Adjustment item resides in the Health Benefits and Carelon Services reportable segments. 13 Elevance Health GAAP Reconciliation (Unaudited) Three Months Ended September 30 Nine Months Ended September 30 (In millions) 2025 2024 Change 2025 2024 Change Reportable segments operating gain $ 1,295 $ 1,408 (8.0)% $ 6,890 $ 7,189 (4.2)% Add / (Subtract): Transaction and integration related costs 1 49 42 182 158 Litigation and settlement expenses 1 4 669 19 680 Business dispositions and related items 2 — 72 — 191 Business optimization charges 1 (4) 268 (4) 268 Net adjustment items 49 1,051 197 1,297 Reportable segments adjusted operating gain $ 1,344 $ 2,459 (45.3)% $ 7,087 $ 8,486 (16.5)% Three Months Ended September 30 Nine Months Ended September 30 (In millions) 2025 2024 Change 2025 2024 Change Operating expense $ 5,272 $ 5,269 0.1% $ 15,569 $ 15,221 2.3% Add / (Subtract): Transaction and integration related costs 1 (49) (42) (182) (158) Litigation and settlement expenses 1 (4) (669) (19) (680) Business dispositions and related items 2 — (72) — (191) Business optimization charges 1 4 (268) 4 (268) Net adjustment items (49) (1,051) (197) (1,297) Adjusted operating expense $ 5,223 $ 4,218 23.8% $ 15,372 $ 13,924 10.4% Operating revenue $ 50,087 $ 44,719 12.0% $ 148,273 $ 130,215 13.9% Operating expense ratio 10.5% 11.8% (130)bp 10.5% 11.7% (120)bp Adjusted operating expense ratio 10.4% 9.4% 100 bp 10.4% 10.7% (30) bp Full Year 2025 Outlook Shareholders’ earnings per diluted share Approximately $24.70 Add / (Subtract): Amortization of other intangible assets 3 $2.98 Net losses on financial instruments 3 $2.90 Transaction and integration related costs 1,3 $1.03 Litigation and settlement expenses 1,3 $0.10 Business optimization charges 1 ($0.02) Tax impact of non-GAAP adjustments 3 Approximately ($1.69) Net adjustment items $5.30 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 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 rega

later in the release …

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.