Health Insurance and Benefits Management Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH INSURANCE AND BENEFITS MANAGEMENT

Earnings Visibility Sets the Price as Every Covered Name Gives Ground

This update covers sector events, movers and transaction activity for the two-week period September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Health Insurance and Benefits Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH INSURANCE AND BENEFITS MANAGEMENT

   Cover slide introducing the bi-weekly industry events and M&A update for Health Insurance and Benefits Management, September 14–28, 2026.

   We open this bi-weekly update on Health Insurance and Benefits Management for the two-week period ended September 28, 2026. Over the pages that follow, we walk through what changed, who moved and most likely why, what transacted, and what it means for you.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH INSURANCE AND BENEFITS MANAGEMENT Earnings Visibility Sets the Price as Every Covered Name Gives Ground This update covers sector events, movers and transaction activity for the two-week period September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Health Insurance and Benefits Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broad De-Rating with No New Transactions to Anchor It

   This page summarizes the two-week period: all seven covered names declined while no new transactions were recorded.

   Every one of the seven names we cover finished this two-week period lower, with a median move of -7.0% against a +0.8% return for the S&P 500. That decline concentrated in the sector's growth-led names, and it landed on both a Premium-tier and a Core-tier company under our standing framework. No new transactions entered the record during the window, so the trailing set of 22 precedent deals at a 12.6x median EV/EBITDA remains the reference point. So what: this was a period priced on earnings visibility, not on deal flow, and that distinction matters for how you read the next print.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broad De-Rating with No New Transactions to Anchor It The two-week period in one page · 7 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Health Insurance and Benefits Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 All Seven Covered Names Finished the Two-Week Period Lower 7 of 7 covered names fell; the median move was -7.0%. The S&P 500 returned +0.8% over the same window. 2 The Drawdown Concentrated in the Sector's Growth-Led Names Oscar Health, Inc. (OSCR) fell -12.3% and Evolent Health, Inc. (EVH) fell -11.0%, both wider than the -7.0% median for the covered set. 3 The Period Is Consistent with the Standing Two-Business View NeuraCap's standing lens puts the sector median at 11.2x CY2027E earnings, with a Premium-tier median of 16.2x and a Discount-tier median of 6.7x. This window's declines hit a Premium-tier name and a Core-tier name alike. 4 Buyers Left the Reference Record Untouched No new transactions entered the record this period. The trailing set of 22 precedent transactions, at a median 12.6x EV/EBITDA, remains the benchmark for fee-based assets. -1.5% Best mover — UNH worst: OSCR -12.3% · 0 up / 7 down of 7 covered -7.0% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Growth-Led Names Carried the Two-Week Drawdown

   This page ranks the two-week share price moves for the covered set, highlighting the growth-led names that led the decline.

   We rank the two-week close-to-close moves for the covered set, and the pattern is clear: growth-led names carried the drawdown. Oscar Health, Inc. (OSCR) fell -12.3% and Evolent Health, Inc. (EVH) fell -11.0%, both wider than the -7.0% median for the group, while the S&P 500 returned +0.8% over the same window. We attribute each move only to filings and headlines recorded in the period, and where no driver is on record we say so plainly. So what: the dispersion tells you which names carry the most earnings-sensitivity risk into the next print.

   Everything on this page

   PUBLIC MARKET MOVERS Growth-Led Names Carried the Two-Week Drawdown Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -7.0% · S&P 500 +0.8% · materiality bar ±10.5% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Health Insurance and Benefits Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -7.0% Oscar Health, Inc. (OSCR) -12.3% Shares moved following the Sep 18 announcement that its majority stockholder completed a distribution of Oscar Health common stock to limited partners; the reaction was consistent with a wider freely traded share count. Ownership and float mechanics can reprice a Premium-tier name independent of medical cost trend. COMPANY-SPECIFIC Evolent Health, Inc. (EVH) -11.0% No notable in-window news was identified that clearly explains the move. The -11.0% decline sat below the -7.0% median for the covered set. The services layer can move with the sector even without a company development behind it. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Operating News, Not Transactions, Filled the Period

   This page lists the two-week period's highest-impact operating news events with links to source filings and articles.

