Centene (CNC) official guidance

| Adjusted diluted EPS (1) | | > $5.20 | | | | | |

During the conference, and in subsequent discussions with investors continuing through the week of September 21, members of management will discuss the Company's business and financial results, including reaffirming its full year 2026 GAAP diluted earnings per share (EPS) guidance of greater than $3.11 and its full year adjusted diluted EPS guidance of greater than $4.80.

Thanks to strong first-half results, we now expect full year 2026 adjusted diluted earnings per share of greater than $4.80, up from our prior outlook of greater than $3.40 provided during our April update.

The Company is updating its 2026 GAAP diluted EPS guidance floor to greater than $3.11 and its 2026 adjusted diluted EPS guidance floor to greater than $4.80.

The strength of our first quarter performance enables us to increase our full year 2026 adjusted EPS outlook to greater than $3.40, up from our previous expectation of greater than $3.00.

| Adjusted diluted EPS (1) | | > $3.40 | | | | | |

During the presentation, the Company expects to reaffirm its previously issued 2026 full year GAAP diluted earnings per share (EPS) guidance of greater than $1.98 and its full year adjusted diluted EPS guidance of greater than $3.00.

Consistent with the Company's guidance previously provided on February 6, 2026, the senior management team plans to reaffirm the Company's 2026 full year GAAP diluted earnings per share (EPS) guidance of greater than $1.98 and its full year adjusted diluted EPS guidance of greater than $3.00.

We expect full year 2026 adjusted EPS to be greater than $3, representing more than 40% year-over-year growth and marking important progress toward restoring the enterprise's embedded earnings power.

| Adjusted diluted EPS (1) | | > $3.00 | | | | | |

In Medicaid, at a 93.9% HBR, we are right on track with our prior forecast and are still expecting a full year HBR around 93.5%.

Additionally, the Company is decreasing its HBR guidance range to 90.4% to 91.1% and its interest expense guidance range to $600 million to $620 million.

The Company is also increasing its investment and other income expectation by $50 million to $1.50 billion.

To be more specific, we expect full-year Medicaid membership to be down 8%-9% compared to 12/31/2025 versus our prior view of being down 6%.

In light of the aggregate first half results, we now expect to deliver a pre-tax margin between 4.5% and 5% for the Marketplace business for the full year, an improvement compared to our previous guidance as well as our initial guidance issued in February.

We thought it would be prudent to embed in our current guidance a pre-tax margin for Marketplace around 3% for now, compared to our original forecast of approximately 4%.

The commercial segment, which is largely marketplace, we were at -1% last year. You could do the math on the HBR guidance slide and get to something around 4% pre-tax for 2026 in marketplace.

Medicare Advantage, representing a little over 40% of segment revenue, continued to perform well, getting closer to break even for full year 2026 performance.

But there are things that aren't incorporated in the accounting of the PDR such that it's still operating at a slight loss on a fully allocated basis for 2026.

We are confident in our plan to deliver break even or better results in 2027 and margin improvement thereafter.

Overall, we continue to look for opportunities to position the business for improved profitability in 2026 on the way to our goal of break-even Medicare Advantage results in 2027, an important enterprise milestone.

These results demonstrate a true Centene team effort, with the initiatives being planned and executed at every level of the organization and provide us with increased confidence in our ability to achieve break-even pre-tax margin in 2027.

As a result, we now expect PDP to deliver a pre-tax margin greater than 3% in 2026 versus the 2% we guided to at the beginning of the year.

One, we are initially assuming a 2026 pre-tax margin around 2%, down from a good year in the 3s.

Overall, we now expect the full year 2026 rate impact to be approximately 5%, up from 4.5%, with no change in our view of fundamental trend of mid-four for the year.

| Adjusted SG&A expense ratio (2) | | 6.9 | | % | 7.5 | | % |

| Adjusted SG&A expense ratio (2) | | 7.1 | | % | 7.7 | | % |

| (2) | Adjusted SG&A expense ratio excludes severance costs due to enterprise optimization and contract exits of approximately $355 million to $405 million, enterprise optimization third-party vendor costs of approximately $85 million to $115 million and acquisition and divestiture related expenses of approximately $750 thousand. | | | | | | |

| Diluted shares outstanding (in millions) | | 497.0 | | | 500.0 | | |

| Diluted shares outstanding (in millions) | | 495.6 | | | 498.6 | | |

| Diluted shares outstanding (in millions) | | 495.6 | | | 498.6 | | |

| Adjusted effective tax rate (3) | | 25.5 | | % | 26.5 | | % |

| Adjusted effective tax rate (3) | | 26.0 | | % | 27.0 | | % |

You can see the other guidance elements, including stability in the SG&A rate, continued paydown of debt and associated impact on interest expense, reduced investment income from assumed Fed fund rate cuts, and adjusted tax rate of 26%-27%, slightly higher than a normal statutory rate given the mix and level of earnings forecasted for 2026.

| Adjusted effective tax rate (3) | | 26.0 | | % | 27.0 | | % |

| Effective tax rate | | 26.5 | | % | 27.5 | | % |

| Effective tax rate | | 27.0 | | % | 28.0 | | % |

| Effective tax rate | | 27.0 | | % | 28.0 | | % |

Additionally, you should assume that a lower tax rate environment makes net investment income a headwind and that our tax rate increases.