Community Health Systems (CYH) Barclays 28th Annual Global Healthcare Conference summary

Strategic vision and operational priorities

• Rolled out a new vision to make the healthcare experience exceptional for patients, communities, and employees, focusing on quality, patient and physician experience, and employee satisfaction.

• Formal organization around these priorities aims to drive market share growth both organically and inorganically.

Portfolio management and financial targets

• Recently completed a hospital divestiture in Northwest Arkansas and has a larger deal in due diligence; formal divestiture program is nearing completion.

• Targeting leverage below 5.5x within 1–3 years, with free cash flow positivity reducing the need for further asset sales.

• Free cash flow remains positive despite a payroll headwind in 2026, with multiple smaller offsets expected to support cash flow.

Volume trends and market environment

• Elective outpatient volume softness in 2025 attributed to economic concerns, especially among commercially insured patients with high copays and deductibles.

• Volume recovery observed as consumer confidence improved, but another dip noted in December 2025.

• Focus on differentiating care and patient experience to capture market share as volumes return.