UnitedHealth Group — Jul 29, 2025 release

• The higher medical trends are being driven by both an increase in units consumed and rapidly rising costs per patient encounter, which includes both the unit cost and the number, type and intensity of services being delivered having increased well beyond the pricing and benefit design considerations established last year. For example, medical cost trend in Medicare Advantage offerings is expected to run at ~7.5% in 2025 compared to the 2025 pricing expectation of just over 5%. The pricing and benefit designs for 2026 anticipate these trends to continue to accelerate meaningfully to nearly 10%. UnitedHealthcare is committed to providing high-quality, affordable health offerings for the people it serves and is working to deliver effective solutions in the current, unprecedented medical cost trend environment. Page 4 of 16 The Optum health services businesses serve the global health care marketplace, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience. Optum 2025 Outlook ($ in millions) Revenues Operating Earnings Operating Margin Optum Health $101,100 - $101,600 $3,000 - $3,100 3.0% - 3.1% Optum Insight $19,000 - $19,500 $3,550 - $3,650 18.2% - 19.2% Optum Rx $151,000 - $151,500 $6,000 - $6,100 4.0% Eliminations ($5,100) Total Optum $266,000 - $267,500 $12,550 - $12,850 4.7% - 4.8% Optum Performance Metrics Optum Health Ful