AHCO - Management Meeting Takeaways, Reiterate Buy

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AHCO - Management Meeting Takeaways, Reiterate Buy

Truist Securities

Equity Research Report June 24, 2026

HEALTHCARE: Home Health AdaptHealth Corp. (AHCO)

AHCO - Management Meeting Takeaways, Reiterate Buy David S. MacDonald

617-646-5033

David.Macdonald@truist.com

We remain bullish on AHCO post management meetings highlighting solid core trends,

continued headway on the sizable recent capitated contract coupled with a wide range of

Clarke Murphy growth/efficiency opportunities. We expect ongoing progress on labor cost normalization 617-646-5032

Clarke.Murphy@truist.com around the contract, see further opportunity/expect additional capitated wins over time, and

expect technology investment to help drive additional benefits around efficiency and for

patients/payers/providers. We continue to view AHCO’s scale/breadth of the offering and Grayson McAlister national footprint as key differentiators further underpinned by solid FCF/attractive financial 404-836-4742

Grayson.McAlister@truist.com flexibility. Reiterate Buy and $14 price target.

Solid Overarching Drivers, Ongoing Headway With Sizable Capitated Contract And

Stock Rating BUY Attractive Opportunity Ahead. We remain bullish on AHCO following management meetings with focus around the company's attractive positioning (e.g. scaled, broad product Unchanged

offering, national footprint, solid financial flexibility), progress on the recently implemented

Price Target $14.00 contract with Kaiser (Private), attractive opportunity both within and outside the arrangement

Unchanged and other initiatives that we expect to drive efficiencies and further aid growth. 1Q results

featured brisk top-line organic growth (+9.1%) from both the base business (~4%) and