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 Third Quarter 2025 Financial Results; Affirms Full Year 2025 Adjusted EPS Guidance • Reports 3Q25 earnings per share (EPS) of $1.62 on a GAAP basis, Adjusted EPS of $3.24; reports YTD EPS of $16.43 on a GAAP basis, $21.10 on an Adjusted basis • 3Q25 Insurance segment benefit ratio of 91.1 percent, in line with the company's previously disclosed expectation of 'just above 91 percent' • Updates FY 2025 GAAP EPS guidance to 'approximately $12.26' from the previous estimate of 'approximately $13.77'; affirms Adjusted FY 2025 EPS guidance of 'approximately $17.00' • Affirms FY 2025 Insurance segment benefit ratio guidance range of 90.1 percent to 90.5 percent • Updates FY 2025 individual Medicare Advantage membership guidance to now anticipate a decline of 'approximately 425,000 members' compared to the previous guidance of a decline of 'up to 500,000 members'; driven by stronger retention and better-than-expected sales • Furthers the advancement of the company's long-term strategy through growth in the CenterWell and Medicaid businesses ◦ Actively preparing for the January 1, 2026 launch of the initial phase-in of the Michigan Highly Integrated Dual Eligible Special Needs Plan (HIDE SNP) and the statewide Illinois Fully Integrated Dual Eligible Special Needs Plan (FIDE) programs, as well as the carve-in of dual eligibles into the South Carolina Medicaid program ◦ Growth of 56,600 patients, or nearly 15 percent, in CenterWell Primary Care as compared to December 31, 2024 ◦ Continuation of strong CenterWell Pharmacy growth across payor agnostic offerings with increased Specialty volumes and strong Direct to Consumer growth, both exceeding previous expectations in 3Q25 • 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 (November 5, 2025) – Humana Inc. (NYSE: HUM) today reported consolidated pretax results and diluted earnings per share (EPS) for the quarter ended September 30, 2025 (3Q25) versus the quarter ended September 30, 2024 (3Q24) and for the nine months ended September 30, 2025 (YTD 2025) versus the nine months ended September 30, 2024 (YTD 2024) as noted in the tables below. 1 Consolidated income before income taxes and equity in net losses (pretax results) in millions 3Q25 (a) 3Q24 (a) YTD 2025 (a) YTD 2024 (a) Generally Accepted Accounting Principles (GAAP) $134 $651 $2,566 $2,583 Amortization associated with identifiable intangibles 13 15 43 46 Put/call valuation adjustments associated with company's non-consolidating minority interest investments 97 (59) 460 141 Value creation initiatives 267 55 320 151 Impact of exit of employer group commercial medical products business (62) 17 (62) 77 Settlement of certain litigation expenses 15 — 15 — Loss on sale of business 63 — 63 — Impairment charges — — 32 — Adjusted (non-GAAP) $527 $679 $3,437 $2,998 Diluted earnings per share (EPS) 3Q25 (a) 3Q24 (a) YTD 2025 (a) YTD 2024 (a) GAAP $1.62 $3.98 $16.43 $15.72 Amortization associated with identifiable intangibles 0.11 0.13 0.35 0.37 Put/call valuation adjustments associated with company's non-consolidating minority interest investments 0.80 (0.49) 3.81 1.17 Value creation initiatives 2.21 0.45 2.65 1.25 Impact of exit of employer group commercial medical products business (0.52) 0.14 (0.52) 0.64 Settlement of certain litigation expenses 0.13 — 0.13 — Loss on sale of business 0.52 — 0.52 — Impairment charges — — 0.27 — Cumulative net tax impact of non-GAAP adjustments (1.63) (0.05) (2.54) (0.80) Adjusted (non-GAAP) $3.24 $4.16 $21.10 $18.35 Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as 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. “ Our strategy of putting the consumer at the heart of everything we do is working, with solid year to date performance and strong momentum heading into the Annual Election Period , ” said Humana President and CEO Jim Rechtin. “ We feel positive about the direction we’re headed and the value we are creating for our members, patients and investors. ” FY 2025 Earnings Guidance Humana revises its GAAP EPS guidance for the year ending December 31, 2025 (FY 2025) to 'approximately $12.26' from 'approximately $13.77', while affirming its Adjusted EPS guidance of 'approximately $17.00'. Additional FY 2025 guidance points are included on page 14 of this earnings release. 