Tongcheng Travel Holdings Limited · HKEX:780
Tongcheng Travel — Tongcheng Travl Hldgs — Q2 2026 Earnings Presentation
51 slides from Tongcheng Travel's earnings presentation, Aug 24, 2026
Slide 1: Fresenius Medical Care AG Investor Presentation Q2 2026
Fresenius Medical Care AG Investor Presentation Q2 2026
Slide 2: Safe harbor statement
Safe harbor statement: In this Safe harbor statement, “the Company” and “Fresenius Medical Care” refer to Fresenius Medical Care AG & Co. KGaA, a German partnership limited by shares, prior to its conversion of legal form, and to Fresenius Medical Care AG, a German stock corporation, after its conve
Slide 3: Positioned to drive long-term value creation
FME | Positioned to drive long-term value creation Q4 2024 Conference Call Highly cash generative business with clear commitment to 2030 industry-leading shareholder returns while maintaining investment grade group margin aspiration Supportive underlying drivers within a growing chronic Mid-teens di
Slide 4: FME at a glance
1 FME at a glance 2 FME segments 3 Q2 2026 financials 4 Outlook
Slide 5: We are the leading kidney care company
FME | We are the leading kidney care company Q4 2024 Conference Call Care Delivery Value-Based Care Care Enablement Dialysis services in our own dialysis centers as well as home therapy options Dialysis products, including digital We improve patient outcomes and lower Bundled services including a ra
Slide 6: Market-leading assets with strong and competitive positioning
FME | Market-leading assets with strong and competitive positioning Q4 2024 Conference Call Care Delivery Value-Based Care Care Enablement 290 k 3,600 25 €7 bn 2,300+ 160 k 50 % 171 m 40 % patients, clinics core in MCUM partner member- of global dialysis dialyzers HD market- thereof 70% globally mar
Slide 7: Leveraging the power of vertical integration
FME | Leveraging the power of vertical integration Q4 2024 Conference Call Provide differentiated Clinics recognize customer therapies to clinics needs to drive innovation in Care Care technology Delivery Enablement Medical €13.7 bn value creation €5.5 bn Revenue 2025 Revenue 2025 Patient data and A
Slide 8: Market growth: attractive underlying business fundamentals intact
Market growth | Attractive underlying business fundamentals intactConference Q4 2024 Call Extrapolation from 2020 to 2035 Aging global +60% 1/3 +40% +90% Dialysis Hypertension Diabetes population patients Global population aged 65+1 One out of three people People living with diabetes3 People on main
Slide 9: Proven execution and clear progress in key performance metrics
FME | Proven execution and clear progress in key performance metrics Q4 2024 Conference Call Margin targets achieved FME25+ savings accelerated Operating income margin¹ Accumulated FME25+ sustainable annual savings in € million 13.1% 804 9.7% 10.2% 11.3% Group 9.5% Care Delivery 567 9.3% 8.1% 7.9% 8
Slide 10: FME Reignite: Our strategy reignites value creation
FME Reignite | Our strategy Reignites Value Creation Q4 2024 Conference Call Reignite Reignite Growth & Reignite the Core Innovation our Culture Drive profitable Develop together and Strengthen core growth and strengthen our operations innovation culture Reignite Value Creation Investor Presentation
Slide 11: U.S. HVHDF: Game changer to transform the standard of care
U.S. HVHDF | Game changer to transform the standard of care and leverageQ4 2024 Conference Call FME’s vertical integration Annual 5008X production capacity of Care Enablement Planned 5008X penetration in Care Delivery clinics Production capacity 2026e ~20% Planned rollout Up to Up to Around 20,000 2
Slide 12: FME25+: Accelerating and extending sustainable savings until 2027
FME25+ | Accelerating and extending sustainable savings until 2027Conference Q4 2024 Call Planned phasing of FME25+ savings 2021–2027e 2026–2027e in € million €1,200 m €400 m Care Supply chain optimization Delivery Clinic footprint optimization ~30 % ~40 % Efficiencies in real estate 1,200 ope
Slide 13: Capital allocation: Clear set of priorities focus on shareholder value
