#1+ + adapthealth Investor Presentation January 2021 +#2AdaptHealth Overview Leading Provider of HME, CGM / diabetes management products and medical supplies to the home National footprint with density in attractive geographies Serve ~2.8mm unique patients (1) Industry-leading technology platform Long-standing and diverse referral relationships and attractive payor mix Addressing large and growing market: Ticker Headquarters Outstanding Shares AHCO Plymouth Meeting, PA 147.4mm(4) Market Cap (12/31/20) $5,524mm HME: $12-$15bn segment in the broader $56bn HME industry(2) LTM 9/30 Net Revenue CGM & Diabetes (3): $16bn segment Medical Supplies to the Home (3): $10bn segment Successful track record of growth, accretive capital deployment, and market-leading profitability Targeting 8-10% annual organic growth (1) (2) adapthealth (3) (4) €2000 Pro forma for acquisition of AeroCare (5) (6) LTM 9/30 Adjusted EBITDA $1,679mm(5) $488mm(6) LTM 9/30 Adjusted EBITDA less Patient CapEx $339mm(6) Company analysis based on market and Wall Street research Target markets post-Solara and ActivStyle acquisitions from company analysis based on market and Wall Street research Represents shares outstanding on a pro forma basis including the AeroCare acquisition and the January 2021 equity offering Includes historical contribution of AeroCare, PCS and Solara acquisitions, but excludes certain closed acquisitions Pro forma as adjusted for closed acquisitions; includes $50mm of full run-rate synergies. Management expects to incur approximately $20 million in costs to achieve these synergies, which are expected to be fully realized by 2022 1#3AdaptHealth's Strategic Vision Leading Provider of HME, CGM / Diabetes Management and Medical Supplies to the Home Leading Provider of Connected Health Solutions Second largest HME distributor and a leader in sleep and diabetes (1) National footprint with density in attractive markets Industry-leading technology platform ■Broad portfolio with minimal competitive bidding risk Long term, recurring, nondiscretionary products; meaningful overlap across patient base Significant experience acquiring and integrating HME, Diabetes and Supply businesses Integrated, condition specific product suites ■ Real time, actionable data to drive cost and outcome improvement ■ Value-add partner to payors, providers and patients ■ Move from fee for service to fee for value adapthealth We enable complex care in the home and are playing an increasing role in health management 1) Pro forma for acquisition of AeroCare 2#4AeroCare Acquisition Strategic Rationale $ Leading Independent HME Provider with Significantly Enhanced Scale and Geographic Reach Combination of Two Industry Leading Technology Platforms $ Financially Compelling - Highly Accretive Transaction adapthealth Multiple Pathways for Future Growth, Including Additional Acquisitions in a Highly Fragmented Market Identifiable and Achievable Cost Synergies with Meaningful Additional Upside Strong Senior Leadership Team with Strong Cultural Alignment 3#5Leading Independent HME Provider with Significantly Enhanced Scale and Geographic Reach O ++ adapthealth AAeroCare® adapthealth Highly complementary footprint with expansion into fast-growing Southeastern geographies 4#6Diverse Product Offering & Payor Mix With Significant Recurring Revenue Based on LTM September 2020 adapthealth ++ adapthealth PF Revenue-Type Mix(1) 83% Recurring Revenue Rental 40% Resupply Sale 43% AAeroCare® Other 7% Supplies to Home 8% HME 11% PF Product Mix(2) Respiratory 19% Diabetes 17% Other 6% Patient 11% Managed One-time Sale 17% Medicaid 1127 6% PF Payor Mix(2) FFS Medicaid 7% Managed Medicare 9% Note: Not pro forma for acquisitions (1) (2) AdaptHealth figures exclude B2B. Pro forma for full year contribution from acquisitions completed as of November 30, 2020, excluding certain immaterial acquisitions for which data was not available Sleep 38% Commercial 