2 Diluted earnings per share FY 2025 Guidance FY 2024 (a) GAAP approximately $12.26 $9.98 Amortization associated with identifiable intangibles 0.42 0.50 Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b) 3.81 2.45 Value creation initiatives (b) 2.65 2.33 Impact of exit of employer group commercial medical products business (b) (0.52) 1.19 Settlement of certain litigation expenses (b) 0.13 — Loss on sale of business (b) 0.52 — Impairment charges (b) 0.27 1.65 Cumulative net tax impact (2.54) (1.89) Adjusted (non-GAAP) – FY 2025 projected (b); FY 2024 reported approximately $17.00 $16.21 Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations. Humana Consolidated Highlights Humana Inc. Summary of Results ($ in millions, except per share amounts) 3Q25 (a) 3Q24 (a) YTD 2025 (a) YTD 2024 (a) Revenues $32,649 $29,397 $97,149 $88,548 Revenues - Adjusted (non-GAAP) $32,649 $29,300 $97,149 $88,011 Pretax results $134 $651 $2,566 $2,583 Pretax results - Adjusted (non-GAAP) $527 $679 $3,437 $2,998 EPS $1.62 $3.98 $16.43 $15.72 EPS - Adjusted (non-GAAP) $3.24 $4.16 $21.10 $18.35 Benefit ratio 91.1 % 89.9 % 89.3 % 89.2 % Benefit ratio - Adjusted (non-GAAP) 91.1 % 89.8 % 89.3 % 89.2 % Operating cost ratio 12.6 % 11.5 % 11.4 % 10.9 % Operating cost ratio - Adjusted (non-GAAP) 11.8 % 11.3 % 11.1 % 10.7 % Operating cash flows $2,573 $3,494 Parent company cash and short term investments $1,940 $609 Debt-to-total capitalization 40.3 % 42.3 % Days in claims payable (DCP) 33.2 40.7 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: • 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 3 • 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 and YTD GAAP consolidated benefit ratios 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. Additionally, the year-over-year quarterly comparison was negatively impacted in 3Q25 as a result of the change in Medicare Part D seasonality due to the IRA. 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 • higher favorable prior period medical claims reserve development (prior period development) in 3Q25 and YTD 2025, the majority of which was anticipated. The year-over-year YTD comparison was further affected by the favorable workday impact in YTD 2025 combined with favorability associated with the change in Medicare Part D seasonality due to the IRA. 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 Third Quarter YTD Prior Period Development from prior years recognized in 2025 $477 $161 $275 $913 Decrease to GAAP benefit ratio (160 bps) (50 bps) (90 bps) (100 bps) Prior Period Development from prior years recognized in 2024 $535 $134 $24 $693 Decrease to GAAP benefit ratio (190 bps) (50 bps) (10 bps) (80 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 the following: • business mix changes, including within the CenterWell segment which runs a significantly higher operating cost ratio than the Insurance segment, • the operating leverage impact associated with the loss of individual Medicare Advantage membership, and 4 • the impact of charges associated with the company's value creation initiatives, primarily related to severance in connection with workforce optimization and external consulting spend. These value creation initiative charges were recorded at the corporate level and not allocated to the segments. This was partially offset by the following items: • 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. 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 33.2 days at September 30, 2025 represented a de crease of 3.3 days from 36.5 days at June 30 , 2025 and a decrease of 7.5 days from 40.7 days at September 30, 2024. The sequential decline was primarily impacted by a reduction in claims processed but not yet paid, as well as lower reserve requirements in provider-capitation accruals, including the impact of payments to providers during 3Q25 in accordance with the respective risk-sharing arrangements (inclusive of the payout of the mid-year Medicare Risk Adjustment settlement). These reductions lowered the DCP metric by approximately 3 days and are generally timing in nature and not related to claims reserve levels. The year-over-year comparison was primarily impacted by the same factors affecting the sequential comparison with reductions in claims processed but not yet paid and provider-capitation accruals, together lowering the metric by approximately 5 days. As stated above, these items are generally timing in nature and not related to claims reserve levels. The year-over-year comparison was further impacted by an increased proportion of Medicare prescription drug benefit expense in 2025 as a result of structural changes associated with the IRA. Pharmacy claims are processed more quickly than medical claims leading to a lower DCP. This change accounted for the remaining decrease to the September 30, 2025 metric. The total estimate of benefits payable for claims incurred but not reported (IBNR) included in the benefits payable line of the balance sheet as of September 30, 2025 was largely stable to the IBNR balance as of June 30, 2025 and September 30, 2024. • Humana's debt-to-total capitalization at September 30 , 2025 de creased 40 basis points to 40.3 percent fro m 40.7 p ercent at June 30 , 2025 primarily driven by the impact of 3Q25 earnings. Operating cash flows YTD 2025 GAAP operating cash flows decreased from the YTD 2024 period primarily reflecting the unfavorable impact of working capital items, partially offset by higher GAAP net income in YTD 2025. 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. 5 Insurance Segment Results ($ in millions) 3Q25 (a) 3Q24 (a) YTD 2025 (a) YTD 2024 (a) Revenues $31,189 $28,370 $93,220 $85,594 Revenues - Adjusted (non-GAAP) $31,189 $28,273 $93,220 $85,057 Benefit ratio 91.1 % 90.6 % 89.5 % 89.8 % Benefit ratio - Adjusted (non-GAAP) 91.1 % 90.5 % 89.5 % 89.8 % Operating cost ratio 9.1 % 9.2 % 8.5 % 8.6 % Operating cost ratio - Adjusted (non-GAAP) 9.0 % 9.1 % 8.5 % 8.6 % Income from operations $251 $274 $2,591 $1,935 Income from operations - Adjusted (non-GAAP) $270 $329 $2,619 $2,059 Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations. 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. Additionally, the year-over-year quarterly comparison was negatively impacted in 3Q25 as a result of the change in Medicare Part D seasonality due to the IRA. 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 • higher favorable prior period development in 2025, the majority of which was anticipated. 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 combined with favorability associated with the change in Medicare Part D seasonality due to the IRA. 6 Refer to the "Footnotes" section included herein for a reconciliation of GAAP to Adjusted (non-GAAP) Insurance segment benefit ratios for the respective periods. Insurance Segment Operating Cost Ratio The modest 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) 3Q25 3Q24 YTD 2025 YTD 2024 Revenues $5,879 $5,041 $16,511 $14,806 Operating cost ratio 93.9 % 91.3 % 92.7 % 92.1 % Income from operations $305 $382 $1,041 $1,002 Income from operations - Adjusted (non-GAAP) (c) $358 $439 $1,213 $1,168 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 increases i n the segment's GAAP quarterly and YTD operating cost ratios primarily resulted from the following: • continued phase-in of the v28 risk model revision within the company's primary care business, and • the uptick of volume within CenterWell Specialty Pharmacy, which carries a higher operating cost ratio than the traditional pharmacy business. These factors were partially offset by the following: • more favorable operating trends in the primary care business as a result of the maturation of the company's v28 mitigation activities, and 7 • administrative cost efficiencies resulting from the company's value creation initiatives. See additional operational metrics for the CenterWell segment on pages S-13 through S-15 of the statistical supplement included in this earnings release. 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 3Q25 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/BIbac7b49877b94c62a538fdf08464989c. 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. With the exception of the Settlement of certain litigation expenses and Loss on sale of business adjustments , 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) 3Q25 3Q24 YTD 2025 YTD 2024 Insurance segment $4 $4 $13 $13 CenterWell segment $9 $11 $30 $33 8 • 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 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. • 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 all periods shown within this earnings release, GAAP measures affected include consolidated pretax results and EPS. Additionally for 3Q24 and YTD 2024, additional impacted measures include: 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. • Settlement of certain litigation expenses - Relates to certain anticipated expenses the company accrued in connection with a legal matter. For 3Q25 and YTD 2025, GAAP measures affected in this release include consolidated pretax results, EPS, the consolidated and Insurance segment operating cost ratios , and Insurance segment income from operations. • Loss on sale of business - The disposition is not part of the company's ordinary course of operations and the impacts recognized from the disposal do not reflect core operational performance. For 3Q25 and YTD 2025, GAAP measures affected in this release include consolidated pretax results and EPS. • 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 YTD 2025, GAAP measures affected in this release include consolidated pretax results, EPS, and the consolidated operating cost ratio. • 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 3Q25 and YTD 2025, the tax adjustment reflects the impact of the loss on sale business, which exceeded the book loss. The related tax benefit is realizable via capital loss carryback. 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) 3Q25 3Q24 YTD 2025 YTD 2024 GAAP $32,649 $29,397 $97,149 $88,548 Impact of exit of employer group commercial medical products business — (97) — (537) Adjusted (non-GAAP) $32,649 $29,300 $97,149 $88,011 INSURANCE SEGMENT Revenues (in millions) 3Q25 3Q24 YTD 2025 YTD 2024 GAAP $31,189 $28,370 $93,220 $85,594 Impact of exit of employer group commercial medical products business — (97) — (537) Adjusted (non-GAAP) $31,189 $28,273 $93,220 $85,057 9 Benefit ratio CONSOLIDATED Benefit ratio 3Q25 3Q24 YTD 2025 YTD 2024 GAAP 91.1 % 89.9 % 89.3 % 89.2 % Impact of exit of employer group commercial medical products business — % (0.1) % — % — % Adjusted (non-GAAP) 91.1 % 89.8 % 89.3 % 89.2 % INSURANCE SEGMENT Benefit ratio 3Q25 3Q24 YTD 2025 YTD 2024 GAAP 91.1 % 90.6 % 89.5 % 89.8 % Impact of exit of employer group commercial medical products business — % (0.1) % — % — % Adjusted (non-GAAP) 91.1 % 90.5 % 89.5 % 89.8 % Operating cost ratio CONSOLIDATED Operating cost ratio 3Q25 3Q24 YTD 2025 YTD 2024 GAAP 12.6 % 11.5 % 11.4 % 10.9 % Value creation initiatives (0.8) % (0.1) % (0.3) % (0.1) % Impact of exit of employer group commercial medical products business — % (0.1) % — % (0.1) % Settlement of certain litigation expenses — % — % — % — % Impairment charges — % — % — % — % Adjusted (non-GAAP) 11.8 % 11.3 % 11.1 % 10.7 % INSURANCE SEGMENT Operating cost ratio 3Q25 3Q24 YTD 2025 YTD 2024 GAAP 9.1 % 9.2 % 8.5 % 8.6 % Impact of exit of employer group commercial medical products business — % (0.1) % — % — % Settlement of certain litigation expenses (0.1) % — % — % — % Adjusted (non-GAAP) 9.0 % 9.1 % 8.5 % 8.6 % Insurance Segment - Income from operations INSURANCE SEGMENT Income from operations (in millions) 3Q25 3Q24 YTD 2025 YTD 2024 GAAP $251 $274 $2,591 $1,935 Amortization associated with identifiable intangibles 4 4 13 13 Settlement of certain litigation expenses 15 — 15 — Impact of exit of employer group commercial medical products business — 51 — 111 Adjusted (non-GAAP) $270 $329 $2,619 $2,059 10 (b) FY 2025 GAAP EPS guidance and FY 2025 Adjusted (non-GAAP) EPS guidance exclude the impact of future value changes to items that have not yet been recognized. The company does not expect changes to its FY 2025 Adjusted (non-GAAP) EPS guidance. The company does expect potential changes to its FY 2025 GAAP EPS guidance due to its ongoing value creation and other strategic initiatives. (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) 3Q25 3Q24 YTD 2025 YTD 2024 GAAP $305 $382 $1,041 $1,002 Depreciation and amortization expense 53 57 172 166 Adjusted (non-GAAP) $358 $439 $1,213 $1,168 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. 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 filed a lawsuit seeking to set aside and vacate the 2025 Star Ratings of its Medicare Advantage plans, and on October 14, 2025, the Court issued a decision rejecting Humana's challenge. Although the company is considering its options in this matter, there can be no assurances that it will ultimately prevail in the 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 11 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 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. 12 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, June 30, 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. 13 Humana Inc. Full Year 2025 Projections - As of November 5, 2025 Diluted earnings per common share (EPS) As of 3Q25 Earnings As of 2Q25 Earnings GAAP: approximately $12.26 GAAP: approximately $13.77 no change Non-GAAP: approximately $17.00 Total Revenues Consolidated no change GAAP: at least $128 billion Consolidated and segment level revenue projections include expected investment income. Segment level revenues include amounts that eliminate in consolidation. Insurance segment no change GAAP: at least $123 billion CenterWell segment no change GAAP: at least $21.5 billion Change in year-end medical membership from prior year-end Individual Medicare Advantage Decline of approximately 425,000 Decline of 'up to 500,000' Group Medicare Advantage no change Relatively flat Medicare stand-alone PDP no change Growth of approximately 200,000 State-based contracts Growth of approximately 160,000 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 GAAP: 11.6% to 12.1% Non-GAAP: 11.3% to 11.7% GAAP: 11.3% to 11.7% Ratio calculation: operating costs excluding depreciation and amortization as a percent of revenues excluding investment income. Due to charges incurred to date and charges that could potentially be recorded related to the company's ongoing value creation and other strategic initiatives, the company anticipates potential changes to its FY 2025 GAAP ratio. Segment Results Insurance segment income from operations no change GAAP: $1.6 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 no change GAAP: $1.1 billion to $1.5 billion Non-GAAP: $1.3 billion to $1.7 billion Effective Tax Rate GAAP: approximately 20.0% Non-GAAP: approximately 25.0% GAAP: approximately 25.0% Weighted Avg. Share Count for Diluted EPS no change approximately 121 million Cash flows from operations no change GAAP: $2.4 billion to $2.9 billion Capital expenditures no change approximately $650 million 14 Humana Inc. Statistical Schedules and Supplementary Information 3Q25 Earnings Release S-1 Humana Inc. Statistical Schedules and Supplementary Information 3Q25 Earnings Release (S-3) Summary of Results - Consolidated and Segments - Quarter & YTD (S-4) Consolidated Statements of Income - Quarter & YTD (S-5) Consolidated Balance Sheets (S-6) Consolidated Statements of Cash Flows - YTD (S-7) - (S-8) Consolidating Statements of Income - Quarter (S-9) - (S-10) Consolidating Statements of Income - YTD (S-11) Membership Detail (S-12) Premiums and Services Revenue Detail (S-13) - (S-15) CenterWell Segment - Pharmacy Solutions, Primary Care, & Home Solutions (S-16) Footnotes S-2 Humana Inc. Summary of Results ($ in millions, except per share amounts) 3Q25 (a) 3Q24 (a) YTD 2025 (a) YTD 2024 (a) CONSOLIDATED Revenues $32,649 $29,397 $97,149 $88,548 Revenues - Adjusted (non-GAAP) $32,649 $29,300 $97,149 $88,011 Pretax results $134 $651 $2,566 $2,583 Pretax results - Adjusted (non-GAAP) $527 $679 $3,437 $2,998 EPS $1.62 $3.98 $16.43 $15.72 EPS - Adjusted (non-GAAP) $3.24 $4.16 $21.10 $18.35 Benefit ratio 91.1 % 89.9 % 89.3 % 89.2 % Benefit ratio - Adjusted (non-GAAP) 91.1 % 89.8 % 89.3 % 89.2 % Operating cost ratio 12.6 % 11.5 % 11.4 % 10.9 % Operating cost ratio - Adjusted (non-GAAP) 11.8 % 11.3 % 11.1 % 10.7 % Operating cash flows $2,573 $3,494 Parent company cash and short term investments $1,940 $609 Debt-to-total capitalization 40.3 % 42.3 % Days in claims payable (DCP) 33.2 40.7 INSURANCE SEGMENT Revenues $31,189 $28,370 $93,220 $85,594 Revenues - Adjusted (non-GAAP) $31,189 $28,273 $93,220 $85,057 Benefit ratio 91.1 % 90.6 % 89.5 % 89.8 % Benefit ratio - Adjusted (non-GAAP) 91.1 % 90.5 % 89.5 % 89.8 % Operating cost ratio 9.1 % 9.2 % 8.5 % 8.6 % Operating cost ratio - Adjusted (non-GAAP) 9.0 % 9.1 % 8.5 % 8.6 % Income from operations $251 $274 $2,591 $1,935 Income from operations - Adjusted (non-GAAP) $270 $329 $2,619 $2,059 CENTERWELL SEGMENT Revenues $5,879 $5,041 $16,511 $14,806 Operating cost ratio 93.9 % 91.3 % 92.7 % 92.1 % Income from operations $305 $382 $1,041 $1,002 Income from operations - Adjusted (non-GAAP) (c) $358 $439 $1,213 $1,168 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 September 30, For the nine months ended September 30, 2025 2024 2025 2024 Revenues: Premiums $ 30,711 $ 27,951 $ 91,941 $ 84,354 Services 1,600 1,103 4,334 3,265 Investment income 338 343 874 929 Total revenues 32,649 29,397 97,149 88,548 Operating expenses: Benefits 27,991 25,120 82,091 75,283 Operating costs 4,085 3,339 11,012 9,529 Depreciation and amortization 173 210 534 631 Total operating expenses 32,249 28,669 93,637 85,443 Income from operations 400 728 3,512 3,105 Loss on sale of business 63 — 63 — Interest expense 168 169 485 496 Other expense (income), net 35 (92) 398 26 Income before income taxes and equity in net losses 134 651 2,566 2,583 (Benefit) provision from income taxes (86) 155 499 629 Equity in net losses (A) (26) (16) (88) (57) Net income 194 480 1,979 1,897 Net loss attributable to noncontrolling interests 1 — 5 3 Net income attributable to Humana $ 195 $ 480 $ 1,984 $ 1,900 Basic earnings per common share $ 1.62 $ 3.99 $ 16.47 $ 15.76 Diluted earnings per common share $ 1.62 $ 3.98 $ 16.43 $ 15.72 Shares used in computing basic earnings per common share (000’s) 120,273 120,405 120,492 120,609 Shares used in computing diluted earnings per common share (000’s) 120,745 120,764 120,778 120,899 S-4 Humana Inc. Consolidated Balance Sheets (Unaudited) Dollars in millions, except share amounts September 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 5,388 $ 2,221 Investment securities 16,736 18,214 Receivables, net 2,684 2,704 Other current assets 7,944 6,676 Total current assets 32,752 29,815 Property and equipment, net 2,268 2,532 Long-term investment securities 440 421 Equity method investments 623 697 Goodwill 9,619 9,631 Other long-term assets 4,017 3,383 Total assets $ 49,719 $ 46,479 Liabilities and Stockholders’ Equity Current liabilities: Benefits payable $ 10,088 $ 10,440 Trade accounts payable and accrued expenses 5,519 5,259 Book overdraft 308 403 Unearned revenues 265 260 Short-term debt — 577 Total current liabilities 16,180 16,939 Long-term debt 12,607 11,144 Other long-term liabilities 2,350 1,951 Total liabilities 31,137 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 September 30, 2025 33 33 Capital in excess of par value 3,639 3,463 Retained earnings 29,980 28,317 Accumulated other comprehensive loss (666) (1,067) Treasury stock, at cost, 78,446,253 shares at September 30, 2025 (14,464) (14,371) Total stockholders’ equity 18,522 16,375 Noncontrolling interests 60 70 Total equity 18,582 16,445 Total liabilities and equity $ 49,719 $ 46,479 Debt-to-total capitalization ratio 40.3 % 41.9 % S-5 Humana Inc. Consolidated Statements of Cash Flows (Unaudited) Dollars in millions For the nine months ended September 30, 2025 2024 Cash flows from operating activities Net income $ 1,979 $ 1,897 Adjustments to reconcile net income to net cash provided by operating activities: Loss on sale of business 63 — Gain on investment securities, net (66) (10) Equity in net losses 88 57 Stock-based compensation 193 153 Depreciation 587 682 Amortization 43 46 Impairment of property and equipment 14 129 Impairment of indefinite-lived intangible assets 32 — Changes in operating assets and liabilities, net of effect of businesses acquired and disposed: Receivables 16 (109) Other assets (1,374) 258 Benefits payable (351) 884 Other liabilities 1,317 (498) Unearned revenues 5 (71) Other 27 76 Net cash provided by operating activities 2,573 3,494 Cash flows from investing activities Proceeds from sale of business, net 115 — Acquisitions, net of cash and cash equivalents acquired (5) (37) Purchases of property and equipment, net (344) (421) Changes in securities lending collateral receivable (141) (361) Purchases of investment securities (5,198) (6,042) Maturities of investment securities 2,148 2,214 Proceeds from sales of investment securities 5,066 1,758 Net cash provided by (used in) investing activities 1,641 (2,889) Cash flows from financing activities Payments from contract deposits, net (1,164) (638) Proceeds from issuance of senior notes, net 1,481 2,232 Repayments of senior notes (771) (48) Repayments from issuance of commercial paper, net (5) (895) Debt issue costs (5) (7) Change in book overdraft (95) 3 Common stock repurchases (109) (768) Dividends paid (321) (323) Change in securities lending payable 141 361 Change in rebate factor payable (123) — Other, net (76) (100) Net cash used in financing activities (1,047) (183) Increase in cash and cash equivalents 3,167 422 Cash and cash equivalents at beginning of period 2,221 4,694 Cash and cash equivalents at end of period $ 5,388 $ 5,116 S-6 Humana Inc. Consolidating Statements of Income—For the three months ended September 30, 2025 (Unaudited) In millions Insurance CenterWell Eliminations/ Corporate Consolidated Revenues—external customers Premiums: Individual Medicare Advantage $ 22,456 $ — $ — $ 22,456 Group Medicare Advantage 2,240 — — 2,240 Medicare stand-alone PDP 1,755 — — 1,755 Total Medicare 26,451 — — 26,451 State-based contracts and other 3,729 — — 3,729 Specialty benefits 248 — — 248 Medicare Supplement 283 — — 283 Total premiums 30,711 — — 30,711 Services revenue: Home solutions — 354 — 354 Primary care — 627 — 627 Pharmacy solutions — 352 — 352 Military services and other 267 — — 267 Total services revenue 267 1,333 — 1,600 Total revenues—external customers 30,978 1,333 — 32,311 Intersegment revenues 1 4,546 (4,547) — Investment income 210 — 128 338 Total revenues 31,189 5,879 (4,419) 32,649 Operating expenses: Benefits 27,982 — 9 27,991 Operating costs 2,808 5,521 (4,244) 4,085 Depreciation and amortization 148 53 (28) 173 Total operating expenses 30,938 5,574 (4,263) 32,249 Income (loss) from operations $ 251 $ 305 $ (156) $ 400 Benefit ratio 91.1 % 91.1 % Operating cost ratio 9.1 % 93.9 % 12.6 % S-7 Humana Inc. Consolidating Statements of Income—For the three months ended September 30, 2024 (Unaudited) In millions Insurance CenterWell Eliminations/ Corporate Consolidated Revenues—external customers Premiums: Individual Medicare Advantage $ 21,856 $ — $ — $ 21,856 Group Medicare Advantage 1,913 — — 1,913 Medicare stand-alone PDP 721 — — 721 Total Medicare 24,490 — — 24,490 State-based contracts and other 2,921 — — 2,921 Commercial fully-insured 85 — — 85 Specialty benefits 238 — — 238 Medicare Supplement 217 — — 217 Total premiums 27,951 — — 27,951 Services revenue: Home solutions — 326 — 326 Primary care — 319 — 319 Pharmacy solutions — 232 — 232 Military services and other 214 — — 214 Commercial ASO 12 — — 12 Total services revenue 226 877 — 1,103 Total revenues—external customers 28,177 877 — 29,054 Intersegment revenues 1 4,164 (4,165) — Investment income 192 — 151 343 Total revenues 28,370 5,041 (4,014) 29,397 Operating expenses: Benefits 25,319 — (199) 25,120 Operating costs 2,595 4,602 (3,858) 3,339 Depreciation and amortization 182 57 (29) 210 Total operating expenses 28,096 4,659 (4,086) 28,669 Income from operations $ 274 $ 382 $ 72 $ 728 Benefit ratio 90.6 % 89.9 % Operating cost ratio 9.2 % 91.3 % 11.5 % S-8 Humana Inc. Consolidating Statements of Income—For the nine months ended September 30, 2025 (Unaudited) In millions Insurance CenterWell Eliminations/ Corporate Consolidated Revenues—external customers Premiums: Individual Medicare Advantage $ 67,901 $ — $ — $ 67,901 Group Medicare Advantage 6,822 — — 6,822 Medicare stand-alone PDP 4,924 — — 4,924 Total Medicare 79,647 — — 79,647 State-based contracts and other 10,757 — — 10,757 Specialty benefits 738 — — 738 Medicare Supplement 799 — — 799 Total premiums 91,941 — — 91,941 Services revenue: Home solutions — 1,049 — 1,049 Primary care — 1,609 — 1,609 Pharmacy solutions — 951 — 951 Military services and other 725 — — 725 Total services revenue 725 3,609 — 4,334 Total revenues—external customers 92,666 3,609 — 96,275 Intersegment revenues 3 12,902 (12,905) — Investment income 551 — 323 874 Total revenues 93,220 16,511 (12,582) 97,149 Operating expenses: Benefits 82,278 — (187) 82,091 Operating costs 7,900 15,298 (12,186) 11,012 Depreciation and amortization 451 172 (89) 534 Total operating expenses 90,629 15,470 (12,462) 93,637 Income (loss) from operations $ 2,591 $ 1,041 $ (120) $ 3,512 Benefit ratio 89.5 % 89.3 % Operating cost ratio 8.5 % 92.7 % 11.4 % S-9 Humana Inc. Consolidating Statements of Income—For the nine months ended September 30, 2024 (Unaudited) In millions Insurance CenterWell Eliminations/ Corporate Consolidated Revenues—external customers Premiums: Individual Medicare Advantage $ 66,519 $ — $ — $ 66,519 Group Medicare Advantage 5,840 — — 5,840 Medicare stand-alone PDP 2,409 — — 2,409 Total Medicare 74,768 — — 74,768 State-based contracts and other 7,756 — — 7,756 Commercial fully-insured 493 — — 493 Specialty benefits 717 — — 717 Medicare Supplement 620 — — 620 Total premiums 84,354 — — 84,354 Services revenue: Home solutions — 996 — 996 Primary care — 882 — 882 Pharmacy solutions — 672 — 672 Military services and other 671 — — 671 Commercial ASO 44 — — 44 Total services revenue 715 2,550 — 3,265 Total revenues—external customers 85,069 2,550 — 87,619 Intersegment revenues 3 12,256 (12,259) — Investment income 522 — 407 929 Total revenues 85,594 14,806 (11,852) 88,548 Operating expenses: Benefits 75,752 — (469) 75,283 Operating costs 7,354 13,638 (11,463) 9,529 Depreciation and amortization 553 166 (88) 631 Total operating expenses 83,659 13,804 (12,020) 85,443 Income from operations $ 1,935 $ 1,002 $ 168 $ 3,105 Benefit ratio 89.8 % 89.2 % Operating cost ratio 8.6 % 92.1 % 10.9 % 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. September 30, 2025 Average 3Q25 September 30, 2024 December 31, 2024 Medical Membership: Individual Medicare Advantage* 5,237.3 5,232.1 5,659.2 5,661.8 Group Medicare Advantage 569.8 570.0 546.7 545.7 Total Medicare Advantage 5,807.1 5,802.1 6,205.9 6,207.5 Medicare stand-alone PDP 2,446.2 2,440.4 2,315.7 2,288.2 Total Medicare 8,253.3 8,242.5 8,521.6 8,495.7 Medicare Supplement 474.7 464.5 357.3 377.3 State-based contracts and other 1,658.8 1,670.7 1,446.1 1,459.9 Military services 4,605.4 4,605.4 5,984.8 6,009.1 Total excluding employer group commercial medical 14,992.2 14,983.1 16,309.8 16,342.0 Fully-insured commercial medical — — 25.9 0.3 ASO commercial — — 22.4 4.8 Total employer group commercial medical — — 48.3 5.1 Total Medical Membership 14,992.2 14,983.1 16,358.1 16,347.1 Specialty Membership: Dental—fully-insured (B) 2,097.8 2,095.1 2,070.6 2,054.5 Dental—ASO 308.7 309.2 291.3 301.3 Total Dental 2,406.5 2,404.3 2,361.9 2,355.8 Vision 1,911.4 1,912.0 1,846.5 1,843.6 Other supplemental benefits 392.9 390.5 358.4 362.6 Total Specialty Membership 4,710.8 4,706.8 4,566.8 4,562.0 September 30, 2025 Member Mix September 30, 2025 September 30, 2024 Member Mix September 30, 2024 Individual Medicare Advantage Membership HMO 2,625.2 50 % 2,866.3 51 % PPO/PFFS 2,612.1 50 % 2,792.9 49 % Total Individual Medicare Advantage 5,237.3 100 % 5,659.2 100 % Individual Medicare Advantage Membership Shared Risk (C) 1,939.9 37 % 2,111.3 37 % Path to Risk (D) 1,613.1 31 % 1,873.6 33 % Total Value-based 3,553.0 68 % 3,984.9 70 % Other 1,684.3 32 % 1,674.3 30 % Total Individual Medicare Advantage 5,237.3 100 % 5,659.2 100 % * Individual Medicare Advantage membership includes 765,800 Dual Eligible Special Need Plans (D-SNP) members as of September 30, 2025, a net decrease of 173,800, or 18 percent, from 939,600 as of September 30, 2024, and down 171,300, or 18 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 September 30, For the nine months ended September 30, Per Member per Month (I) For the three months ended September 30, Per Member per Month (I) For the nine months ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 Insurance Individual Medicare Advantage $ 22,456 $ 21,856 $ 67,901 $ 66,519 $ 1,431 $ 1,291 $ 1,443 $ 1,322 Group Medicare Advantage 2,240 1,913 6,822 5,840 1,310 1,166 1,326 1,183 Medicare stand-alone PDP 1,755 721 4,924 2,409 240 103 225 114 State-based contracts and other (E) 3,729 2,921 10,757 7,756 708 653 702 602 Commercial fully-insured (F) — 85 — 493 N/A 640 N/A 569 Specialty benefits (G) 248 238 738 717 19 19 19 18 Medicare Supplement 283 217 799 620 203 206 203 206 Military and other (H) 268 215 728 674 Commercial ASO — 12 — 44 Total 30,979 28,178 92,669 85,072 CenterWell Pharmacy solutions 3,430 2,933 9,409 8,635 Primary care 1,564 1,257 4,462 3,666 Home solutions 885 851 2,640 2,505 Total 5,879 5,041 16,511 14,806 S-12 Humana Inc. CenterWell Segment - Pharmacy Solutions (Unaudited) For the three months ended September 30, 2025 For the three months ended September 30, 2024 For the three months ended June 30, 2025 Generic Dispense Rate Total Medicare 90.4 % 90.8 % 90.7 % Mail-Order Penetration Total Medicare 25.9 % 28.1 % 26.0 % For the nine months ended September 30, 2025 For the nine months ended September 30, 2024 Generic Dispense Rate Total Medicare 90.6 % 91.0 % Mail-Order Penetration Total Medicare 25.9 % 28.5 % S-13 Humana Inc. CenterWell Segment - Primary Care (J) (Unaudited) As of September 30, 2025 As of September 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 147 423 106,200 120 295 64,100 22.5 % 43.4 % 65.7 % Wholly-owned 195 769 266,400 181 658 217,300 7.7 % 16.9 % 22.6 % Independent Physician Associations 74,500 62,800 18.6 % Total 342 1,192 447,100 301 953 344,200 13.6 % 25.1 % 29.9 % 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 10.5 % 29.4 % 33.8 % Wholly-owned 211 675 246,500 (7.6) % 13.9 % 8.1 % Independent Physician Associations 64,600 15.3 % Total 344 1,002 390,500 (0.6) % 19.0 % 14.5 % S-14 Humana Inc. CenterWell Segment - Home Solutions (Unaudited) For the three months ended September 30, 2025 For the three months ended September 30, 2024 Year-over-Year Growth Episodic Admissions (L) 78,248 79,149 (1.1) % Total Admissions - Same Store (M) 106,628 103,356 3.2 % For the nine months ended September 30, 2025 For the nine months ended September 30, 2024 Year-over-Year Growth Episodic Admissions (L) 239,154 244,433 (2.2) % Total Admissions - Same Store (M) 324,821 316,146 2.7 % S-15 Humana Inc. Footnotes to Statistical Schedules and Supplementary Information 3Q25 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, net of the impact of the consolidation of care centers that occurred during the last twelve months. S-16

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other guidance in this release

Text is the filed exhibit, verbatim.