Elevance Health — Jan 28, 2026 release

Adjustment item represents the midpoint of a projected range and serves as the estimated full year adjustment amount. 14 Elevance Health Financial Guidance Summary (Unaudited) Full Year 2025 Actual Full Year 2026 Outlook Premium Revenue $164.6 billion Mid single digit decline Product Revenue $24.5 billion Mid single digit growth Service Fees $8.5 billion Mid single digit growth Total Operating Revenue $197.6 billion Low single digit decline Benefit Expense Ratio 90.0% 90.2% +/- 50 bps Adjusted Operating Expense Ratio 10.5% 10.6% +/- 50 bps Adjusted Operating Gain $7.5 billion At least $6.8 billion Other Pre-Tax Items: Net Investment income $2,194 million $1,875 million Interest Expense ($1,402) million ($1,530) million Amortization of Intangible Assets ($628) million ($440) million Adjusted Effective Tax Rate 17.6% 22.0% - 24.0% GAAP Diluted EPS $25.21 At least $22.30 Adjusted Diluted EPS $30.29 At least $25.50 Diluted Shares 224.6 million 219-220 million Operating Cash Flow $4.3 billion At least $5.5 billion Segment Level Guidance Metrics Operating Revenue Growth Rate Health Benefits $167.1 billion Low single digit decline CarelonRx $43.4 billion Low single digit growth Carelon Services $28.3 billion Low single digit growth GAAP Operating Margin vs. 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