Capital allocation | Clear set of priorities focus on shareholder valueConference Q4 2024 Call creation Cash generation Invest in core business for profitable growth Strong cash generation to further increase Operating cash flow of 13-15% of revenue in 2025-2030e Capital allocation Return of Invest
Slide 14: FME at a glance
1 FME at a glance 2 FME segments 3 Q2 2026 financials 4 Outlook
Slide 15: FME segments: Aligned for value creation
FME segments | Aligned for value creation Care Delivery Value-Based Care Care Enablement Clinical quality to help patients live longer and Taking responsibility for the integrated 5008X roll-out in the U.S. healthier; HVHDF treatments health care of our patients Focused R&D program driving i
Slide 16: Care Delivery: A leading provider of dialysis services
Care Delivery | A leading provider of dialysis services Q4 2024 Conference Call Globally Globally 65% 290,000 3,600 of U.S. dialysis centers rated 3 stars or better patients dialysis centers by CMS¹ Treated Globally 79% 37% 45 m of patients would of all dialysis patients dialysis treatments highly r
Slide 17: Care Delivery: Portfolio positioned for profitable growth
Care Delivery | Portfolio positioned for profitable growth Q4 2024 Conference Call Care Delivery revenue of €13.7 billion in FY 2025 Care Delivery U.S. Care Delivery International 84% of CD revenue 16% of CD revenue Dialysis clinic network treating ~205k patients in ~2,600 clinics Provides dialysi
Slide 18: Care Delivery: U.S. 5008X CAREsystem rollout progressing as planned
Care Delivery | U.S. 5008X CAREsystem rollout progressing as planned Q4 2024 Conference Call Encouraging early U.S. experience with HVHDF 2026 year-to-date progress vs. plan Clinics & machines Positive experience for patients and clinicians 227 clinics converted in Patients report feeling better d
Slide 19: Patient numbers: Accelerating growth
Patient numbers | Accelerating growth Q4 2024 Conference Call +90% Dialysis Medical trends and how we are 2025-2035e CAGR patients participating People on maintenance Patient number HVHDF dialysis growth Value-based care Global +4-5% 3.7 million ~7 Preventive health, AI, diagnostics million U.S. Med
Slide 20: Patient inflow: U.S. kidney care patient flow dynamics
Patient inflow | U.S. kidney care patient flow dynamics Q4 2024 Conference Call Complex U.S. patient population Scale of U.S. CKD/ESRD patient population in million 10-12 co-morbidities on average 10.5 – Hypertension (31%) – Diabetes (44%) – Glomerular diseases (6%) Around 45% of patients “crash
Slide 21: Value-Based Care: Leading renal value-based care in the U.S.
Value-Based Care | Leading renal value-based care in the U.S. Q4 2024 Conference Call 2,300+ 160,000 Partner nephrologists Memberships in provider network 1.8 m €7 bn #1 #1 Member months Medical cost Renal value-based care participant with under management in the U.S. highest quality scores in the C
Slide 22: Value-Based Care: A leading and differentiated player in renal VBC
Value-Based Care | A leading and differentiated player in renal VBC Conference Q4 2024 Call Three unique sources of differentiation Business at a glance | 2025 24% Connectivity to FME ESRD ~85% Memberships 160 k 85% of ESRD patients have access to an FME CKD dialysis clinic 76% 39% 31% Subcap Leadin
Slide 23: Value-Based Care: Vertical integration as an advantage
Value-Based Care | Vertical integration as an advantage and enhanced Q4 2024 Conference Call visibility into performance Benefits of vertical integration Visible value creation VBC creates value for FME VBC directly improves outcomes and survival for dialysis Separate reporting segment for increas
Slide 24: Value-Based Care: Rapidly evolving market
Value-Based Care | Rapidly evolving market plays an important roleConference Q4 2024 Call in the industry and our future CKD 4-5 MCUM1 11 % 34 % 55 % $18 bn Renal VBC is a large 25 % CAGR and growing ESRD2 MCUM1 12 % 47 % 41 % $38 bn ESRD patients in VBC market programs 2019–2023 FME VBC Other renal
Slide 25: Care Enablement: Market leading renal Medtech company
Care Enablement | We are the market leading renal Medtech company Q4 2024 Conference Call 56,000 40% machines installed share in hemodialysis in 2025 product market Global Global Global 171 m 50% #1 #1 #2 of all dialysis patients Home HD machines In-center HD machines PD machines dialyzers sold use