   We surface the highest-impact operating events from the two-week period, each one linked back to the underlying filing or article. This was a period defined by operating news rather than by transactions, and our "why it matters" reads are calibrated interpretations tied to the recorded evidence. Sources are admitted in a fixed reliability order — SEC filings first, then press releases, then established outlets. So what: the news flow here is what's actually moving prices, and it's worth tracing back to source before drawing conclusions.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Operating News, Not Transactions, Filled the Period The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Health Insurance and Benefits Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · Business Wire UnitedHealth Group named a chief administrative officer to drive enterprise modernization A newly created enterprise role aimed at modernization and alignment points to where the largest carrier is putting administrative discipline. Admin cost structure is back on the agenda for carriers of every size. Sep 21 · NEWS · GlobeNewsWire Evolent Health expanded a partnership to deliver enterprise-wide telephonic interpretation for plan members Language access supports HEDIS performance and member engagement for the plans Evolent serves, and it is capability bought rather than built. Renewal quality and contract depth drive value in the services layer. Sep 18 · NEWS · PRNewsWire San Juan Regional Medical Center Teams with Oracle Health to Streamline Patient Flow Clinicians and staff gain an up-to-date view of capacity, patient movement, and environmental services workflows AUSTIN, Texas, Sept. 18, 2026 /PRNewswire/ -- San Juan Regional Medical Center has strengthened its clinical operations with several new Oracle Hea Sep 18 · NEWS · Business Wire Oscar Health disclosed that its majority stockholder completed a share distribution to limited partners This is a change in who holds the stock rather than in the underwriting book. For the sector's exchange-led growth names, the shape of the shareholder register is part of how the equity behaves. Register composition affects how fast a name reprices when sentiment shifts. Sep 15 · NEWS · Business Wire UnitedHealth Group set the date for its third quarter results The next hard read on medical cost trend versus priced trend at the sector's largest carrier arrives with that release. Trend and reserve commentary there tends to set the frame for the rest of the group. Trend visibility, not news flow, will settle this sector's earnings debate. Sep 23 · NEWS · Business Wire SS&C Technologies unveiled AI-enabled product enhancements and a docuseries at its client event Platform vendors serving payers and administrators are pushing automation into workflow. For benefits administration, unit cost per transaction is where competitive position is won. Automation spend is how the fee-based layer defends margin on recurring fees.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Existing Transaction Record Still Sets the Reference

   This page presents the standing precedent-transaction record of 22 deals at a 12.6x median EV/EBITDA multiple, noting no new transactions this period.

   No new transactions entered the record this period, so the existing precedent set still sets the reference: 22 recorded deals at a median 12.6x EV/LTM EBITDA. Multiples here are LTM at announcement where disclosed, and our reads on why each deal happened are our interpretation of the recorded evidence, not restated news. So what: with equities moving and deals quiet, this 12.6x benchmark is the number to hold steady against as you underwrite fee-based assets.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Existing Transaction Record Still Sets the Reference September 14–28, 2026 · precedent transactions: 22 recorded deals · median 12.6x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Health Insurance and Benefits Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The reference set is therefore unchanged: 22 precedent transactions carrying a trailing median EV/EBITDA of 12.6x. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 22 Recorded precedent transactions the reference set buyers and sellers price against 12.6x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for You

   This page translates the two-week period into implications for owners, acquirers and advisors.

   For owners and operators, this window puts trend, mix and admin cost squarely on the table, since companies traded lower across the board while the S&P 500 returned +0.8%. For acquirers, the reference set held still even as equities moved, so the trailing 12.6x median across 22 precedent transactions remains the working benchmark. For advisors, the two-business framing holds up: declines landed on a Premium-tier name and a Core-tier name alike. So what: these are observations to act on, not blanket recommendations — the lever you pull depends on which seat you sit in.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Health Insurance and Benefits Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 P / E (CY2027E) median 11.2x 8 companies in the study 3 valuation tiers Standing thesis: Health Insurance and Benefits Management Trades as Two Businesses: Risk-Bearing Plans and a Services Layer FOR OWNERS & OPERATORS Trend, Mix and Admin Cost Are the Levers on Show Companies across the sector traded lower while the S&P 500 returned +0.8%, and the widest moves sat with the growth-led names. Benefit ratio, priced trend versus emerging trend, PMPM cost and admin cost per member are what the next quarter's earnings turn on. FOR ACQUIRERS The Reference Set Held Still While Equities Moved Nothing new entered the transaction record this period, so the trailing median of 12.6x EV/EBITDA across 22 precedent transactions remains the working benchmark for fee-based assets. FOR ADVISORS Lead with the Two-Business Split, Then the Evidence The standing thesis is that this sector trades as two businesses — risk-bearing plans and a services layer — and this window is consistent with it: declines landed on a Premium-tier name in Oscar Health, Inc. (OSCR) and a Core-tier name in Evolent Health, Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the update's figures.

   Every figure in this update links back to the record it was drawn from — market prices, SEC filings, transaction records and publisher-sourced news through September 28, 2026. We hold to a fixed source reliability order and use calibrated language throughout, distinguishing what's recorded from what we read into it. This page is where you can trace any number in the deck back to its origin.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Health Insurance and Benefits Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T163100Z_531_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · globenewswire.com · prnewswire.com

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