37% FFS Medicare 24% LO 5#7Proven & Experienced Management Team Luke McGee - Co-Chief Executive Officer, Director ■ CEO/ Co-CEO of AdaptHealth since 2012; built business from $7 million of revenue in first acquisition Prior to AdaptHealth, worked in the investment banking groups at Deutsche Bank and Merrill Lynch Jason A. Clemens, CFA - Chief Financial Officer ■ Joined AdaptHealth in 2020 from MEDNAX, Inc. where he served as Senior Vice President and Operations Chief Financial Officer Over a 9-year career at MEDNAX, held positions of increasing responsibility in operations and finance ■ Prior to joining MEDNAX, gained experience with the United States Army, supporting the Republic of Korea Army Dan Bunting - Head of Branch Operations ■ Will join AdaptHealth from AeroCare, where he served as COO since 2002 ■ Over 20 years of experience in the healthcare landscape, previously holding the position of CEO & COO of EVO Medical Solutions Steve Griggs-Co-Chief Executive Officer, Director Will join AdaptHealth as Co-CEO with the acquisition of AeroCare (1) ■ Founded AeroCare in 2002 and served as President and CEO ■ Prior to AeroCare, served as CFO, COO and President of Rotech Medical Corporation; he then went on to help found Nexus Group where he served as Principal and Managing Director Shaw Rietkerk - Chief Operating Officer ■ Joined AdaptHealth in 2018 and has over 2 decades of healthcare services leadership experience, with extensive background in RCM, operations, business process outsourcing, account management and process optimization ■Most recently served as Executive Vice President of Revenue Cycle Management at Brightree Chris Joyce - General Counsel Joined AdaptHealth in 2018 and has over 25 years of experience as Chief Legal Officer for provider-based and managed care companies ■ Most recently served as General Counsel of InnovaCare, Inc., a $2 billion managed care insurance company (1) The acquisition of AeroCare is expected to close in the first quarter of 2021 subject to the satisfaction of the closing conditions Joshua Parnes - President, Director ■ Joined AdaptHealth in 2013 with the acquisition of Ocean Home Health and has served as President since 2017 ■Built Ocean Home Health from a startup into a successful HME provider and has over 14 years of operating experience in HME Albert Prast - Chief Technology Officer Will join AdaptHealth from AeroCare, where he served as CIO and CTO since 2014 Previously served as SVP of Cloud Technology for UnitedHealth Group, CTO of Optum Cloud, CIO of Connextions Health, and CIO & CTO of Rotech Healthcare Wendy Russalesi - Chief Complaince Officer ■ Joined AdaptHealth in 2013 and has 25 years of experience in HME and regulatory compliance ■ Certified in Healthcare Compliance (CHC) adapthealth CO 6#8Industry Outlook + + +#9Addressing Large and Growing Market Opportunities Our solutions play an important role in managing chronic diseases in home Chronic Disease Healthcare & Lost Productivity Costs ($bn) Diabetes $327 Heart Disease & Stroke $322 Obstructive Sleep Apnea $150 Obesity $147 COPD $49 adapthealth Source: American Diabetes Association, CDC, American Association of Sleep Medicine 1) Company analysis based on market and Wall Street research 2) Includes Supplies to Home and Other product categories AdaptHealth + AeroCare Product CGM, Insulin Pumps, Test Strips Oxygen, Supplies СРАР, ВІРАР PAP, Mobility, Supplies Oxygen, NIV 8#10Organic Growth: Aging Population Population 65+ is growing 4.1x faster than overall population growth US Population Aged 65+ (millions) 80 70 60 56.1 50 2.7% CAGR 40 30 20 10 0 ■2020 2030 adapthealth 73.1 Source: 2020 US Census Bureau Oxygen Product & Services Needed by Aging Seniors AA Wheelchairs Beds Insulin Pumps DD 0 Walkers Commodes Ventilation CGMs 9#11Organic Growth: Sleep / CPAP 26% Adults 30-70 Years old are estimated to have sleep apnea (1) ~80% Undiagnosed Sleep Apnea 54mm People in the US with AHI ≥ 5 (2,3) 24mm People in the US with AHI ≥ 15 (2,3) adapthealth (1) (2) €2 (3) AASM; https://aasm.org/rising-prevalence-of-sleep-apnea-in-u-s-threatens-public-health/ ATS Journals; https://www.atsjournals.org/doi/pdf/10.1164/ajrccm-conference.2018.197.1 MeetingAbstracts.A3962 Apnea Hypoxia Index or "AHI", a normal AHI is considered less than 5 per https://www.sleephealth.org/ufaqs/what-is-ahi-represent/. 