Humana — Jul 30, 2025 release

n e w s r e l e a s e                                          Exhibit 99.2 Humana Inc. 500 West Main Street P.O. Box 1438 Louisville, KY 40202 http://www.humana.com FOR MORE INFORMATION CONTACT: Lisa Stoner Humana Investor Relations (502) 580-2652 e-mail: LStamper@humana.com Mark Taylor Humana Corporate Communications (317) 753-0345 e-mail: MTaylor108@humana.com Humana Reports Second Quarter 2025 Financial Results; Raises Full Year 2025 Adjusted EPS and Revenue Guidance • Reports 2Q25 earnings per share (EPS) of $4.51 on a GAAP basis, Adjusted EPS of $6.27; reports YTD EPS of $14.81 on a GAAP basis, $17.85 on an Adjusted basis • 2Q25 Insurance segment benefit ratio of 89.9 percent, in line with the company's previously disclosed expectation of 'approximately 90 percent' • Updates FY 2025 GAAP EPS guidance to 'approximately $13.77' from the previous estimate of 'approximately $14.68'; raises Adjusted FY 2025 EPS guidance to 'approximately $17.00', up from the previous 'approximately $16.25' guidance • Raises FY 2025 consolidated revenues guidance to 'at least $128 billion' compared to the previous guidance range of $126 billion to $128 billion • Affirms FY 2025 Insurance segment benefit ratio guidance range of 90.1 percent to 90.5 percent • Revises FY 2025 individual Medicare Advantage membership guidance to now anticipate a decline of 'up to 500,000 members' from previous guidance of a decline of 'approximately 550,000' ◦ Expected membership decline inclusive of the impact of exiting certain unprofitable plans and counties ◦ Remains confident in 2025 pricing strategy as the company prioritizes benefit structure that is expected to drive sustainable, long-term value creation • Continues to strategically expand the company's footprint in CenterWell and Medicaid ◦ CenterWell Pharmacy recently won access to 17 new limited distribution drugs and won the MMIT Patient Choice award for the 7th time in 8 years of the program's history ◦ CenterWell Primary Care now anticipates FY 2025 net patient growth of 50,000 to 70,000, ahead of the previously expected range of 30,000 to 50,000, reflecting 15 percent growth at the midpoint ◦ Launched Virginia Medicaid contract in July, unlocking a new dual special needs plan (D-SNP) market growth opportunity • Publishes prepared management remarks to Investor Relations page of www.humana.com ahead of this morning's 8:00 a.m. ET question and answer session to discuss its financial results for the quarter and expectations for future earnings LOUISVILLE, KY (July 30, 2025) – Humana Inc. (NYSE: HUM) today reported consolidated pretax results and diluted earnings per share (EPS) for the quarter ended June 30, 2025 (2Q25) versus the quarter ended June 30, 2024 (2Q24) and for the six months ended June 30, 2025 (YTD 2025) versus the six months ended June 30, 2024 (YTD 2024) as noted in the tables below. 1 Consolidated income before income taxes and equity in net losses 2Q25 (a) 2Q24 (a) YTD 2025 (a) YTD 2024 (a) Generally Accepted Accounting Principles (GAAP) $741   $918  $2,432   $1,932  Amortization associated with identifiable intangibles 15   15  30   31  Put/call valuation adjustments associated with company's non-consolidating minority interest investments 200   68  363   199  Value creation initiatives 29   68  53 97  Impairment charges 32   —  32   —  Impact of exit of employer group commercial medical products business —   59  —   60  Adjusted (non-GAAP) $1,017   $1,128  $2,910   $2,319  Diluted earnings per share (EPS) 2Q25 (a) 2Q24 (a) YTD 2025 (a) YTD 2024 (a) GAAP $4.51   $5.62  $14.81   $11.74  Amortization associated with identifiable intangibles 0.12   0.13  0.24   0.25  Put/call valuation adjustments associated with company's non-consolidating minority interest investments 1.66   0.57  3.01   1.65  Value creation initiatives 0.24   0.56  0.44   0.80  Impairment charges 0.27   —  0.26   —  Impact of exit of employer group commercial medical products business —   0.49  —   0.50  Cumulative net tax impact of non-GAAP adjustments (0.53) (0.41) (0.91) (0.75) Adjusted (non-GAAP) $6.27   $6.96  $17.85   $14.19  Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as additional reconciliations. Please refer to the tables above, as well as the consolidated and segment highlight sections that follow for additional discussion of the factors impacting the year-over-year quarterly and YTD comparisons. “ We feel good about our solid performance in the first half of the year, ” said Humana President and CEO Jim Rechtin. “ It reinforces our strategy to continue investing in improved outcomes, operational excellence and a better experience for our customers and investors. ” 2 FY 2025 Earnings Guidance Humana revises its GAAP EPS guidance for the year ending December 31, 2025 (FY 2025) to 'approximately $13.77' from 'approximately $14.68', while also increasing its Adjusted EPS guidance to 'approximately $17.00' from the previous guidance of 'approximately $16.25'. Additional FY 2025 guidance points are included on page 13 of this earnings release. Diluted earnings per share FY 2025  Guidance FY 2024 (a) GAAP approximately $13.77 $9.98  Amortization associated with identifiable intangibles 0.49   0.50  Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b) 3.01   2.45  Value creation initiatives (b) 0.44   2.33  Impairment charges (b) 0.26   1.65  Impact of exit of employer group commercial medical products business —  1.19  Cumulative net tax impact (0.97) (1.89) Adjusted (non-GAAP) – FY 2025 projected (b); FY 2024 reported approximately $17.00 $16.21  Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as additional reconciliations. Humana Consolidated Highlights Humana Inc. Summary of Results ($ in millions, except per share amounts) 2Q25 (a) 2Q24 (a) YTD 2025 (a) YTD 2024 (a) Revenues $32,388 $29,540 $64,500 $59,151 Revenues - Adjusted (non-GAAP) $32,388 $29,380 $64,500 $58,711 Pretax results $741 $918 $2,432 $1,932 Pretax results - Adjusted (non-GAAP) $1,017 $1,128 $2,910 $2,319 EPS $4.51 $5.62 $14.81 $11.74 EPS - Adjusted (non-GAAP) $6.27 $6.96 $17.85 $14.19 Benefit ratio 89.7   % 89.0  % 88.4   % 88.9  % Benefit ratio - Adjusted (non-GAAP) 89.7   % 88.9  % 88.4   % 88.9  % Operating cost ratio 11.0   % 10.8  % 10.8   % 10.6  % Operating cost ratio - Adjusted (non-GAAP) 10.9   % 10.5  % 10.7   % 10.4  % Operating cash flows $1,602 $1,636 Parent company cash and short term investments $1,334 $1,256 Debt-to-total capitalization 40.7   % 43.6  % Days in claims payable (DCP) 36.5 41.6 Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations. Consolidated Revenues The favorable year-over-year quarterly and YTD GAAP consolidated revenues comparisons were primarily driven by the following factors: 3 • higher per member Medicare and state-based contracts premiums, with the Medicare increase largely driven by an increased direct subsidy due to the Inflation Reduction Act (IRA), and • membership growth in the company's state-based contracts and stand-alone PDP businesses. These factors were partially offset by the membership decline within the individual Medicare Advantage business, inclusive of the company's decision to exit certain