NATIONAL HEALTHCARE Business Summary

National HealthCare Corp (NHC) operates a diversified senior care business model, generating approximately 97% of its revenue through net patient service fees across a comprehensive continuum of care. The company’s primary business segments include Inpatient Services—comprising 68 skilled nursing facilities, 23 assisted living communities, and five independent living centers—and Homecare and Hospice Services, which operates over 35 home health and hospice agencies. NHC further diversifies its income through behavioral health hospitals and the provision of management, accounting, and insurance services to third-party healthcare operators. Within the competitive landscape, NHC maintains a premium market position characterized by high operational margins and a concentrated footprint in the southeastern United States, competing directly with major post-acute providers such as The Ensign Group (ENSG), PACS Group (PACS), and BrightSpring Health Services (BTSG). Founded in 1971 by physician Dr. Carl E. Adams, NHC is currently led by Dr. Stephen F. Flatt, who serves as both Chief Executive Officer and President following a leadership consolidation on January 1, 2026. Dr. Flatt, a former President of Lipscomb University, oversees a veteran executive team including Senior Vice President and CFO Brian F. Kidd, a Certified Public Accountant with nearly two decades of tenure, and Timothy J. Shelly, who assumed the role of Principal Operating Officer in early 2026. The company’s governance is anchored by Chairman Robert G. Adams and was recently strengthened in February 2026 by the board appointments of geriatrician Dr. David Gifford and Andrew Adams, the founder’s grandson. NHC is a publicly traded entity on the NYSE American, with significant institutional backing from major investors including BlackRock and Vanguard, alongside substantial insider ownership by the founding Adams family.