Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €314, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 17x in the Healthcare industry in Europe. Total returns to shareholders of 61% over the past year. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €234, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 17x in the Healthcare industry in Europe. Total returns to shareholders of 5.0% over the past year. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: US$9.86 (vs US$10.31 in 1Q 2025) First quarter 2026 results: EPS: US$9.86 (down from US$10.31 in 1Q 2025). Revenue: US$39.6b (up 24% from 1Q 2025). Net income: US$1.19b (down 4.7% from 1Q 2025). Profit margin: 3.0% (down from 3.9% in 1Q 2025). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Healthcare industry in Europe. Annonce • Apr 29
Humana Inc. Revises Earnings Guidance for the Year Ending December 31, 2026 Humana Inc. revised earnings guidance for the year ending December 31, 2026. For the year, the company revised GAAP diluted EPS guidance to 'at least $8.36' from 'at least $8.89' in the previous guidance. Annonce • Apr 21
CenterWell Introduces the Fulfillment Index CenterWell, the health care services business of Humana Inc., introduced the CenterWell Fulfillment Index, a new national measure to better understand what drives wellbeing as people age. The CenterWell Fulfillment Index study data found that 54% of adults ages 62+ report feeling fulfilled in their lives, offering important insight into how healthy aging is experienced—and where additional support may be needed. The research also suggests that fulfillment can dip for some adults during the early retirement years (approximately ages 65–69), highlighting how important proactive support can be during life transitions. CenterWell's research shows that older adults define wellbeing broadly, with fulfillment shaped by purpose, emotional stability, social connection, comfort, and a sense of security in daily life. To better understand and address these factors, CenterWell developed the Fulfillment Index, a tool built from 72 indicators that helps surface concerns traditional medical measures may overlook. By making fulfillment measurable and trackable over time, the Index provides a practical resource that can help leaders, communities and care teams better understand where additional support may be needed, because fulfillment and health go hand in hand. The Fulfillment Index is a tool designed to keep improving how older adults are supported. CenterWell is working to make measuring fulfillment as routine as measuring blood pressure and part of a regular check-in that can help guide the right conversations and connect support at the right time. Annonce • Apr 16
Humana Inc. Declares Quarterly Cash Dividend, Payable on July 31, 2026 Humana Inc. announced that its Board of Directors has declared quarterly cash dividend to stockholders of $0.885 per share payable on July 31, 2026 to stockholders of record as of the close of business on June 26, 2026. Annonce • Apr 12
Humana Inc. Elects Robert S. Field to the Board of Directors, Effective April 10, 2026 Humana Inc. announced that Robert S. Field has been elected as a member of the company’s Board of Directors, effective April 10, 2026 following the company’s 2026 Annual Meeting of Stockholders. Field is the Principal and Managing Member of ?Med Capital Management LLC. He previously served as a senior analyst at Luxor Capital, where he led healthcare services investments. Earlier in his career, Field worked as an associate at McKinsey & Company, focused on corporate and business strategy and previously practiced antitrust law at Vinson & Elkins LLP. Field’s appointment follows a comprehensive search process led by the Humana Board and informed by shareholder engagement, including helpful input from John Petry, Managing Member of Sessa Capital, as part of the Company’s ongoing commitment to Board refreshment and strong corporate governance. Annonce • Mar 31
Humana Inc. to Report Q1, 2026 Results on Apr 29, 2026 Humana Inc. announced that they will report Q1, 2026 results at 6:00 AM, US Eastern Standard Time on Apr 29, 2026 Upcoming Dividend • Mar 20
Upcoming dividend of US$0.89 per share Eligible shareholders must have bought the stock before 26 March 2026. Payment date: 24 April 2026. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Italian dividend payers (4.9%). Lower than average of industry peers (2.5%). Annonce • Mar 09
Humana Inc., Annual General Meeting, Apr 16, 2026 Humana Inc., Annual General Meeting, Apr 16, 2026. Annonce • Mar 04