unprofitable plans and counties. Refer to the "Footnotes" section included herein for a reconciliation of GAAP to Adjusted (non-GAAP) consolidated revenues for the respective periods. Consolidated Benefit Ratio The year-over-year increase in the quarterly GAAP consolidated benefit ratio primarily reflected the following: • a shift in line of business mix resulting from growth in the state-based contracts and stand-alone PDP businesses, which carry a higher benefit ratio, combined with a reduction in individual Medicare Advantage membership, and • incremental investments to improve member and patient outcomes and support operational excellence. These factors were partially offset by the following: • individual Medicare Advantage pricing inclusive of plan exits and benefit design changes, which more than offset claims trend and the funding environment, and • the change in Medicare Part D seasonality due to the IRA. The year-over-year decline of the YTD 2025 GAAP consolidated benefit ratio from the YTD 2024 ratio was primarily driven by the net favorable impact of the factors impacting the quarterly comparison as described above. The year-over-year YTD comparison was further affected by the favorable workday impact in YTD 2025, partially offset by lower favorable prior period medical claims reserve development (prior period development) in YTD 2025. Refer to the "Footnotes" section included herein for a reconciliation of GAAP to Adjusted (non-GAAP) consolidated benefit ratios for the respective periods. Prior Period Medical Claims Reserve Development (Prior Period Development) Consolidated Favorable Prior Period Development $ in millions Basis points (bps) First Quarter Second Quarter YTD Prior Period Development from prior years recognized in 2025 $477 $161 $638 Decrease to GAAP benefit ratio (160 bps) (50 bps) (100 bps) Prior Period Development from prior years recognized in 2024 $535 $134 $669 Decrease to GAAP benefit ratio (190 bps) (50 bps) (120 bps) Consolidated Operating Cost Ratio The year-over-year increases in the quarterly and YTD GAAP consolidated operating cost ratios from the respective 2024 periods primarily resulted from business mix changes, including within the CenterWell segment which runs a significantly higher operating cost ratio than the Insurance segment, combined with the operating leverage impact of the loss of individual Medicare Advantage membership. This was partially offset by the following items: 4 • administrative cost efficiencies resulting from the company's value creation initiatives, net of charges related to the company's ongoing initiatives, and • operating leverage associated with increased revenues from the impact of the IRA as described above. Refer to the "Footnotes" section included herein for a reconciliation of GAAP to Adjusted (non-GAAP) consolidated operating cost ratios for the respective periods. Balance sheet • Days in claims payable (DCP) of 36.5 days at June 30, 2025 represented a de crease of 2.3 days from 38.8 days at March 31, 2025 and a decrease of 5.1 days from 41.6 days at June 30, 2024. These decreases were primarily driven by an increased proportion of Medicare prescription drug benefit expense as a result of structural changes associated with the IRA. Pharmacy claims are processed more quickly than medical claims leading to a lower DCP. The quarterly and year-over-year comparisons were further impacted by lower reserve requirements in provider-capitation accruals, including the impact of payments to providers during 2Q25 and year over year in accordance with the respective risk-sharing arrangements. • Humana's debt-to-total capitalization at June 30 , 2025 de creased 210 basis points to 40.7 percent fro m 42.8 p ercent at March 31 , 2025 primarily driven by the repayment of senior notes and the impact of 2Q25 earnings. Operating cash flows YTD 2025 GAAP operating cash flows remained relatively unchanged from YTD 2024 primarily reflecting the unfavorable impact of working capital items, partially offset by higher earnings in YTD 2025. Share repurchases YTD 2025 Total number of shares repurchased 425,600   Average price paid per share $ 233.73   Remaining repurchase authorization as of July 29, 2025 $2.83 billion Humana’s Insurance Segment This segment is comprised of insurance products serving Medicare and state-based contract beneficiaries, as well as individuals and employers. The segment also includes the company's Pharmacy Benefit Manager, or PBM, business. Insurance Segment Results ($ in millions) 2Q25 (a) 2Q24 (a) YTD 2025 (a) YTD 2024 (a) Revenues $31,094 $28,525 $62,031 $57,224 Revenues - Adjusted (non-GAAP) $31,094 $28,365 $62,031 $56,784 Benefit ratio 89.9   % 89.5  % 88.7   % 89.4  % Benefit ratio - Adjusted (non-GAAP) 89.9   % 89.4  % 88.7   % 89.4  % Operating cost ratio 8.3   % 8.4  % 8.3   % 8.4  % Operating cost ratio - Adjusted (non-GAAP) 8.3   % 8.4  % 8.3   % 8.3  % Income from operations $766 $763 $2,340 $1,661 Income from operations - Adjusted (non-GAAP) $770 $826 $2,349 $1,730 5 Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as recalculations. Insurance Segment Revenues The year-over-year i ncreases in the quarterly and YTD GAAP segment revenues from the respective 2024 periods primarily reflected the following items: • higher per member Medicare and state-based contracts premiums, with the Medicare increase largely driven by an increased direct subsidy due to the IRA, and • membership growth in the company's state-based contracts and stand-alone PDP businesses. These factors were partially offset by the membership decline within the individual Medicare Advantage business, inclusive of the company's decision to exit certain unprofitable plans and counties. Refer to the "Footnotes" section included herein for a reconciliation of GAAP to Adjusted (non-GAAP) Insurance segment revenues for the respective periods. Insurance Segment Benefit Ratio The year-over-year increase in the quarterly GAAP segment benefit ratio primarily reflected the following: • a shift in line of business mix resulting from growth in the state-based contracts and stand-alone PDP businesses, which carry a higher benefit ratio, combined with a reduction in individual Medicare Advantage membership, and • incremental investments to improve member and patient outcomes and support operational excellence. These factors were partially offset by the following: • individual Medicare Advantage pricing inclusive of plan exits and benefit design changes, which more than offset claims trend and the funding environment, and • the change in Medicare Part D seasonality due to the IRA. The year-over-year decline of the YTD 2025 GAAP segment benefit ratio from the YTD 2024 ratio resulted from the net favorable impact of the factors impacting the quarterly comparison as described above. The year-over-year YTD comparison was further affected by the favorable workday impact in YTD 2025, partially offset by lower favorable prior period development in YTD 2025. Refer to the "Footnotes" section included herein for a reconciliation of GAAP to Adjusted (non-GAAP) Insurance segment benefit ratios for the respective periods. 