Slide 1: Centene Corporation 2026 Guidance
CENTENE CORPORATION 2026 GUIDANCE FEBRUARY 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements All statements, other than statements of current or historical fact, contained in this presentation are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as “guidance," "believe," "anticipate," "plan," "expect," "es
Slide 3: 2026 Premium & Service Revenue Guidance
2026 Premium & Service Revenue Guidance ($ IN BILLIONS) 2026 Estimated Segment Premium & Service Revenue1 $88 $45 $34.5 $7.5 $0 $4.5 Medicaid Medicare Other Commercial ($8.1) ($2.0) $174.6 $172.0 Medicare Medicare PDP Advantage Marketplace Medicaid 2025 2026 Guidance Actual Mid-point 1 2026 Estimate
Slide 4: 2026 HBR Guidance
2026 HBR Guidance ~+35 bps ~0 bps ~(95) bps 88.3% 91.9% - Segment impact on consolidated HBR at the mid-point 91.3% 88.5% 2025 Commercial Medicaid Medicare1 2026 Guidance Actual Mid-point 1 Represents an increase in Medicare Prescription Drug Plans (PDP) HBR net of Medicare Advantage improvement. 4
Slide 5: Guidance
Low High Total Revenues (in billions) $186.5 $190.5 Premium & Service Revenues (in billions) $170.0 $174.0 GAAP Diluted Earnings Per Share (EPS) > $1.98 2026 Adjusted Diluted EPS1 HBR 90.9% > $3.00 91.7% Guidance SG&A Expense Ratio Adjusted SG&A Expense Ratio1 7.1% 7.1% 7.7% 7.7% Effective Tax Rate
Slide 6: Additional Assumptions
1 Medicaid net rate increase impact in the mid-4%s 2 Investment and other income of ~$1.4 billion; Additional 2026 3 Capital expenditures of ~$800 million; Depreciation expense of $580 million to $600 million Assumptions Continued emphasis on debt reduction 4 Interest expense of $620 million to $650
Slide 7: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF GAAP DILUTED EPS TO ADJUSTED DILUTED EPS Included in this presentation are certain non-GAAP financial measures. Management believes that non-GAAP financial measures provide information that is useful to investors in understanding period