Elevance Health — Jul 15, 2026 release

We are raising our 2026 adjusted EPS guidance to at least $27.00 and accelerating targeted investments in the capabilities that matter most: medical cost management, member experience, provider connectivity, operating efficiency, and Carelon’s value-based solutions. These actions will strengthen how we operate, improve consistency over time, and reinforce our confidence in returning to at least 12% adjusted EPS growth in 2027 off our 2026 earnings baseline.” Gail K. Boudreaux President and Chief Executive Officer 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, 2026 June 30, 2025 Operating Revenue 1 $49.8 $49.4 Operating Gain 1,2 $1.8 $2.4 Adjusted Operating Gain 1,3 $1.8 $2.5 Operating Margin 1 3.5  % 4.9  % Adjusted Operating Margin 1,3 3.6  % 5.0  % 1. See “Basis of Presentation” on page 5 herein. 2. Operating Gain for the three months ended June 30, 2026, and June 30, 2025, 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, 2026, and June 30, 2025, exclude items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein. Operating revenue was $49.8 billion in the second quarter of 2026, an increase of $0.4 billion compared to the prior year quarter. This was driven by higher prem