6 Insurance Segment Operating Cost Ratio The slight year-over-year decreases in the quarterly and YTD GAAP segment operating cost ratios from the respective 2024 periods primarily related to the following: • administrative cost efficiencies resulting from the company's value creation initiatives, and • operating leverage associated with increased revenues from the impact of the IRA as described above. These factors were partially offset by the operating leverage impact of the loss of individual Medicare Advantage membership. Refer to the "Footnotes" section included herein for a reconciliation of GAAP to Adjusted (non-GAAP) Insurance segment operating cost ratios for the respective periods. Humana’s CenterWell Segment This segment includes pharmacy (excluding the PBM operations), primary care, and home solutions. Services offered by this segment are designed to enhance the overall healthcare experience. These services may lead to lower utilization associated with improved member health and/or lower drug costs. CenterWell Segment Results ($ in millions) 2Q25 2Q24 YTD 2025 YTD 2024 Revenues $5,537 $4,947 $10,632 $9,765 Operating cost ratio 92.7   % 92.0  % 92.0   % 92.5  % Income from operations $344 $338 $736 $620 Income from operations - Adjusted (non-GAAP) (c) $404 $394 $855 $729 Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations. CenterWell Segment Revenues The favorable year-over-year quarterly and YTD CenterWell GAAP segment revenues comparisons were primarily driven by higher revenues associated with growth in the company's pharmacy and primary care businesses, partially offset by the impact of the v28 risk model revision. CenterWell Segment Operating Cost Ratio The year-over-year increase i n the segment's GAAP quarterly operating cost ratio primarily resulted from the continued phase-in of the v28 risk model revision within the company's primary care business, partially offset by the following: • more favorable operating trends in the primary care business as a result of stabilizing medical cost trends and maturation of the company's v28 mitigation activities, and • administrative cost efficiencies resulting from the company's value creation initiatives. The year-over-year decline of the YTD 2025 GAAP segment operating cost ratio from the YTD 2024 ratio resulted from the net favorable impact of the factors impacting the quarterly comparison as described above. See additional operational metrics for the CenterWell segment on pages S-13 through S-15 of the statistical supplement included in this earnings release. 7 Conference Call Humana will host a live question-and-answer session for analysts at 8:00 a.m. Eastern time today to discuss its financial results for the quarter and the company’s expectations for future earnings. In advance of the question-and-answer session, Humana will post prepared management remarks to the Quarterly Results section of its Investor Relations page (https://humana.gcs-web.com/financial-information/quarterly-results). A webcast of the 2Q25 earnings call may be accessed via Humana’s Investor Relations page at https://humana.gcs-web.com/.  If you anticipate asking a question during the question-and-answer session, please register in advance at this link - https://register-conf.media-server.com/register/BIb5c00e1d1dc14cd7ad2b375d4f1cde21. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID. The company suggests participants listening via the web or the conference call sign in or dial in at least 15 minutes in advance of the call. For those unable to participate in the live event, the virtual presentation archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page at https://humana.gcs-web.com/, approximately two hours following the live webcast. Footnotes The company has included financial measures throughout this earnings release that are not in accordance with GAAP. Management believes that these measures, when presented in conjunction with the corresponding GAAP measures, provide a comprehensive perspective to more accurately compare and analyze the company’s core operating performance over time. Consequently, management uses these non-GAAP (Adjusted) financial measures as consistent and uniform indicators of the company’s core business operations from period to period, as well as for planning and decision-making purposes and in determination of incentive compensation. Non-GAAP (Adjusted) financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. All financial measures in this earnings release are in accordance with GAAP unless otherwise indicated. Please refer to the footnotes for a detailed description of each item adjusted out of GAAP financial measures to arrive at non-GAAP (Adjusted) financial measures. (a) For the periods covered in this earnings release, the following items are excluded from the non-GAAP financial measures described above, as applicable. Note each of the adjustments described below also impacted FY 2024 Adjusted EPS as shown on page 3. • Amortization associated with identifiable intangibles - Since amortization varies based on the size and timing of acquisition activity, management believes this exclusion provides a more consistent and uniform indicator of performance from period to period. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results, EPS, and Insurance and CenterWell segments' income from operations. The table below discloses respective period amortization expense for each segment: Amortization (in millions) 2Q25 2Q24 YTD 2025 YTD 2024 Insurance segment $4 $4 $9 $9 CenterWell segment $11 $11 $21 $22 • Put/call valuation adjustments associated with the company’s non-consolidating minority interest investments - These amounts are the result of fair value measurements associated with the company's primary care strategic partnership and are unrelated to the company's core business operations. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results and EPS . • Value creation initiatives - These charges relate to the company's ongoing initiative to drive additional value for the enterprise through cost saving, productivity initiatives, and value creation from previous investments, and primarily consist 8 of asset impairment, severance charges, and external consulting spend specific to these initiatives. These charges were recorded at the corporate level and not allocated to the segments. For all periods shown within this earnings release, GAAP measures affected in this release include consolidated pretax results, EPS , and the consolidated operating cost ratio. • Impairment charges - The company recognized non-cash impairment charges related to certain indefinite-lived intangible assets based on the company's estimate of future financial performance in certain state markets. These charges were recorded at the corporate level and not allocated to the segments. For 2Q25 and YTD 2025, GAAP measures affected in this release include consolidated pretax results, EPS , and the consolidated operating cost ratio. • Impact of exit of employer group commercial medical products business - These amounts relate to activity from the exit of the employer group commercial medical products business as announced by Humana on February 23, 