Elevance Health — Jan 28, 2026 release

2025 Health Benefits 2.5% (50) - (25) bps CarelonRx 5.6% (25) - 0 bps Carelon Services 3.4% 0 - 25 bps 15 Elevance Health Membership Guidance Summary (Unaudited) Full Year 2025 Actual Full Year 2026 Outlook Year-End Medical Enrollment (in 000s) Commercial Fee-Based 27,092 27,200 - 27,500 Commercial Risk-Based 4,924 4,150 - 4,250 Medicaid 8,500 7,650 - 7,850 Medicare Advantage 2,230 1,775 - 1,875 Medicare Supplement 882 Approximately 850 Federal Employee Program 1,604 Approximately 1,550 Fee-Based 27,092 27,200 - 27,500 Risk-Based 18,140 15,975 - 16,375 Total 45,232 43,175 - 43,875 16 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,” “potential,” “predict” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult