Humana Inc. · NYSE:HUM

Humana — Q4 2025 Earnings Presentation

4 slides from Humana's earnings presentation, Feb 11, 2026

1. Slide 1: CenterWell Pharmacy 2026 outlook and cautionary statement

   CenterWell Pharmacy expects increased volumes in 2026 associated with Humana’s membership growth and continued industry leading mail order penetration Further, we expect continued expansion of our agnostic client base with a significant year over year increase in Specialty, Direct to Consumer (DtC),

2. Slide 2: FY 2025 Actual to FY 2026 Guidance Adjusted EPS Bridge

   FY 2025 Actual to FY 2026 Guidance Adjusted EPS Bridge Illustrative - Not to Scale iN S Total gross BY 26 Star Ratings 4 headwind, inclusive of impact of 2026 membership and revenue growth (Assuming 25% of MA members in 4+ Star contracts) Doubling Ind. MA Mar CenterWell Improvement” Successful Star

3. Slide 3: Insurance Segment Benefits Expense Ratio

   Insurance Segment Benefits Expense Ratio FY 2025 Adjusted (non-GAAP) BY 26 Star Ratings Individual MA New Headwind Member Growth? Group MA Recontracting Efforts 1- Inclusive of the MA funding environment (ex. Star Ratings Headwind) and ongoing clinical excellence efforts, more than claims trend (wit

4. Slide 4: Consolidated Operating Cost Ratio

   Illustrative - Not to Scale Consolidated Operating Cost Ratio FY 2025 Adjusted 5 ree = uldance (non-GAAP) Operating 2038 Star Leverage from a Membership and Ratings Headwind Revenue Growth Tactical Cost Cutting and Transformation Efforts

Humana — Q4 2025 Earnings Presentation on 6ix