Slide 26: Care Enablement: Industry-leading renal MedTech portfolio
Care Enablement | Attractive and industry-leading renal MedTech portfolio Q4 2024 Conference Call Care Enablement €5.5 billion revenue in FY 2025 across three verticals: EMEA In-Center Home U.S. Critical Care APAC Globally, and in each region, in-center represents the majority of revenues In-c
Slide 27: Care Enablement: Growing our market leader position
Care Enablement | Growing our market leader position and transforming Q4 2024 Conference Call kidney care Market share distribution¹ In-center HD products Home products (PD & HHD) Critical care FME 39% Competitor 1 62% Competitor 1 37% Competitor 1 12% FME 27% FME 31% All other Competitor 2 8% <3% e
Slide 28: Q2 2026 financials
1 FME at a glance 2 FME segments 3 Q2 2026 financials 4 Outlook
Slide 29: Q2 2026: Significant operating income growth and margin expansion
Q2 2026 | Significant operating income growth and margin expansion Q4 2024 Conference Call Revenue Operating income in € million in € million Margin in % 8.9% 9.9% 11.7% 9.6% +3.6% +23.5% at cc¹ at cc1 4,792 4,861 +1.4% 569 +4.9% as reported 51 476 +19.6% 466 organic2 425 at current rate -103 Q2 202
Slide 30: Q2 2026: Care Delivery accelerates profitable growth
Q2 2026 | Care Delivery accelerates profitable growth Q4 2024 Conference Call Revenue Operating income in € million in € million Margin in % 11.2% 15.1% +5.5% +45.3% at cc¹ +2.9% at cc1 +39.5% 3,381 3,478 as reported at current rate +7.4% 169 39 527 U.S. organic2 -38 -21 International 378 2,817 2,89
Slide 31: Q2 2026: Value-Based Care delivers positive operating income
Q2 2026 | Value-Based Care delivers positive operating income Q4 2024 Conference Call Revenue Operating income in € million in € million Margin in % -1.7% 3.3% +9.0% n.a. at cc¹ +6.0% at cc1 536 as reported 4 506 18 +9.0% 25 -1 -1 organic2 -9 Q2 2025 Q2 2026 Q2 2025 Business FME25+ Inflation Fx Q2 2
Slide 32: Q2 2026: Care Enablement grows revenue despite China business
Q2 2026 | Care Enablement grows revenue despite China business Conference Q4 2024 Call Revenue Operating income in € million in € million Margin in % 8.7% 8.1% +2.7% -4.8% at cc¹ +1.7% at cc1 -5.5% 1,348 1,371 as reported at current rate +2.7% 21 organic2 13 117 0 111 -40 Q2 2025 Q2 2026 Q2 2025 Bus
Slide 33: Q2 2026: Strong operating cash flow growth and low leverage ratio
Q2 2026 | Strong operating cash flow growth and low leverage ratio Conference Q4 2024 Call in € million Q2 2026 Q2 2025 ∆ in % H1 2026 H1 2025 ∆ in % Key developments Operating cash flow 860 775 11 1,087 938 16 Operating cash flow increased Capital expenditures, net -235 -147 61 -422 -289 46 mai
Slide 34: Optimal capital structure
Optimal capital structure | Building on sound and proven financing Conference strategy Q4 2024 Call Diversified financing mix1, 2 Prudent financial policy¹ Commercial Paper 3% Schuldschein Loans 2% Sufficient liquidity reserve Other² 3% Undrawn ESG-linked Revolver Credit Facility of €2.0 bn Comm
Slide 35: Outlook
1 FME at a glance 2 FME segments 3 Q2 2026 financials 4 Outlook
Slide 36: FY 2026: Outlook & margin assumptions
FY 2026 | Outlook & margin assumptions Q4 2024 Conference Call FY 2026 Revenue and Operating Income Revenue Broadly flat growth FY 2025 basis: € 19,628 million Implied Group operating income margin 10.5 – 12.0% Between positive and negative Operating mid-single digit percent Income growth FY 2025 ba
Slide 37: Aspirations: Industry-leading growth and margins
Aspirations | Industry-leading growth and margins Q4 2024 Conference Call 2028 Aspirations 2030 Aspirations Group operating income Care Delivery | low- to mid-single digit percent CAGR Revenue CAGR In € million 2025-2030 Care Enablement | mid-single digit percent 3 to 7 percent Excluding Value-Based
Slide 38: Appendix
Appendix
Slide 39: H1 2026: Significant operating income growth and margin expansion
H1 2026 | Significant operating income growth and margin expansion Q4 2024 Conference Call Revenue Operating income in € million in € million Margin in % 7.8% 9.6% 10.9% 7.9% +3.3% +16.8% at cc¹ at cc1 9,673 9,473 -2.1% 1,036 +4.4% as reported 176 933 +11.1% organic2 757 at current 752 rate -284 H1