Humana Inc. Introduces New Value-Based Cardiology Care Partnerships for Medicare Advantage Members Humana Inc. announced new partnerships to improve heart health for eligible Medicare Advantage members through value-based care. Building on Humana’s existing cardiac care partnership with CVAUSA’s Novocardia Care Solutions division, new agreements with Karoo Health, US Heart and Vascular and Chamber Cardio further expand the company’s comprehensive cardiac care program. Eligible Humana Individual and Group Medicare Advantage members will have access, through their participating cardiologists, to enhanced cardiac care services designed to improve quality of life and reduce hospitalizations. Key features include: Value-based care teams: Focus on proactive, evidence-based care to help members stay healthier, prevent complications, and reduce unnecessary emergency visits. 24/7 hotline: Round-the-clock access to a coordinated care team and resources make it simpler for members to manage heart conditions. Remote monitoring tools: Localized teams monitor heart rate, rhythm, blood pressure and other indicators to identify needed adjustments before issues escalate. Integrated team support: Care management team and participating cardiologists collaborate on personalized care plans, ensuring tests, medication and diet align with members’ needs. Value-based care incentivizes holistic, coordinated, effective care to deliver better health outcomes. Humana’s analysis has found that value-based care leads to a higher quality of care and better adherence to evidence-based medicine for cardiac patients. Individual and Group Humana Medicare Advantage members now have access to: CVAUSA's Novocardia Care Solutions services in Florida, Georgia, South Carolina, Illinois, North Carolina and Iowa. Karoo Health services in Arizona, Illinois, Alabama, Mississippi and Louisiana. Chamber Cardio services in Maryland, Georgia, South Carolina, North Carolina, Virginia, Washington, DC, and Texas. US Heart and Vascular services in Alabama, Arizona, Louisiana, Texas and Kansas. Other providers are available in the Humana network. Provider may also contract with other plan sponsors. Declared Dividend • Feb 23
Dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 26th March 2026 Payment date: 24th April 2026 Dividend yield will be 1.5%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 107% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Large one-off items impacting financial results. Annonce • Feb 19
Humana Inc. Declares Quarterly Cash Dividend, Payable on April 24, 2026 Humana Inc. announced that its Board of Directors declared a cash dividend to stockholders of $0.885 per share payable on April 24, 2026 to stockholders of record as of the close of business on March 27, 2026. Reported Earnings • Feb 12
Full year 2025 earnings released: EPS: US$9.86 (vs US$10.01 in FY 2024) Full year 2025 results: EPS: US$9.86 (down from US$10.01 in FY 2024). Revenue: US$129.7b (up 10% from FY 2024). Net income: US$1.19b (down 1.6% from FY 2024). Profit margin: 0.9% (down from 1.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Healthcare industry in Europe. Annonce • Feb 11
Humana Inc. Provides Earnings Guidance for the Fiscal Year Ending December 31, 2026 Humana Inc. provided earnings guidance for the fiscal year ending December 31, 2026. for the year, the company provided GAAP EPS guidance of at least $8.89. Annonce • Feb 04
Humana Inc. (NYSE:HUM) completed the acquisition of Familiehjelpgruppen As. Humana Inc. (NYSE:HUM) entered into an agreement to acquire Familiehjelpgruppen As on December 12, 2025. The transaction will be financed with existing cash.
For the period ending December 31, 2024, Familiehjelpgruppen As reported total revenue of NOK 120 million.
Completion is subject to approval from the competition authorities The expected completion of the transaction is January 31, 2026.
Humana Inc. (NYSE:HUM) completed the acquisition of Familiehjelpgruppen As on February 2, 2026. The transaction is approved by the Competition Authority. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to €177, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 17x in the Healthcare industry in Europe. Annonce • Jan 09
Humana Inc. to Report Q4, 2025 Results on Feb 11, 2026 Humana Inc. announced that they will report Q4, 2025 results at 6:00 AM, US Eastern Standard Time on Feb 11, 2026 Annonce • Dec 17
Humana Inc. Announces Executive Changes Humana Inc. announced that George Renaudin, Insurance Segment President and member of Humana’s Enterprise Leadership Team, will retire by third quarter of 2026 following a successful 29-year career at the company. During this period, Renaudin played a pivotal role in establishing and growing Humana’s Medicare Advantage and Medicaid programs, helping to build them into high-performing businesses and assembling a strong insurance leadership team. After retiring, Renaudin will serve as a strategic advisor to the company through at least the end of 2026 to ensure a thoughtful transition. Aaron Martin will join the company in January 2026 as President of Medicare Advantage and a member of the Enterprise Leadership Team. The newly created role will report jointly to Renaudin and Rechtin and consolidate Humana’s Medicare Advantage operations under a single leader to drive operational excellence across the businesses. Following Renaudin’s retirement, Martin will assume the role of Insurance Segment President and John Barger will be promoted to the role of President of Medicare Advantage, reporting directly to Martin. Barger is currently President of Humana's Medicaid and Dual Eligible programs and has more than 25 years of experience serving in critical roles at the company, including more than a decade supporting the Medicare Advantage business. Martin was Vice President of Healthcare at Amazon, where he oversaw strategic partnerships, marketing and the company’s telehealth and chronic conditions programs. Prior to Amazon, he was Executive Vice