Highlights That the Company Has Delivered Negative Returns and Underperformed Other Healthcare Facility Operators Over All Relevant Periods – Causing it to Trade at a Deep Discount to its Intrinsic Value

Believes Acadia’s Underperformance Stems from Poor Execution, a Flawed Reorganization Under CEO Christopher Hunter, Ballooning Costs, Poor Capital Allocation, and a Lack of Board Oversight

Urges the Company to Immediately Halt Growth Capital Projects, Prioritize Operational and Cost Structure Improvements, Explore Potential Asset Sales, and Repurchase Undervalued Shares

Makes Clear the Board Needs to Be Refreshed with New Directors Who Bring Behavioral Health Operating Experience and Capital Allocation Expertise

Engine Capital LP (together with its affiliates, “Engine” or “we”), which owns approximately 3% of the outstanding shares of Acadia Healthcare Company, Inc. (NASDAQ: ACHC) (“Acadia” or the “Company”), today sent a letter to the Company’s Board of Directors outlining opportunities to close Acadia’s significant valuation gap and unlock value for shareholders.

The letter can be viewed and downloaded here.

About Engine Capital

Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

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