Slide 40: H1 2026: Care Delivery accelerates profitable growth
H1 2026 | Care Delivery accelerates profitable growth Q4 2024 Conference Call Revenue Operating income in € million in € million Margin in % 10.7% 13.6% +5.2% +36.1% at cc¹ -0.8% at cc1 +26.0% 6,828 6,772 as reported at current rate +6.8% 294 68 U.S. organic2 924 734 -97 International -75 5,709 5,66
Slide 41: H1 2026: Value-Based Care delivers positive operating income
H1 2026 | Value-Based Care delivers positive operating income Q4 2024 Conference Call Revenue Operating income in € million in € million Margin in % -0.5% 2.6% +5.9% n.a. at cc¹ -0.8% at cc1 1,035 1,027 as reported 8 26 +5.9% -1 26 -2 organic2 -5 H1 2025 H1 2026 H1 2025 Business FME25+ Inflation Fx
Slide 42: H1 2026: Care Enablement grows organic revenue despite China
H1 2026 | Care Enablement grows organic revenue despite China businessQ4 2024 Conference Call Revenue Operating income in € million in € million Margin in % 8.5% 8.4% +1.9% -2.4% at cc¹ -1.6% at cc1 -3.3% 2,715 2,670 as reported at current rate +1.9% 39 organic2 21 231 224 -65 -2 H1 2025 H1 2026 H1
Slide 43: Continuous monitoring of clinical performance to enhance care
Continuous monitoring of clinical performance to enhance care Q4 2024 Conference Call Quality index components Dialysis effectiveness Measures how sufficiently the body is cleansed of waste substances Vascular access Quality index Measures the share of patients who do not receive dialysis via a dial
Slide 44: Q2 2026: Profit and Loss
Q2 2026 | Profit and Loss Q4 2024 Conference Call Q2 2026 Q2 2025 Growth Growth € million € million in % in % cc Revenue 4,861 4,792 1 4 Operating income 466 425 10 15 Operating income margin in % 9.6 8.9 Operating income excl. special items 569 476 20 23 Operating income margin excl. special items
Slide 45: H1 2026: Profit and Loss
H1 2026 | Profit and Loss Q4 2024 Conference Call H1 2026 H1 2025 Growth Growth € million € million in % in % cc Revenue 9,473 9,673 -2 3 Operating income 752 757 -1 5 Operating income margin in % 7.9 7.8 Operating income excl. special items 1,036 933 11 17 Operating income margin excl. special item
Slide 46: Q2 2026: Reconciliation adjustments
Q2 2026 | Reconciliation adjustments Q4 2024 Conference Call Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook Inter-segment Group Care Delivery Value-Based Care Care Enablement Corporate eliminations Q2 Q2 Q2 Q2 Q2 Q2 Q
Slide 47: H1 2026: Reconciliation adjustments
H1 2026 | Reconciliation adjustments Q4 2024 Conference Call Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook Inter-segment Group Care Delivery Value-Based Care Care Enablement Corporate eliminations H1 H1 H1 H1 H1 H1 H
Slide 48: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) Q4 2024 Conference Call 6.6% 6.6% adj. 6.1% 5.1% 5.8% 4.5% 4.9% 3.9% 5.0% 5.0% rep. 3.6% 3.3% 3.5% 2.8% 2020 2021 2022 2023 2024 2025 Q2 2026 ROIC in 2020 excl. the impact of the Latin America impairment (special item) and in 2021 excluding FME25+ (special item)
Slide 49: Segment information of past five years
FME | Segment information of past five years Q4 2024 Conference Call € million; % change year-over-year FY 2025 Growth Growth at cc Organic FY 2024 FY 2023 FY 2022 FY 2021 growth Total Revenue 19,628 2 5 8 19,336 19,454 19,398 17,619 Operating income 1,827 31 36 1,392 1,369 1,512 1,852 Operating inc
Slide 50: IR event calendar
IR event calendar Q4 2024 Conference Call August September October November 26 Stockholm 01 Frankfurt 14 New York 01 Madrid 03 Virtual IR Roadshow Commerzbank | ODDO BHF Morgan Stanley Global Berenberg Madrid Seminar Report on Q3 2026: Earnings Corporate Conference HC Conference Release and Conferen
Slide 51: Fresenius Medical Care AG Investor Relations
Dr. Dominik Heger Ilia Kuerten Fresenius Medical Care AG Investor Relations Global Head of Investor Vice President Else-Kröner-Str. 1 Relations, Market & Investor Relations Competition, Sustainability | 61352 Bad Homburg v. d. H. EVP Germany ir@FreseniusMedicalCare.com +49(0) 6172-2685-822 +49(0)
Tongcheng Travl Hldgs — Q2 2026 Earnings Presentation on 6ix