President and Chief Digital Officer for Providence, a comprehensive not-for-profit health system serving 8 states, and Managing General Partner for Providence Ventures. Martin joined Providence after a previous career with Amazon. He holds Bachelor of Arts degrees from Austin College and earned an MBA from Wharton at the University of Pennsylvania. New Risk • Nov 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €254, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Healthcare industry in Europe. New Risk • Nov 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: US$1.62 (vs US$3.99 in 3Q 2024) Third quarter 2025 results: EPS: US$1.62 (down from US$3.99 in 3Q 2024). Revenue: US$32.6b (up 11% from 3Q 2024). Net income: US$195.0m (down 59% from 3Q 2024). Profit margin: 0.6% (down from 1.6% in 3Q 2024). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Healthcare industry in Europe. Annonce • Nov 05
Humana Inc. Revises Earnings Guidance for the Fiscal Year Ending December 31, 2025 Humana Inc. revised earnings guidance for the fiscal year ending December 31, 2025. for the year, the company revised its GAAP EPS guidance to 'approximately $12.26' from the previous estimate of 'approximately $13.77'. Annonce • Oct 28
Humana Inc. Declares Quarterly Cash Dividend, Payable on January 30, 2026 Humana Inc. announced that its Board of Directors has declared quarterly cash dividend stockholders of $0.885 per share payable on January 30, 2026 to stockholders of record as of the close of business on December 26, 2025. Annonce • Oct 11
Humana Inc. to Report Q3, 2025 Results on Nov 05, 2025 Humana Inc. announced that they will report Q3, 2025 results at 6:00 AM, US Eastern Standard Time on Nov 05, 2025 Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €258, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Healthcare industry in Europe. Annonce • Oct 02
The American Physical Therapy Association and APTA Private Practice Announces Lawsuit Against Multiplan, UnitedHealth, Elevance, Humana, Aetna and Cigna The American Physical Therapy Association, along with APTA Private Practice, joined the federal MultiPlan Antitrust Litigation as plaintiffs. This federal antitrust litigation alleges a conspiracy to systematically underpay physical therapists and other health care providers for reimbursements of out-of-network services. The lawsuit, filed in the U.S. District Court for the Northern District of Illinois, against MultiPlan, recently rebranded as Claritev, and leading health insurance companies, including UnitedHealth, Elevance (Anthem), Humana, Aetna, Cigna, and various Blue Cross Blue Shield entities, has alleged that they are participating in a coordinated price-fixing conspiracy to increase their profit margins by setting increasingly low reimbursement rates for out-of-network services. Upcoming Dividend • Sep 18
Upcoming dividend of US$0.89 per share Eligible shareholders must have bought the stock before 25 September 2025. Payment date: 31 October 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Italian dividend payers (5.0%). Lower than average of industry peers (2.3%). Annonce • Aug 22
Humana Inc. Declares Quarterly Cash Dividend, Payable on October 31, 2025 Humana Inc. announced that its Board of Directors has declared a cash dividend to stockholders of $0.885 per share payable on October 31, 2025 to stockholders of record as of the close of business on September 26, 2025. Annonce • Aug 21
New Research from Humana Finds Value-Based Care Delivers Higher Quality of Care for Heart Failure Patients Humana Healthcare Research finds value-based care is a differentiator for patients with heart failure. Patients treated by value-based care clinicians were nearly 28% more likely to receive full quadruple therapy, guideline-directed medical therapy. Heart failure continues to affect a growing number of Americans, with 11.4 million expected to be diagnosed by 50. Patients with heart failure experience a higher likelihood of hospitalizations and visit the emergency department twice as often. The guideline-directed medical therapy is quadruple therapy, however, less than one in five patients hospitalized with heart failure with HFrEF receive this therapy within six months of discharge. Data analyzed in Humana's Value-Based Care Issue Brief compares patients diagnosed with heart failure with reduced ejection fraction (HFrEF) after a hospitalization who receive care from value-based clinicians and those who do not. Patients treated by value- based care clinicians were nearly 28% More likely to receive full quadruple Therapy, the gold standard evidence-based medical treatment. Humana's newest Value-Based Care Issue Brief reinforces that the value-based care model is the meaningful difference for patients with heart failure with HFrF. Those receiving care from value-based primary care clinicians experienced better medical management. Clinicians under value-based care deliver proactive care and are incentivized to provide high-value interventions. The traditional fee-for-service model is a fragmented experience for clinicians and patients with no incentives to reduce low-value care. In addition, patients aligned with value-based care practices better manage chronic diseases, according to Humana's Value-Based care Report. These findings affirm more than a decade of Humana's research advancing value-based care that concludes patients aligned with value-based Care physician more often, are more satisfied with the quality of care, and have better management of chronic diseases. Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: US$4.52 (vs US$5.64 in 2Q 2024) Second quarter 2025 results: EPS: US$4.52 (down from US$5.64 in 2Q 2024). Revenue: US$32.4b (up 9.6% from 2Q 2024). Net income: US$545.0m (down 20% from 2Q 2024). Profit margin: 1.7% (down from 2.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Healthcare industry in Europe. Annonce • Jul 30
