Elevance Health — Jul 17, 2025 release

While the external environment continues to evolve, we are focused on the areas within our control - managing healthcare costs, deploying targeted investments in advanced technology and value-based care delivery, and reinforcing the operational foundation that supports long-term value creation. With the embedded earnings power of our diversified Health Benefits and Carelon businesses, we remain confident in achieving at least 12% average annual growth in adjusted diluted EPS over time." Gail K. Boudreaux President and Chief Executive Officer Given the ongoing and industry-wide impact of elevated cost trends in ACA and Medicaid, Elevance Health now expects 2025 GAAP net income per diluted share to be approximately $24.10 and adjusted net income per diluted share to be approximately $30.00. 1. Earnings per diluted share ("EPS"). 2. Refer to GAAP reconciliation tables on pages 13 and 14 herein for reconciliation of GAAP to adjusted measures. 1 Elevance Health Consolidated Enterprise Highlights (Unaudited) (In billions) Three Months Ended June 30, 2025 June 30, 2024 Operating Revenue 1 $49.4 $43.2 Operating Gain 1,2 $2.4 $2.8 Adjusted Operating Gain 1,3 $2.5 $2.9 Operating Margin 1 4.9  % 6.4  % Adjusted Operating Margin 1,3 5.0  % 6.7  % 1. See “Basis of Presentation” on page 5 herein. 2. Operating Gain for the three months ended June 30, 2025, and June 30, 2024, include items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein. 3. Adjusted Operating Gain for the three months ended June 30, 2025, and June 30, 2024, exclude items that are excluded from