2023. For 2Q24 and YTD 2024, GAAP measures affected in this earnings release include consolidated pretax results, EPS , consolidated revenues, consolidated benefit ratio, consolidated operating cost ratio, Insurance segment revenues, Insurance segment benefit ratio, Insurance segment operating cost ratio, and Insurance segment income from operations. • Cumulative net tax impact - This adjustment represents the cumulative net impact of the corresponding tax benefit or expense related to the aforementioned items excluded from the applicable GAAP measures. For all periods presented in this earnings release, EPS is the sole GAAP measure affected. In addition to the reconciliations shown on page 2 of this release, the following are reconciliations of GAAP to Adjusted (non-GAAP) measures described above and disclosed within this earnings release: Revenues CONSOLIDATED Revenues (in millions) 2Q25 2Q24 YTD 2025 YTD 2024 GAAP $32,388 $29,540 $64,500 $59,151 Impact of exit of employer group commercial medical products business —   (160) —   (440) Adjusted (non-GAAP) $32,388 $29,380 $64,500 $58,711 INSURANCE SEGMENT Revenues (in millions) 2Q25 2Q24 YTD 2025 YTD 2024 GAAP $31,094 $28,525 $62,031 $57,224 Impact of exit of employer group commercial medical products business —   (160) —   (440) Adjusted (non-GAAP) $31,094 $28,365 $62,031 $56,784 Benefit Ratio CONSOLIDATED Benefit ratio 2Q25 2Q24 YTD 2025 YTD 2024 GAAP 89.7   % 89.0  % 88.4   % 88.9  % Impact of exit of employer group commercial medical products business —   % (0.1) % —  % —  % Adjusted (non-GAAP) 89.7   % 88.9  % 88.4   % 88.9  % INSURANCE SEGMENT Benefit ratio 2Q25 2Q24 YTD 2025 YTD 2024 GAAP 89.9   % 89.5  % 88.7   % 89.4  % Impact of exit of employer group commercial medical products business —   % (0.1) % —   % —  % Adjusted (non-GAAP) 89.9   % 89.4  % 88.7   % 89.4  % 9 Operating Cost Ratio CONSOLIDATED Operating cost ratio 2Q25 2Q24 YTD 2025 YTD 2024 GAAP 11.0   % 10.8  % 10.8   % 10.6  % Impact of exit of employer group commercial medical products business —   % (0.1) % —   % (0.1) % Value creation initiatives —   % (0.2) % (0.1) % (0.1) % Impairment charges (0.1) % —  % —   % —  % Adjusted (non-GAAP) 10.9   % 10.5  % 10.7   % 10.4  % INSURANCE SEGMENT Operating cost ratio 2Q25 2Q24 YTD 2025 YTD 2024 GAAP 8.3   % 8.4  % 8.3   % 8.4  % Impact of exit of employer group commercial medical products business —   % —  % —   % (0.1) % Adjusted (non-GAAP) 8.3   % 8.4  % 8.3   % 8.3  % Insurance Segment - Income from Operations INSURANCE SEGMENT Income from operations (in millions) 2Q25 2Q24 YTD 2025 YTD 2024 GAAP $766 $763 $2,340 $1,661 Amortization associated with identifiable intangibles 4 4 9 9 Impact of exit of employer group commercial medical products business — 59 — 60 Adjusted (non-GAAP) $770 $826 $2,349 $1,730 (b) FY 2025 GAAP EPS guidance and FY 2025 Adjusted (non-GAAP) EPS guidance exclude the impact of future value changes to items that are not yet probable or cannot be reasonably estimated at this time. (c) The CenterWell segment Adjusted income from operations includes an adjustment to add back depreciation and amortization expense to the segment's GAAP income from operations since such an adjustment is commonly utilized for valuation purposes within the healthcare delivery industry. CENTERWELL SEGMENT Income from operations (in millions) 2Q25 2Q24 YTD 2025 YTD 2024 GAAP $344 $338 $736 $620 Depreciation and amortization expense 60   56  119   109  Adjusted (non-GAAP) $404   $394  $855   $729  Cautionary Statement This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana’s executive officers, the words or phrases like “expects,” “believes,” “anticipates,” “assumes,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions are intended to identify such forward-looking statements. 10 These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions, including, among other things, information set forth in the “Risk Factors” section of the company’s SEC filings, a summary of which includes but is not limited to the following: • If Humana does not design and price its products properly and competitively, if the premiums Humana receives are insufficient to cover the cost of healthcare services delivered to its members, if the company is unable to implement clinical initiatives to provide a better healthcare experience for its members, lower costs and appropriately document the risk profile of its members, or if its estimates of benefits expense are inadequate, Humana’s profitability could be materially adversely affected. Humana estimates the costs of its benefit expense payments, and designs and prices its products accordingly, using actuarial methods and assumptions based upon, among other relevant factors, claim payment patterns, medical cost inflation, and historical developments such as claim inventory levels and claim receipt patterns. The company continually reviews estimates of future payments relating to benefit expenses for services incurred in the current and prior periods and makes necessary adjustments to its reserves, including premium deficiency reserves, where appropriate. These estimates involve extensive judgment, and have considerable inherent variability because they are extremely sensitive to changes in claim payment patterns and medical cost trends. Accordingly, Humana's reserves may be insufficient. • If Humana fails to effectively implement its operational and strategic initiatives, including its Medicare initiatives, which are of particular importance given the concentration of the company's revenues in these products, state-based contract strategy, the growth of its CenterWell business, and its integrated care delivery model, the company’s business may be materially adversely affected. • The number of Humana’s Medicare Advantage plans rated 4-star or higher will significantly decline in 2025. Humana has filed a lawsuit seeking to set aside and vacate the 2025 Star Ratings of its Medicare Advantage plans, but there is no assurance that the company will prevail in this lawsuit. If the company is not successful, the decline in Star Ratings will negatively impact its 2026 quality bonus payments from CMS and may also significantly adversely affect the company’s revenues, operating results, and cash flows. In addition, there can be no assurances the company will be successful in maintaining or improving its Star Ratings in future years. • If Humana, or the third-party service providers on which it relies, fails to properly maintain the integrity of its data, to strategically maintain existing or implement new information systems, to protect Humana’s proprietary rights to its systems, or to defend against cyber-security attacks, contain such attacks when they occur, or prevent other privacy or data security incidents that result in security breaches that disrupt the company's operations or in the unintentional dissemination of sensitive personal information or proprietary or confidential information, the company’s business may be materially adversely affected. • Humana is involved in various legal actions, or disputes that could lead to legal actions (such as, among other things, provider contract disputes and