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Tenet Healthcare (THC) investor relations material

Tenet Healthcare Wells Fargo 20th Annual Healthcare Conference 2025 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Wells Fargo 20th Annual Healthcare Conference 2025 summary3 Sep, 2025

Business performance and guidance

  • Confidence in full-year guidance was reiterated, including raised EBITDA, free cash flow, and M&A targets for USPI after Q2.

  • Margin expansion has been significant, driven by a high acuity strategy and strong operational execution.

  • Core operating performance, not just Medicaid supplemental payments, drove most of the guidance increase.

  • Expense management and nimble operations have enabled consistent earnings despite volume fluctuations.

  • No changes to demand forecasts for the second half; operations remain solid with continued focus on earnings drivers.

Policy and regulatory environment

  • Extension of exchange premium tax credits is a key near-term policy focus, with growing bipartisan recognition of its importance for individuals and small businesses.

  • Momentum is building for subsidy extension, supported by polling and economic rationale for small business competitiveness.

  • Contingency planning for policy outcomes includes monitoring timing, subsidy changes, and potential regulatory adjustments.

  • Medicaid supplemental payment programs are progressing, with potential for further approvals to benefit future guidance.

  • OBBB-related Medicaid changes are delayed to 2027-2028, with ongoing organic growth in Medicaid business.

Capital allocation and investment strategy

  • Asset sales have optimized the hospital portfolio, and current assets are considered well-positioned.

  • CapEx per bed has increased post-divestitures, reflecting targeted investment in high-return markets.

  • Strong free cash flow and balance sheet enable flexible capital deployment, including pulling forward investments and supporting growth.

  • Capital is being allocated to both hospital and USPI businesses, with a strong M&A pipeline and increased guidance.

  • Shareholder returns remain a priority, with excess cash flow supporting buybacks alongside strategic investments.

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Frequently asked questions

The Health Care Providers segment includes hospitals, ambulatory surgery centers and imaging centers. The Health Plan segment includes investments in health plans and related businesses. The Other segment includes investments in other businesses, and centralized services provided to or on behalf of the company. As of December 31, 2018, it owned or operated 88 general acute care hospitals comprising 12,717 licensed beds; 36 behavioral health centers with 957 licensed beds; 22 surgical hospitals with 1,705 licensed beds; four long-term acute care hospital (LTACH) with 687 licensed beds; and 11 rehabilitation hospitals with 271 licensed beds. The company was founded in 1967 and is headquartered in Dallas, Texas

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