hospitals and Health Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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