qui tam litigation brought by individuals on behalf of the government), governmental and internal investigations, and routine internal review of business processes any of which, if resolved unfavorably to the company, could result in substantial monetary damages or changes in its business practices. Increased litigation and negative publicity could also increase the company’s cost of doing business. • As a government contractor, Humana is exposed to risks that may materially adversely affect its business or its willingness or ability to participate in government healthcare programs including, among other things, loss of material government contracts; governmental audits and investigations; potential inadequacy of government determined payment rates; potential restrictions on profitability, including by comparison of profitability of the company’s Medicare Advantage business to non-Medicare Advantage business; or other changes in the governmental programs in which Humana participates. Changes to the risk-adjustment model utilized by CMS to adjust premiums paid to Medicare Advantage plans or retrospective recovery by CMS of previously paid premiums as a result of the final rule related to the risk adjustment data validation audit methodology published by CMS on January 30, 2023 (Final RADV Rule), which Humana believes fails to address adequately the statutory requirement of actuarial equivalence and violates the Administrative Procedure Act due to its failure to include a "Fee for Service 11 Adjuster" could have a material adverse effect on the company's operating results, financial position and cash flows. • Humana's business activities are subject to substantial government regulation. New laws or regulations, or legislative, judicial, or regulatory changes in existing laws or regulations or their manner of application could increase the company's cost of doing business and have a material adverse effect on Humana’s results of operations (including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company’s ability to expand into new markets, increasing the company’s medical and operating costs by, among other things, requiring a minimum benefit ratio on insured products, lowering the company’s Medicare payment rates and increasing the company’s expenses associated with a non-deductible health insurance industry fee and other assessments); the company’s financial position (including the company’s ability to maintain the value of its goodwill); and the company’s cash flows. • Humana’s failure to manage acquisitions, divestitures and other significant transactions successfully may have a material adverse effect on the company’s results of operations, financial position, and cash flows. • If Humana fails to develop and maintain satisfactory relationships with the providers of care to its members, the company’s business may be adversely affected. • Humana faces significant competition in attracting and retaining talented employees. Further, managing succession for, and retention of, key executives is critical to the Company’s success, and its failure to do so could adversely affect the Company’s businesses, operating results and/or future performance. • Humana’s pharmacy business is highly competitive and subjects it to regulations and supply chain risks in addition to those the company faces with its core health benefits businesses. • Changes in the prescription drug industry pricing benchmarks may adversely affect Humana’s financial performance. • Humana’s ability to obtain funds from certain of its licensed subsidiaries is restricted by state insurance regulations. • Downgrades in Humana’s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition. • Volatility or disruption in the securities and credit markets may significantly and adversely affect the value of our investment portfolio and the investment income that we derive from this portfolio. In making forward-looking statements, Humana is not undertaking to address or update them in future filings or communications regarding its business or results. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed herein may or may not occur. There also may be other risks that the company is unable to predict at this time. Any of these risks and uncertainties may cause actual results to differ materially from the results discussed in the forward-looking statements. Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance: • Form 10-K for the year ended December 31, 2024; • Form 10-Q for the quarter ended March 31, 2025; and • Form 8-Ks filed during 2025. About Humana Humana Inc. is committed to putting health first – for our teammates, our customers, and our company. Through our Humana insurance services, and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health – delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for people with Medicare, Medicaid, families, individuals, military service personnel, and communities at large. Learn more about what we offer at Humana.com and at CenterWell.com. 12 Humana Inc. Full Year 2025 Projections - As of July 30, 2025 Diluted earnings per common share (EPS) As of 2Q25 Earnings As of 1Q25 Earnings GAAP: approximately $13.77 GAAP: approximately $14.68 Non-GAAP: approximately $17.00 Non-GAAP: approximately $16.25 Total Revenues Consolidated GAAP: at least $128 billion GAAP: $126 billion to $128 billion Consolidated and segment level revenue projections include expected investment income. Segment level revenues include amounts that eliminate in consolidation. Insurance segment GAAP: at least $123 billion GAAP: $121 billion to $123 billion CenterWell segment GAAP: at least $21.5 billion GAAP: $20.5 billion to $21.5 billion Change in year-end medical membership from prior year-end Individual Medicare Advantage Decline of 'up to 500,000' Decline of approximately 550,000 Group Medicare Advantage no change Relatively flat Medicare stand-alone PDP no change Growth of approximately 200,000 State-based contracts no change Growth within 175,000 to 250,000 range State-based contracts guidance includes membership in Florida, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma, South Carolina, Virginia, and Wisconsin. Benefit Ratio  Insurance segment no change GAAP: 90.1% to 90.5% Ratio calculation: benefits expense as a percent of premiums revenues. Operating Cost Ratio Consolidated no change GAAP: 11.3% to 11.7% Ratio calculation: operating costs excluding depreciation and amortization as a percent of revenues excluding investment income. Segment Results Insurance segment income from operations GAAP: $1.6 billion to $2.0 billion GAAP: $1.5 billion to $2.0 billion   CenterWell segment Non-GAAP income from operations excludes the projected impact of segment depreciation and amortization. CenterWell segment income from operations GAAP: $1.1 billion to $1.5 billion Non-GAAP: $1.3 billion to $1.7 billion GAAP: $1.0 billion to $1.5 billion Non-GAAP: $1.2 billion to $1.7 billion Effective Tax Rate no change GAAP: approximately 25.0% Weighted Avg. Share Count for Diluted EPS approximately 121 million approximately 121.5 million Cash flows from operations no change GAAP: $2.4 billion to $2.9 billion Capital