Elevance Health — Jul 17, 2025 release

13 Elevance Health GAAP Reconciliation (Unaudited) Three Months Ended June 30 Six Months Ended June 30 (In millions) 2025 2024 Change 2025 2024 Change Reportable segments operating gain $ 2,425   $ 2,765   (12.3) % $ 5,595   $ 5,781   (3.2) % Add / (Subtract): Transaction and integration related costs 1 53  64  133  116  Litigation and settlement expenses 1 10  9  15  11  Business dispositions and related items 2 —  59  —  119  Business optimization charges 1 —  4  —  —  Net adjustment items 63  136  148  246  Reportable segments adjusted operating gain $ 2,488   $ 2,901   (14.2) % $ 5,743   $ 6,027   (4.7) % Three Months Ended June 30 Six Months Ended June 30 (In millions) 2025 2024 Change 2025 2024 Change Operating expense $ 4,997   $ 5,066   (1.4) % $ 10,297   $ 9,952   3.5  % Add / (Subtract): Transaction and integration related costs 1 (53) (64) (133) (116) Litigation and settlement expenses 1 (10) (9) (15) (11) Business dispositions and related items 2 —  (59) —  (119) Business optimization charges 1 —  (4) —  —  Net adjustment items (63) (136) (148) (246) Adjusted operating expense $ 4,934   $ 4,930   0.1  % $ 10,149   $ 9,706   4.6  % Operating revenue $ 49,421 $ 43,223 14.3  % $ 98,186 $ 85,496 14.8  % Operating expense ratio 10.1  % 11.7  % (160) bp 10.5  % 11.6  % (110) bp Adjusted operating expense ratio 10.0  % 11.4  % (140) bp 10.3  % 11.4  % (110) bp Full Year 2025 Outlook Shareholders' earnings per diluted share Approximately $24.10 Add / (Subtract): Net losses on financial instruments 3 $3.28  Amortization of other intangible assets 3 $2.98  Transaction and integration related costs 1,3 $1.35  Litigation and settlement expenses 1,3 $0.10  Tax impact of non-GAAP adjustments 3 Approximately ($1.81) Net adjustment items $5.90  Adjusted shareholders' earnings per diluted share Approximately $30.00 1. Adjustment item resides in the Corporate & Other reportable segment. 2. Adjustment item resides in the Health Benefits and Carelon Services reportable segments. 3. Adjustment item represents the midpoint of a projected range and serves as the estimated full year adjustment amount. 14 Forward-Looking Statements This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These statements include, but are not l