036752202

• Diluted EPS was $6.71 and adjusted diluted EPS was $7.45 for the quarter.
• Full-year 2026 diluted EPS guidance raised to at least $20.10; adjusted diluted EPS guidance raised to at least $27.00.
• Full-year 2026 operating cash flow guidance raised to at least $6.0 billion.
• The company repurchased 0.7 million shares for $234 million and paid a quarterly dividend of $1.72 per share.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Elevance Health officers will reaffirm full year 2026 shareholders' earnings guidance of at least $19.85 per diluted share, including approximately $6.90 per diluted share of net unfavorable items.
• The company also reaffirms its full year 2026 benefit expense ratio guidance of 90.2% plus or minus 50 basis points.
• The guidance does not include any adjustment items beyond those reported in the first quarter 2026 earnings.
• The disclosure was made under Item 7.01 Regulation FD Disclosure in connection with investor and analyst meetings this week.

7.01 Regulation FD Disclosure

• Elevance Health held its Annual Meeting of Shareholders on May 13, 2026, with 194,441,339 shares represented, constituting a quorum.
• The advisory vote on executive compensation was approved with 172,363,616 votes for, 7,240,619 against, and 199,534 abstentions.
• Shareholders ratified the appointment of Ernst & Young LLP as independent auditor for fiscal year 2026.
• A shareholder proposal requesting a study on prohibiting corporate contributions to partisan 527 political groups was not approved.

5.07 Submission of Matters to a Vote of Security Holders

• Diluted EPS was $8.00; adjusted diluted EPS was $12.58, including ~$1 per share of non-recurring investment income.
• Full-year 2026 adjusted diluted EPS guidance raised to at least $26.75; GAAP diluted EPS guidance at least $19.85.
• Operating cash flow was $4.3 billion in Q1 2026, up $3.3 billion year over year; FY 2026 operating cash flow guidance reaffirmed at least $5.5 billion.
• Returned $1.5 billion to shareholders in Q1 2026, including $1.1 billion in share repurchases and $376 million in dividends.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• The company also reaffirms its 2026 benefit expense ratio guidance of 90.2% plus or minus 50 basis points.
• The guidance includes the potential impact of CMS sanctions, which may suspend Medicare Advantage enrollment and certain communications effective March 31, 2026.
• Elevance cannot reasonably estimate the impact of potential financial payments to resolve the CMS matter, so no GAAP reconciliation is provided.
• The disclosure was made under Item 7.01 Regulation FD Disclosure as part of ongoing communications with investors and analysts.

7.01 Regulation FD Disclosure

• The sanctions are scheduled to take effect on March 31, 2026, unless CMS determines the identified issues have been satisfactorily addressed.
• The suspension does not affect current MA-PD members' benefits or plans.
• CMS alleges noncompliance with Medicare Advantage risk adjustment data submission requirements for dates of service prior to April 3, 2023; Elevance revised its practices in April 2023 following additional regulatory guidance.
• Elevance Health is engaging with CMS to address the concerns raised in the notice.

8.01 Other Events

• Haytaian will serve as Special Advisor through December 31, 2026, to support an orderly leadership transition.
• Mark Kaye, Executive Vice President and CFO, will expand his responsibilities to include oversight of Carelon.
• Felicia Norwood, Executive Vice President and Chief Health Benefits Officer, will lead the consolidated Health Benefits organization.
• The company reaffirmed full year 2026 adjusted shareholders' earnings guidance of at least $25.50 per diluted share.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure

• Q4 2025 diluted EPS was $2.47; adjusted diluted EPS was $3.33. Full year 2025 diluted EPS was $25.21; adjusted diluted EPS was $30.29.
• Projected FY 2026 GAAP diluted EPS to be at least $22.30; adjusted diluted EPS to be at least $25.50.
• Returned $4.1 billion of capital to shareholders in 2025.
• Health Benefits segment reported an adjusted operating loss of $0.2 billion in Q4 2025; Carelon segment adjusted operating gain was $0.6 billion in Q4 2025.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits