Extendicare Inc. (TSX: EXE) reported strong third-quarter 2026 results on November 5, 2026, with Adjusted EBITDA rising 41.2% year-over-year to $71.7 million and revenue climbing to $627.8 million. The Markham, Ontario-based seniors care provider credited the April 2026 acquisition of CBI Home Health and robust organic growth in home health care for much of the gains. The results signal meaningful earnings momentum for investors tracking Canada's growing seniors care sector.

Key Points

  • Extendicare Inc. (TSX: EXE) reported Q3 2026 financial results on November 5, 2026
  • Adjusted EBITDA rose 41.2% to $71.7 million; net earnings increased 41.8% to $34.2 million ($0.354 per diluted share)
  • Home health care average daily volume surged 111.5% to 79,557, with CBI Home Health contributing 34,873 ADV and approximately $153.3 million in revenue
  • Investors may be watching the ongoing CBI Home Health integration and the pending sale of the vacated Carlingview Manor Class C LTC home, expected to conclude in Q4 2026

CBI Home Health Acquisition Doubles Extendicare's Home Care Volume

The acquisition of CBI Home Health, completed April 1, 2026, was the dominant driver of Q3 2026 performance. Home health care revenue nearly doubled to $373.6 million, with CBI Home Health alone contributing approximately $153.3 million in quarterly revenue and approximately $20.3 million in NOI. Home health care ADV of 79,557 represented a 111.5% increase over Q3 2025. CEO Dr. Michael Guerriere stated in the release that CBI Home Health is "performing ahead of expectations" and that the Closing the Gap integration is "largely complete," with focus now shifting to the CBI integration.

Extendicare Forest Trail Opens as LTC Redevelopment Strategy Advances

In September 2026, Extendicare opened the new 256-bed Extendicare Forest Trail long-term care home in Peterborough, Ontario, owned through the Axium joint venture and replacing 172 Class C beds at Extendicare Peterborough. Subsequent to quarter-end, the vacated Peterborough property was sold for cash proceeds of $7.0 million, generating an estimated pre-tax gain of $6.5 million before closing costs. The company also disclosed that the sales process for the vacated Carlingview Manor Class C LTC home is underway and expected to conclude in Q4 2026. LTC average occupancy remained firm at 98.3%.

Liquidity Remains Solid With November Dividend Declared

Extendicare ended Q3 2026 with $75.3 million in cash and cash equivalents, excluding restricted cash, and an additional $170.7 million available under its revolving credit facility. FFO increased 41.5% to $43.4 million ($0.450 per diluted share), while the payout ratio improved to 29% from 36% in Q3 2025. The Board declared a November 2026 cash dividend of $0.0441 per share, payable December 15, 2026, to shareholders of record as of November 30, 2026, designated as an eligible dividend under the Income Tax Act (Canada).

Nine-Month Performance Reflects Broad-Based Earnings Growth

For the nine months ended September 30, 2026, revenue totalled $1,704.1 million, up $505.7 million from the prior-year period. Adjusted EBITDA for the nine-month period reached $192.9 million, up $66.7 million, while net earnings grew to $105.8 million ($1.093 per diluted share) from $71.1 million. Since its April 1, 2026 acquisition date, CBI Home Health contributed approximately $299.1 million in revenue and approximately $39.8 million in NOI over the nine-month period. The immediate share price impact was not clear from available public information.