UnitedHealth Group — Oct 28, 2025 release

Page 12 of 13 UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURE (in millions, except per share data; unaudited) Adjusted Net Earnings Per Share Three Months Ended September 30, Nine Months Ended September 30, Projected Year Ended December 31, 2025 2024 2025 2024 2025 Net earnings attributable to UnitedHealth Group common shareholders $2,348 $6,055 $12,046 $8,862 At least $13,600 Intangible amortization, net of tax (a) 302 322 927 937 ~1,225 South American impacts, net of tax (c) — 13 — 8,282 — Direct response costs - cyberattack, net of tax (d) — 261 — 1,307 — Adjusted net earnings attributable to UnitedHealth Group common shareholders $2,650 $6,651 $12,973 $19,388 At least $14,825 Diluted earnings per share $2.59 $6.51 $13.21 $9.53 At least $14.90 Intangible amortization, net of tax, per share (b) 0.33 0.35 1.01 1.01 ~1.35 South American impacts, net of tax, per share (c) — 0.01 — 8.90 — Direct response costs - cyberattack, net of tax, per share (d) — 0.28 — 1.41 — Adjusted diluted earnings per share $2.92 $7.15 $14.22 $20.85 At least $16.25 (a)     Intangible amortization for the three months ended September 30, 2025 and 2024 was $401 and $426, with tax effects of $(99) and $(104), respectively. Intangible amortization for the nine months ended September 30, 2025 and 2024 was $1,227 and $1,242, with tax effects of $(300) and $(305), respectively. For the projected year ended December 31, 2025 intangible amortization is ~$1,625, with tax effects of ~$(400). (b)    Intangible amortization per share for the three months ended September 30, 2025 and 2024 wa