Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research Pre-Call View - MOH Should Fall on Underwhelming Revised 2026 EPS Guidance and Marketplace (HIX) Headwinds, Despite 2Q26 EPS and MLR Beat: MOH 2Q EPS of $1.51 was +13c above Cons, aided by disciplined medical cost management and better execution in the Medicare and Medicaid segments. Enterprise MLR of 92.2% was 20bps better than Cons 92.4% ...