expenditures no change approximately $650 million 13 Humana Inc. Statistical Schedules and Supplementary Information 2Q25 Earnings Release S-1 Humana Inc. Statistical Schedules and Supplementary Information 2Q25 Earnings Release (S-3) Summary of Results - Consolidated and Segments - Quarter & YTD (S-4) Consolidated Statements of Income - Quarter & YTD (S-5) Consolidated Balance Sheets (S-6) Consolidated Statements of Cash Flows - YTD (S-7) - (S-8) Consolidating Statements of Income - Quarter (S-9) - (S-10) Consolidating Statements of Income - YTD (S-11) Membership Detail (S-12) Premiums and Services Revenue Detail (S-13) - (S-15) CenterWell Segment - Pharmacy Solutions, Primary Care, & Home Solutions (S-16) Footnotes S-2 Humana Inc. Summary of Results ($ in millions, except per share amounts) 2Q25 (a) 2Q24 (a) YTD 2025 (a) YTD 2024 (a) CONSOLIDATED Revenues $32,388 $29,540 $64,500 $59,151 Revenues - Adjusted (non-GAAP) $32,388 $29,380 $64,500 $58,711 Pretax results $741 $918 $2,432 $1,932 Pretax results - Adjusted (non-GAAP) $1,017 $1,128 $2,910 $2,319 EPS $4.51 $5.62 $14.81 $11.74 EPS - Adjusted (non-GAAP) $6.27 $6.96 $17.85 $14.19 Benefit ratio 89.7   % 89.0  % 88.4   % 88.9  % Benefit ratio - Adjusted (non-GAAP) 89.7   % 88.9  % 88.4   % 88.9  % Operating cost ratio 11.0   % 10.8  % 10.8   % 10.6  % Operating cost ratio - Adjusted (non-GAAP) 10.9   % 10.5  % 10.7   % 10.4  % Operating cash flows $1,602 $1,636 Parent company cash and short term investments $1,334 $1,256 Debt-to-total capitalization 40.7   % 43.6  % Days in claims payable (DCP) 36.5 41.6 INSURANCE SEGMENT Revenues $31,094 $28,525 $62,031 $57,224 Revenues - Adjusted (non-GAAP) $31,094 $28,365 $62,031 $56,784 Benefit ratio 89.9   % 89.5  % 88.7   % 89.4  % Benefit ratio - Adjusted (non-GAAP) 89.9   % 89.4  % 88.7   % 89.4  % Operating cost ratio 8.3   % 8.4  % 8.3   % 8.4  % Operating cost ratio - Adjusted (non-GAAP) 8.3   % 8.4  % 8.3   % 8.3  % Income from operations $766 $763 $2,340 $1,661 Income from operations - Adjusted (non-GAAP) $770 $826 $2,349 $1,730 CENTERWELL SEGMENT Revenues $5,537 $4,947 $10,632 $9,765 Operating cost ratio 92.7   % 92.0  % 92.0   % 92.5  % Income from operations $344 $338 $736 $620 Income from operations - Adjusted (non-GAAP) $404 $394 $855 $729 Refer to the "Footnotes" section included in the previous narrative portion of this release (beginning on page 8) for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations. S-3 Humana Inc. Consolidated Statements of Income (Unaudited) Dollars in millions, except per common share results   For the three months ended  June 30, For the six months ended June 30,   2025 2024 2025 2024 Revenues: Premiums $ 30,716   $ 28,142  $ 61,230   $ 56,403  Services 1,400   1,100  2,734   2,162  Investment income 272   298  536   586  Total revenues 32,388   29,540  64,500   59,151  Operating expenses: Benefits 27,565   25,039  54,100   50,163  Operating costs 3,547   3,148  6,927   6,190  Depreciation and amortization 178   212  361   421  Total operating expenses 31,290   28,399  61,388   56,774  Income from operations 1,098   1,141  3,112   2,377  Interest expense 157   168  317   327  Other expense, net 200   55  363   118  Income before income taxes and equity in net losses 741   918  2,432   1,932  Provision from income taxes 179   223  585   474  Equity in net losses (A) (19) (17) (62) (41) Net income 543   678  1,785   1,417  Net loss attributable to noncontrolling interests 2   1  4   3  Net income attributable to Humana $ 545   $ 679  $ 1,789   $ 1,420  Basic earnings per common share $ 4.52   $ 5.63  $ 14.83   $ 11.76  Diluted earnings per common share $ 4.51   $ 5.62  $ 14.81   $ 11.74  Shares used in computing basic earnings per common share (000’s) 120,539   120,445  120,602   120,712  Shares used in computing diluted earnings per common share (000’s) 120,745   120,665  120,794   120,967  S-4 Humana Inc. Consolidated Balance Sheets (Unaudited) Dollars in millions, except share amounts   June 30, December 31,   2025 2024 Assets Current assets: Cash and cash equivalents $ 4,040   $ 2,221  Investment securities 17,668   18,214  Receivables, net 4,504   2,704  Other current assets 7,403   6,676  Total current assets 33,615   29,815  Property and equipment, net 2,356   2,532  Long-term investment securities 431   421  Equity method investments 636   697  Goodwill 9,633   9,631  Other long-term assets 3,686   3,383  Total assets $ 50,357   $ 46,479  Liabilities and Stockholders’ Equity Current liabilities: Benefits payable $ 11,060   $ 10,440  Trade accounts payable and accrued expenses 5,587   5,259  Book overdraft 298   403  Unearned revenues 274   260  Short-term debt —   577  Total current liabilities 17,219   16,939  Long-term debt 12,586   11,144  Other long-term liabilities 2,257   1,951  Total liabilities 32,062   30,034  Commitments and contingencies Stockholders’ equity: Preferred stock, $1 par; 10,000,000 shares authorized, none issued —   —  Common stock, $0.16 2/3 par; 300,000,000 shares authorized; 198,719,321 issued at June 30, 2025 33   33  Capital in excess of par value 3,557   3,463  Retained earnings 29,891   28,317  Accumulated other comprehensive loss (783) (1,067) Treasury stock, at cost, 78,447,502 shares at June 30, 2025 (14,464) (14,371) Total stockholders’ equity 18,234   16,375  Noncontrolling interests 61   70  Total equity 18,295   16,445  Total liabilities and equity $ 50,357   $ 46,479  Debt-to-total capitalization ratio 40.7   % 41.9  % S-5 Humana Inc. Consolidated Statements of Cash Flows (Unaudited) Dollars in millions For the six months ended June 30,   2025 2024 Cash flows from operating activities Net income $ 1,785   $ 1,417  Adjustments to reconcile net income to net cash provided by operating activities: Gain on investment securities, net (13) —  Equity in net losses 62   41  Stock-based compensation 110   100  Depreciation 396   454  Amortization 30   31  Impairment of property and equipment 14   87  Impairment of indefinite-lived intangible assets 32   —  Changes in operating assets and liabilities, net of effect of businesses acquired and disposed: Receivables (1,800) (2,055) Other assets (658) 592  Benefits payable 620   1,205  Other liabilities 1,010   (327) Unearned revenues 14   47  Other, net —   44  Net cash provided by operating activities 1,602   1,636  Cash flows from investing activities Acquisitions, net of cash and cash equivalents acquired (1) (17) Purchases of property and equipment, net (209) (291) Changes in securities lending collateral receivable (48) (79) Purchases of investment securities (1,941) (2,883) Maturities of investment securities 1,617   1,355  Proceeds from sales of investment securities 1,243   499  Net cash provided by (used in) investing activities 661   (1,416) Cash flows from financing activities (Payments) receipts from contract deposits, net (579) 285  Proceeds from issuance of senior notes, net 1,481   2,232  Repayments of senior notes (771) (34) Repayments from issuance of commercial paper, net (5) (895) Debt issue costs (5) (7) Change in book overdraft (105) 2  Common stock repurchases (109) (766) Dividends paid (214) (216) Change in securities lending payable 48   79  