Elevance Health — Jul 15, 2026 release

13 Elevance Health GAAP Reconciliation (Unaudited) Three Months Ended June 30 Six Months Ended June 30 (In millions) 2026 2025 Change 2026 2025 Change Reportable segments operating gain $ 1,763   $ 2,425   (27.3) % $ 3,849   $ 5,595   (31.2) % Add / (Subtract): Transaction and integration related costs 1 44  53  91  133  Litigation and settlement expenses 1 11  10  18  15  Accrual related to CMS notice 1,2 —  —  935  —  Business optimization program charges 1 —  —  129  —  Net adjustment items 55  63  1,173  148  Reportable segments adjusted operating gain $ 1,818   $ 2,488   (26.9) % $ 5,022   $ 5,743   (12.6) % Operating revenue $ 49,826 $ 49,421 0.8  % $ 99,320 $ 98,186 1.2  % Operating margin 3.5  % 4.9  % (140) bp 3.9  % 5.7  % (180) bp Adjusted operating margin 3.6  % 5.0  % (140) bp 5.1  % 5.8  % (70) bp Three Months Ended June 30 Six Months Ended June 30 (In millions) 2026 2025 Change 2026 2025 Change Operating expense $ 5,547   $ 4,997   11.0  % $ 11,877   $ 10,297   15.3  % Add / (Subtract): Transaction and integration related costs 1 (44) (53) (91) (133) Litigation and settlement expenses 1 (11) (10) (18) (15) Accrual related to CMS notice 1,2 —  —  (935) —  Business optimization program charges 1 —  —  (129) —  Net adjustment items (55) (63) (1,173) (148) Adjusted operating expense $ 5,492   $ 4,934   11.3  % $ 10,704   $ 10,149   5.5  % Operating revenue $ 49,826 $ 49,421 0.8  % $ 99,320 $ 98,186 1.2  % Operating expense ratio 11.1  % 10.1  % 100 bp 12.0  % 10.5  % 150 bp Adjusted operating expense ratio 11.0  % 10.0  % 100 bp 10.8  % 10.3  % 50 bp Full Year 2026 Outlook Shareholders' earnings per diluted share At least $20.10 Add / (Subtract): Accrual related to CMS notice 1,2 $4.27  Amortization of other intangible assets 3 $2.00  Net losses on financial instruments 3 $1.15  Transaction and integration related costs 1,3 $0.90  Business optimization program charges 1 $0.59  Litigation and settlement expenses 1,3 $0.10  Tax impact of non-GAAP adjustments 3 Approximately ($2.11) Net adjustment items $6.90  Adjusted shareholders' earnings per diluted share At least $27.00 1. Adjustment item resides in the Corporate & Other reportable segment. 2. Adjustment item represents the Company's current best estimate of the identified potential exposure for certain historical Medicare Advantage risk adjustment data related to the CMS notice to the Company dated February 27, 2026. 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,” "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 statem