10 10#12Organic Growth: Diabetes US Diabetes Device Market ($ billions) CGM Market (1) Insulin Pump Market (1) $2.2 $3.4 $2.1 18% 2019E 2022P adapthealth $1.6 2019E 12% 2022P Source: CDC, ADA, Wall Street Research, Management Estimates, US Pharmacist Company analysis based on market and Wall Street research. (1) (2) (3) CDC https://www.cdc.gov/diabetes/basics/quick-facts.html American Diabetes Association, Economic Costs of Diabetes in US in 2017. 34mm Americans have diabetes with diagnosed cases having doubled since 2000(2) 1/7 $1 out of every $7 healthcare dollars is spent treating diabetes or a complication of the disease (3) $327bn Diabetes is the most costly chronic disease in the US, with medical costs and lost productivity reaching $327 billion annually(3) 11#13Organic Growth: Diabetes (cont'd) Unique cross-marketing opportunity across nearly 2.8mm serviced patients annually Product Depth & Manufacturer Relationships Strong relationships with leading diabetes manufacturers • Provider of CGMs, insulin delivery systems and test strips Industry-leading Referral Support 50 on-the-ground sales professionals calling on prescribers including endocrinologists and PCPS • First mover advantage on e- prescribing for diabetes - launched November 2020 Insurance Coverage & Benefit Flexibility • Broad insurance portfolio • Multi-benefit capabilities (pharmacy & medical) • 50 state licensed pharmacy in network with key PBMs adapthealth 12#14Successful Track Record of Accretive M&A in a Large Fragmented Industry 86 Closed transactions since 2012 All integrated into AdaptHealth systems Opportunity For future consolidation 6K+ small to mid-size HME, diabetes and supply companies remain 18/22 Transactions closed in 2019/2020 2019 acquired ~$110mm in annual revenue 2020 acquired ~$800mm in annual revenue adapthealth 13#15M&A: Competitive Landscape Nationals Scaled Regionals APRIA HEALTHCARE BINSON'S COMMUNITY SURGICAL SUPPLY LINCARE A Linde company ROTECH® HEALTHCARE INC. adapthealth Product-Specific BREG Byram HEALTHCARE" Part of the Owens & Minor Family Mom & Pops DASCO Home Medical Equipment Protech HOME MEDICAL SuperCareHealth Norco Serving You Better Performance Home Medical Front Runners in Medical Equipment & Respiratory Services for the Northwest A division of Performance Modalities Inc. DJO® Inogen VieMed CCS MEDICAL HOSTANES ES MEDIC US +edgepark Medical Supplies CKCI 180 MEDICAL MED US MED Better Service Better Care™ 5K+ Spiro Health 14#16COVID-19 Response and Recovery 20 Q2 Repositioned, creating new sales channel to supply hospital partners with critical equipment and supplies Q3 Immediate virtualization of business upon start of pandemic, enabled by cloud-based technology investments Offset decline in PAP new starts with $28mm of B2B sales in Q2 Retooled operations by further enabling virtual patient setup capabilities adapthealth Experienced tremendous. spike in Oxygen new starts related to discharge of COVID-19 patients Q4 70 New starts for all product lines exited 2020 above pre-pandemic levels 15#17Financial Forecast + + +#182021 and Beyond Revenue 2021 Long Term Targets $2,050 to $2,200 Organic Revenue Growth Organic Revenue Growth 8% to 10% Adj. EBITDA Adj. EBITDA Margin 8% to 10% Acquired Revenue $100 to $150mm annually $480 to $515 Business Mix Sleep: ~40% Diabetes: ~30% All Other: ~30% 23% ADJ. EBITDA - PC $300 to $330 Adj. EBITDA Margin 23% to 25% ADJ. EBITDA - PC Margin adapthealth 15% Adj. EBITDA Less Patient CapEx Margin 15% to 17% 17