SURGERY PARTNERS, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS; SETS 2026 GUIDANCE; ANNOUNCES SHARE REPURCHASE PROGRAM (Form 8-K)

SURGERY PARTNERS, INC. ANNOUNCES FOURTH QUARTER AND

FULL YEAR 2025 RESULTS; SETS 2026 GUIDANCE; ANNOUNCES

SHARE REPURCHASE PROGRAM

BRENTWOOD, Tenn., March 2, 2026 (GLOBE NEWSWIRE) - Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners" or the "Company"), a leading short-stay surgical facility owner and operator, today announced results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Financial Highlights

(All comparisons are year-over-year unless otherwise noted)

•Revenue increased 2.4% for the fourth quarter and 6.2% for the full year

◦Same-facility revenues increased 3.5% for the fourth quarter and 4.9% for the full year

•Surgical cases decreased 2.1% for the fourth quarter and increased 2.0% for the full year

◦Same-facility cases increased 1.3% for the fourth quarter and 3.4% for the full year

•Net loss attributable to Surgery Partners, Inc. was $15.0 million for the fourth quarter and $77.9 million for the full year

◦Adjusted EBITDA decreased 4.2% to $156.9 million for the fourth quarter

◦Adjusted EBITDA increased 3.5% to $526.2 million for the full year

2026 Guidance

•Initial 2026 guidance (excluding M&A) for Adjusted EBITDA of at least $530 million with revenue in the range of $3.35 billion to $3.45 billion

Eric Evans, Chief Executive Officer, stated, "In 2025, Surgery Partners continued to be guided by an unwavering commitment to high-value and high-quality patient care, with strong performance to start the year giving way to significant and unanticipated headwinds that culminated in fourth quarter results that did not meet our expectations. Despite these challenging headwinds, demand for our services remains strong, and we remain optimistic on the structural tailwinds underpinning long-term ASC market growth. As we progress through 2026, we are proactively strengthening our performance by tightening execution and doubling down on our shift into higher-acuity procedures. We believe the company is well-positioned to capture momentum in the market through multiple initiatives including continued organic growth, strategic M&A and effective portfolio optimization."

Dave Doherty, Chief Financial Officer, commented, "Our fourth quarter results reflect a degree of margin pressure, which impacted our full-year performance. Looking at 2026, we have taken a measured approach to our guidance as we navigate the near-term operating environment, drive operational improvements across the business, and execute on our core growth pillars to deliver long-term shareholder value. We are confident in our path towards returning to the consistent growth that we know our platform is capable of, supported by strong fundamentals, improving free cash flow, reducing leverage, and executing on our portfolio optimization strategy."

Fourth Quarter 2025 Results

Revenues for the fourth quarter of 2025 increased 2.4% to $885.0 million compared to $864.4 million for the fourth quarter of 2024. Same-facility revenues for the fourth quarter of 2025 increased 3.5% as compared to the same period in prior year, with a 2.1% increase in revenue per case and a 1.3% increase in same-facility cases. For the fourth quarter of 2025, the Company's Adjusted EBITDA was $156.9 million, compared to $163.8 million for the same period in 2024.

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Full Year 2025 Results

Full year revenues for 2025 increased 6.2% to $3.3 billion compared to $3.1 billion for the 2024 period. Same-facility revenues for the full year 2025 increased 4.9% as compared to the prior year, with a 1.4% increase in revenue per case and a 3.4% increase in same-facility cases. For the full year 2025, the Company's Adjusted EBITDA was $526.2 million, compared to $508.2 million for the same period last year.

Liquidity

Surgery Partners had cash and cash equivalents of $239.9 million and $692.8 million of borrowing capacity under its revolving credit facility as of December 31, 2025. Cash flows from operating activities were $103.4 million for the fourth quarter of 2025, compared to $111.4 million for the same period in 2024.

Full year 2025 operating cash flows were $274.3 million compared to $300.1 million in the prior year period.

The Company's ratio of total net debt to EBITDA, as calculated under the Company's credit agreement, was approximately 4.3x at the end of the fourth quarter of 2025. Leverage calculated using consolidated debt from our balance sheet divided by Adjusted EBITDA, before reducing it for NCI, was 4.9x times.

Share Repurchase Program

On February 26, 2026, the Board of Directors of the Company authorized a new share repurchase program that permits the repurchase of up to $200 million of the Company's common stock.

Conference Call Information

Surgery Partners will hold a conference call on March 3, 2026 at 8:30 a.m. (Eastern Time). The conference call can be accessed live over the phone by dialing 1-877-451-6152, or for international callers, 1-201-389-0879. A replay will be available three hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13758530. The replay will be available until March 16, 2026.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.surgerypartners.com. The replay will also be available on this same website for a limited time following the call.

To learn more about Surgery Partners, please visit the Company's website at www.surgerypartners.com. Surgery Partners uses its website as a channel of distribution for material Company information. Financial and other material information regarding Surgery Partners is routinely posted on the Company's website and is readily accessible.

About Surgery Partners

Headquartered in Brentwood, Tennessee, Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high quality, cost effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 200 locations in 30 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities. For additional information, visit www.surgerypartners.com.