Humana Inc. Revises Earnings Guidance for the Full Year Ending December 31, 2025 Humana Inc. revised earnings guidance for the full year ending December 31, 2025. For the year, the company revised its GAAP EPS guidance for the year ending December 31, 2025 to approximately $13.77 From the previous estimate of approximately $14.68. The company raised consolidated revenues guidance to 'at least $128 billion' compared to the previous guidance range of $126 billion to $128 billion. Annonce • Jul 14
Humana Inc. Inaugural Humana Cognitive Games to Celebrate Healthy Aging and Inspire Whole-Person Wellness Humana Inc. is launching the inaugural Humana Cognitive GamesTM to encourage older adults to exercise their minds and play an active role in maintaining their brain health. The Humana Cognitive Games, happening July 14 - Aug. 11, 2025 is a virtual challenge to encourage older adults to exercise their minds and play an active role in maintaining their brain health. This new virtual challenge debuts as part of the 2025 National Senior Games kicking off in Des Moines, Iowa, later in July 2025. This year marks the 10th consecutive time Humana has served as the presenting sponsor for the biennial Olympic-style event, which brings together more than 12,000 athletes aged 50 and older for competition, inspiration and camaraderie. With the launch of the Humana Cognitive Games, Humana is expanding its celebration of healthy aging beyond the physical multi-sport event to engage older adults across the country – competitive athlete or not. During the nationwide virtual event, openthrough August 11, 2025 at HumanaGames.com, all are invited to learn more about actions they can take to give their brain a workout. The challenge features a variety of brain-training activities, lifestyle tips and educational content designed to exercise the mind and foster social connection. Research shows that engaging in regular mental exercises can have both short- and long-term benefits for brain health, helping older adults stay independent and potentially reduce the risk of dementia and cognitive decline. Annonce • Jul 10
Humana Inc. to Report Q2, 2025 Results on Jul 30, 2025 Humana Inc. announced that they will report Q2, 2025 results at 6:00 AM, Eastern Standard Time on Jul 30, 2025 Annonce • Jun 24
Humana Inc. Expands Science-Based Targets with New SBTi-Validated Target Humana Inc. announced the expansion of its validated science-based target (SBT) with recent approval of a new financial institution target by the Science Based Targets initiative (SBTi). This milestone highlights Humana's dedication to sustainability, reinforcing its commitment to improving health and well-being while aiming for significant emissions reductions across the company's value chain. The following outlines Humana's Scope 3 asset class level target, emphasizing commitment to sustainable investment practices and alignment with SBTi-validated goals. Asset class Method Target language: Listed equity and Portfolio Coverage: Humana commits to 67.3% of its listed equity and corporate bond portfolio by invested value setting corporate bonds SBTi-validated targets by 2029 from a 2022 base year. This complements the company's existing targets covering the rest of its value chain, including a commitment to reduce absolute Scope 3 emissions from purchased goods and services, as well as upstream transportation and distribution, by 30% by 2032 from a 2022 base year. The newly approved target for Scope 3, Category 15 financed emissions refer to the indirect greenhouse gas emissions from investments and lending activities. To achieve the financed emissions target, Humana has revised its investment policy to incorporate SBTi-aligned climate commitments. These proactive measures highlight Humana's commitment to fostering healthier environments for its members, patients, employees, and communities, and aligns its financial influence with its operational impact. Humana's Scope 1 and 2 targets, approved in 2023, remain unchanged and continue to align with limiting global temperature rise. The company's science-based targets and 1.5degC trajectory are designed to spur innovation and efficiency demonstrating ongoing leadership in climate action within the healthcare and insurance sectors, boost investor confidence and position Humana to support a broader decarbonization effort across its value chain and financial ecosystem. Recent Insider Transactions • May 19
President recently bought €1.3m worth of stock On the 14th of May, James Rechtin bought around 7k shares on-market at roughly €205 per share. This transaction increased James' direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. 