Change in rebate factor payable (123) —  Other, net (62) (93) Net cash (used in) provided by financing activities (444) 587  Increase in cash and cash equivalents 1,819   807  Cash and cash equivalents at beginning of period 2,221   4,694  Cash and cash equivalents at end of period $ 4,040   $ 5,501  S-6 Humana Inc. Consolidating Statements of Income—For the three months ended June 30, 2025 (Unaudited) In millions Insurance CenterWell Eliminations/ Corporate Consolidated Revenues—external customers Premiums: Individual Medicare Advantage $ 22,764  $ —  $ —  $ 22,764  Group Medicare Advantage 2,260  —  —  2,260  Medicare stand-alone PDP 1,721  —  —  1,721  Total Medicare 26,745  —  —  26,745  State-based contracts and other 3,460  —  —  3,460  Specialty benefits 246  —  —  246   Medicare Supplement 265  —  —  265  Total premiums 30,716  —  —  30,716  Services revenue: Home solutions —  360  —  360  Primary care —  513  —  513  Pharmacy solutions —  321  —  321  Military services and other 206  —  —  206  Total services revenue 206  1,194  —  1,400  Total revenues—external customers 30,922  1,194  —  32,116  Intersegment revenues 1  4,343  (4,344) —  Investment income 171  —  101  272  Total revenues 31,094  5,537  (4,243) 32,388  Operating expenses: Benefits 27,621  —  (56) 27,565  Operating costs 2,558  5,133  (4,144) 3,547  Depreciation and amortization 149  60  (31) 178  Total operating expenses 30,328  5,193  (4,231) 31,290  Income (loss) from operations $ 766  $ 344  $ (12) $ 1,098  Benefit ratio 89.9  % 89.7  % Operating cost ratio 8.3  % 92.7  % 11.0  % S-7 Humana Inc. Consolidating Statements of Income—For the three months ended June 30, 2024 (Unaudited) In millions Insurance CenterWell Eliminations/ Corporate Consolidated Revenues—external customers Premiums: Individual Medicare Advantage $ 22,215  $ —  $ —  $ 22,215  Group Medicare Advantage 1,938  —  —  1,938  Medicare stand-alone PDP 867  —  —  867  Total Medicare 25,020  —  —  25,020  State-based contracts and other 2,524  —  —  2,524  Commercial fully-insured 152  —  —  152  Specialty benefits 240  —  —  240    Medicare Supplement 206  —  —  206  Total premiums 28,142  —  —  28,142  Services revenue: Home solutions —  335  —  335  Primary care —  322  —  322  Pharmacy solutions —  229  —  229  Military services and other 206  —  —  206  Commercial ASO 8  —  —  8  Total services revenue 214  886  —  1,100  Total revenues—external customers 28,356  886  —  29,242  Intersegment revenues 1  4,061  (4,062) —  Investment income 168  —  130  298  Total revenues 28,525  4,947  (3,932) 29,540  Operating expenses: Benefits 25,182  —  (143) 25,039  Operating costs 2,395  4,553  (3,800) 3,148  Depreciation and amortization 185  56  (29) 212  Total operating expenses 27,762  4,609  (3,972) 28,399  Income from operations $ 763  $ 338  $ 40  $ 1,141  Benefit ratio 89.5  % 89.0  % Operating cost ratio 8.4  % 92.0  % 10.8  % S-8 Humana Inc. Consolidating Statements of Income—For the six months ended June 30, 2025 (Unaudited) In millions Insurance CenterWell Eliminations/ Corporate Consolidated Revenues—external customers Premiums: Individual Medicare Advantage $ 45,445  $ —  $ —  $ 45,445  Group Medicare Advantage 4,582  —  —  4,582  Medicare stand-alone PDP 3,169  —  —  3,169  Total Medicare 53,196  —  —  53,196  State-based contracts and other 7,028  —   —   7,028  Commercial fully-insured —  —  —  —  Specialty benefits 490  —  —  490  Medicare Supplement 516  —  —  516  Total premiums 61,230  —  —  61,230  Services revenue: Home solutions —  695  —  695  Primary care —  982  —  982  Pharmacy solutions —  599  —  599  Military services and other 458  —  —  458  Total services revenue 458  2,276  —  2,734  Total revenues—external customers 61,688  2,276  —  63,964  Intersegment revenues 2  8,356  (8,358) —  Investment income 341  —  195  536  Total revenues 62,031  10,632  (8,163) 64,500  Operating expenses: Benefits 54,296  —  (196) 54,100  Operating costs 5,092  9,777  (7,942) 6,927  Depreciation and amortization 303  119  (61) 361  Total operating expenses 59,691  9,896  (8,199) 61,388  Income from operations $ 2,340  $ 736  $ 36  $ 3,112  Benefit ratio 88.7  % 88.4  % Operating cost ratio 8.3  % 92.0  % 10.8  % S-9 Humana Inc. Consolidating Statements of Income—For the six months ended June 30, 2024 (Unaudited) In millions Insurance CenterWell Eliminations/ Corporate Consolidated Revenues—external customers Premiums: Individual Medicare Advantage $ 44,663  $ —  $ —  $ 44,663  Group Medicare Advantage 3,927  —  —  3,927  Medicare stand-alone PDP 1,688  —  —  1,688  Total Medicare 50,278  —  —  50,278  State-based contracts and other 4,835  —  —  4,835  Commercial fully-insured 408  —  —  408  Specialty benefits 479  —  —  479  Medicare Supplement 403  —  —  403  Total premiums 56,403  —  —  56,403  Services revenue: Home solutions —  670  —  670  Primary care —  563  —  563  Pharmacy solutions —  440  —  440  Military services and other 457  —  —  457  Commercial ASO 32  —  —  32  Total services revenue 489  1,673  —  2,162  Total revenues—external customers 56,892  1,673  —  58,565  Intersegment revenues 2  8,092  (8,094) —  Investment income 330  —  256  586  Total revenues 57,224  9,765  (7,838) 59,151  Operating expenses: Benefits 50,433  —  (270) 50,163  Operating costs 4,759  9,036  (7,605) 6,190  Depreciation and amortization 371  109  (59) 421  Total operating expenses 55,563  9,145  (7,934) 56,774  Income from operations $ 1,661  $ 620  $ 96  $ 2,377  Benefit ratio 89.4  % 88.9  % Operating cost ratio 8.4  % 92.5  % 10.6  % S-10 Humana Inc. Membership Detail (Unaudited) In thousands Members may not be unique to each product since members have the ability to enroll in more than one product.   June 30, 2025 Average 2Q25 June 30, 2024 December 31, 2024 Medical Membership: Individual Medicare Advantage* 5,229.3   5,224.8   5,617.6  5,661.8  Group Medicare Advantage 570.0   570.6   544.9  545.7  Total Medicare Advantage 5,799.3   5,795.4   6,162.5  6,207.5  Medicare stand-alone PDP 2,427.1   2,426.6   2,341.2  2,288.2  Total Medicare 8,226.4   8,222.0   8,503.7  8,495.7  Medicare Supplement 444.1   436.0   339.2  377.3  State-based contracts and other 1,582.9   1,590.2   1,392.3  1,459.9  Military services 4,588.8   4,588.8   5,959.2  6,009.1  Total excluding employer group commercial medical 14,842.2   14,837.0   16,194.4  16,342.0  Fully-insured commercial medical —   —   62.2  0.3  ASO commercial —   —   47.0  4.8  Total employer group commercial medical —   —   109.2  5.1  Total Medical Membership 14,842.2   14,837.0   16,303.6  16,347.1  Specialty Membership:     Dental—fully-insured (B) 2,096.5   2,095.4   2,091.3  2,054.5  Dental—ASO 309.7   310.8   291.9  301.3  Total Dental 2,406.2   2,406.2   2,383.2  2,355.8  Vision 1,909.7   1,908.5   1,858.0  1,843.6  Other supplemental benefits 384.2   379.6   360.8  362.6  Total Specialty Membership 4,700.1   4,694.3   4,602.0  4,562.0  June 30, 2025 Member Mix June 30, 2025 June 30, 2024 Member Mix June 30, 2024 Individual Medicare Advantage Membership HMO 2,644.8   51   % 2,866.5  51  % PPO/PFFS 2,584.5   49   % 2,751.1  49  % Total Individual Medicare Advantage 5,229.3   100   % 5,617.6  100  % Individual Medicare Advantage Membership Shared Risk (C) 1,947.4   37   % 2,085.6  37  % Path to Risk (D) 1,594.9   31   % 1,837.6  33  % Total Value-based 3,542.3   68   % 3,923.2  70  % Other 1,687.0   32   % 1,694.4  30  % Total Individual Medicare Advantage 5,229.3   100   % 5,617.6  100  % * Individual Medicare Advantage membership includes 786,000 Dual Eligible Special Need Plans (D-SNP) members as of June 30, 2025, a net decrease of 166,800, or 18 percent, from 952,800 as of June 30, 2024, and down 151,100, or 16 percent , from 937,100 as of December 31, 2024. S-11 Humana Inc. Premiums and Services Revenue Detail (Unaudited) Dollars in millions, except per member per month; includes intersegment revenues   For the three months ended  June 30, For the six months ended June 30, Per Member per Month (I) For the three months ended June 30, Per Member per Month (I) For the six months ended June 30,   2025 2024 2025 2024 2025 2024 2025 2024 Insurance Individual Medicare Advantage $ 22,764   $ 22,215  $ 45,445   $ 44,663  $ 1,452   $ 1,323  $ 1,449   $ 1,337  Group Medicare Advantage 2,260   1,938  4,582   3,927  1,320   1,180  1,334   1,191  Medicare stand-alone PDP 1,721   867  3,169   1,688  236   123  218   119  State-based contracts and other (E) 3,460   2,524  7,028   4,835  688   573  698   574  Commercial fully-insured (F) —   152  —  408  N/A 540  N/A 555  Specialty benefits (G) 246   240  490   479  19   18  19   18  Medicare Supplement 265   206  516   403  203   206  202   206  Military and other (H) 207   207  460   459  Commercial ASO —   8  —   32  Total 30,923   28,357  61,690   56,894  CenterWell Pharmacy solutions 3,135   2,874  5,979   5,702  Primary care 1,479   1,239  2,898   2,409  Home solutions 923   834  1,755   1,654  Total 5,537   4,947  10,632   9,765  S-12 Humana Inc. CenterWell Segment - Pharmacy Solutions (Unaudited) For the three months ended June 30, 2025 For the three months ended June 30, 2024 For the three months ended March 31, 2025 Generic Dispense Rate Total Medicare 90.7   % 90.9  % 91.0  % Mail-Order Penetration Total Medicare 26.0   % 28.4  % 26.0  % For the six months ended June 30, 2025 For the six months ended June 30, 2024 Generic Dispense Rate Total Medicare 90.8   % 91.0  % Mail-Order Penetration Total Medicare 26.0   % 28.6  % S-13 Humana Inc. CenterWell Segment - Primary Care (J) (Unaudited) As of June 30, 2025 As of June 30, 2024 Year-over-Year Growth Primary Primary Primary Center Care Patients Center Care Patients Center Care Patients Count Providers Served (K) Count Providers Served (K) Count Providers Served De novo 141  375 99,500  116  267 58,400  21.6  % 40.4  % 70.4  % Wholly-owned 194 759 257,800  183 627 209,300  6.0  % 21.1  % 23.2  % Independent Physician Associations 73,000  64,200  13.7  % Total 335 1,134  430,300  299 894  331,900  12.0  % 26.8  % 29.6  % As of December 31, 2024 YTD Growth Primary Primary Center Care Patients Center Care Patients Count Providers Served (K) Count Providers Served De novo 133  327 79,400  6.0  % 14.7  % 25.3  % Wholly-owned 211 675 246,500  (8.1) % 12.4  % 4.6  % Independent Physician Associations 64,600  13.0  % Total 344 1,002  390,500  (2.6) % 13.2  % 10.2  % S-14 Humana Inc. CenterWell Segment - Home Solutions (Unaudited) For the three months ended June 30, 2025 For the three months ended June 30, 2024 Year-over-Year Growth Episodic Admissions (L) 78,760  81,024  (2.8) % Total Admissions - Same Store (M) 105,666  104,963  0.7  % For the six months ended June 30, 2025 For the six months ended June 30, 2024 Year-over-Year Growth Episodic Admissions (L) 160,906  165,284  (2.6) % Total Admissions - Same Store (M) 214,381  212,790  0.7  % S-15 Humana Inc. Footnotes to Statistical Schedules and Supplementary Information 2Q25 Earnings Release A. Net losses associated with the company's non-consolidated minority interest investments. B. Fully-insured dental membership as reported does not include Humana members that have a Medicare Advantage plan that includes an embedded dental benefit. C. In certain circumstances, the company contracts with providers to accept financial risk for a defined set of Medicare Advantage membership. For these Downside Risk arrangements, the provider is measured against a medical expense ratio target and the company may share savings from reduction to the total cost of care of the defined membership. The result is a high level of engagement on the part of the provider. Under these arrangements, the company may contract with providers to accept partial, full, or global financial risk. In certain instances (capitated shared risk) of these arrangements, the company may choose to prepay these providers a monthly fixed-fee per member to coordinate substantially all of the medical care for their Medicare Advantage members assigned or attributed to their provider panel, including some health benefit administrative functions and claims processing. D. A Path to Risk provider is one who has a high level of engagement and has contracted with the company to participate in an Upside Only/Shared Savings total cost of care arrangement and/or in one of Humana’s Quality Bonus programs (Model Practice), through which the company rewards the provider for achieving quality and utilization targets. Providers who are contracted in an Upside Only/Shared Savings arrangement may receive a portion of achieved surpluses when the actual cost of the medical services provided to patients assigned or attributed to their panel is less than the agreed upon medical expense targets. These contracts may also include a Downside Risk trigger (future date or membership threshold) which has not yet been met. E. Per Member per Month (PMPM) shown reflects only Medicaid premiums and average Medicaid membership for the period; includes impact of dual eligible demonstration members. F. Fully-insured commercial medical premiums also include stop-loss premiums associated with the commercial ASO product; for purposes of the PMPM metric, the commercial ASO stop-loss premiums have been excluded. G. Specialty per member per month is computed based on reported specialty premiums and average fully-insured specialty membership for the period. H. The amounts primarily reflect services revenues under the TRICARE East Region contract that generally are contracted on a per-member basis. I. Computed based on average membership for the period (i.e. monthly ending membership during the period divided by the number of months in the period). J. De novo refers to all new centers opened or acquired since 2020 under a Welsh, Carson, Anderson & Stowe (WCAS) joint venture . Wholly-owned refers to all centers outside a WCAS joint venture. K. Represents Medicare Advantage (MA) risk, MA path to risk, MA value-based, Direct Contracting Entity, and Accountable Care Organization patients. L. Reflects patient admissions under the Patient Driven Groupings Model (PDGM) payment model. M. Reflects all patient admissions regardless of reimbursement model. Same store is defined as care centers that have been owned and operated at least the last twelve months and startups that are an expansion of a same store care center. S-16