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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 financial outlook

  • Earnings guidance for the year was reiterated and raised after Q2, reflecting strong EBITDA, free cash flow, and M&A progress for USPI.

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

  • Core operating performance, including strong volumes and expense controls, accounted for most of the guidance increase, with Medicaid supplemental payments contributing about a third.

  • Despite weaker industry volumes in Q2, operational excellence and focus on high-acuity services led to earnings that exceeded expectations.

  • Leverage remains just above three times EBITDA minus NCI, supporting a strong balance sheet.

Policy and regulatory environment

  • Extension of enhanced 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 the continuation of these credits, which are seen as vital subsidies for small business competitiveness.

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

  • Components of the OBBB affecting Medicaid state-directed payments have been delayed to late 2027 or early 2028.

Capital allocation and investment strategy

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

  • CapEx per bed has increased despite divestitures, reflecting confidence in the investability of the portfolio.

  • The company has flexibility to adjust CapEx based on opportunities, supported by strong cash flow and balance sheet.

  • Capital is being deployed ahead of schedule in clinical technologies and growth initiatives, with a strong M&A pipeline for USPI.

  • Free cash flow beyond investment needs is being actively returned to shareholders, with continued discipline in capital deployment.

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Q3 202528 Oct, 2025
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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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