Managed Health Care 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 › MANAGED HEALTH CARE

Investors Reprice Risk Across Managed Care While the Market Holds Up

This update covers the sector's movers, company news and M&A activity for 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

Managed Health Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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The analyst’s walkthrough of the deck, page by page.

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

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MANAGED HEALTH CARE

   Cover slide identifying the report as NeuraCap's Managed Health Care bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers Managed Health Care industry events and M&A activity for September 14–28, 2026. We walk through what moved, why it likely moved, what transacted, and what it means for your next decision.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MANAGED HEALTH CARE Investors Reprice Risk Across Managed Care While the Market Holds Up This update covers the sector's movers, company news and M&A activity for 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 Managed Health Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Sector-Wide Drawdown Against a Market That Went the Other Way

   This slide summarizes the two-week period in one page: a sector-wide decline across all nine covered names against a rising broad market.

   Every one of the nine names we track fell over this two-week period, and the median move was -11.3%. The S&P 500 moved the other way, returning +0.8% over the same window. That gap tells us the pressure was concentrated inside managed care, not a reflection of the broader market. So what: when a sector falls together while the market rises, the story is sector-specific evidence, and that is where we should be looking for signal.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Sector-Wide Drawdown Against a Market That Went the Other Way The two-week period in one page · 9 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. Managed Health Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 9 of 9 Covered Names Fell; The Median Move Was -11.3% The S&P 500 returned +0.8% over the same two-week period. The pressure sat inside the sector rather than across the broad market, and it reached every covered name, not just the weakest. 2 Alignment Healthcare Carried the Period's Steepest Decline Alignment Healthcare, Inc. (ALHC) closed the window at -38.7%, with its worst single day of -19.9% on Sep 15. Two shareholder law firms announced securities investigations on Sep 14 and Sep 15. 3 Astrana Put Fresh Numbers on the Table Mid-Window Astrana Health, Inc. (ASTH) furnished an updated investor presentation on September 15 with FY2026 guidance of $3.8-$4.1 billion Adjusted EBITDA and $255-$280 million revenue, and Q2 2026 revenue of $938.2 million with $68.9 million of reported earnings detail. 4 The Standing View on What the Market Pays for Did Not Change NeuraCap's sector study carries a CY2027E P/E median of 19.4x, with the Premium tier at a 43.4x median and the Discount tier at 11.1x. This two-week period is consistent with that split: durability is still the thing being paid for. -2.0% Best mover — Nutex Health, Inc. (NUTX) worst: ALHC -38.7% · 0 up / 9 down of 9 covered -11.3% Sector median two-week return vs S&P 500 +0.8% 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   One Name Did the Damage, but the Whole Set Slid

   This slide ranks the two-week share-price moves across the covered set and flags which declines cross the materiality bar.

   One name did the most damage, but the whole set slid together. Alignment Healthcare closed the window at -38.7%, including a single-day drop of -19.9% on September 15. Our materiality bar for this period sits at 16.9% on a sector-relative basis, and other names crossed it too. So what: this was not an isolated single-stock story — it is a sector under pressure, with one name absorbing the sharpest hit.

   Everything on this page

   PUBLIC MARKET MOVERS One Name Did the Damage, but the Whole Set Slid Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -11.3% · S&P 500 +0.8% · materiality bar ±16.9% (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. Managed Health Care 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 -11.3% Alignment Healthcare, Inc. (ALHC) -38.7% Shares moved following the securities investigations announced by Kaplan Fox on Sep 14 and Rosen Law Firm on Sep 15; the steepest single day, -19.9%, came on Sep 15. Disclosure and risk-adjustment scrutiny can reprice a Core-tier carrier faster than any single operating metric. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Access, Guidance and Community Work: What Companies Actually Did

   This slide walks through the two-week period's highest-impact company events, tying each to what it means and where it originates.

   Astrana Health furnished an updated investor presentation mid-window, setting FY2026 guidance of $3.8-$4.1 billion Adjusted EBITDA and $255-$280 million revenue, alongside Q2 2026 revenue of $938.2 million and $68.9 million of reported earnings detail. Alignment Healthcare's decline coincided with securities-investigation announcements from two shareholder law firms on September 14 and September 15. Each event on this page links back to the filing or article it came from, so the read is traceable, not asserted. So what: company-level disclosures, not the broad market, are what moved prices this period.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Access, Guidance and Community Work: What Companies Actually Did 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. Managed Health Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 17 · NEWS · PRNewsWire Aetna, a CVS Health company, expanded bundled oncology prior authorizations across its Medicaid book Bundling authorizations for all eligible Medicaid members and all cancer types reduces friction with treating providers and speeds member access. Utilization management is being redesigned as a service standard, not just a cost gate. Sep 16 · NEWS · PRNewsWire CVS Health launched a national contest to put customer-designed art on its own-brand bandages A consumer-brand initiative from CVS Health Corp. (CVS) speaks to the retail side of an integrated model. Integrated payers keep working the consumer brand, not only the benefit design. Sep 16 · NEWS · Business Wire Molina funded an expansion of trauma-informed care for youth in Iowa Molina Healthcare, Inc. (MOH) is investing in the community footprint of a state Medicaid plan. Standing with the state and its provider base is part of how incumbency is defended through a procurement cycle. Medicaid incumbency is maintained in the state, not only in the bid document. Sep 15 · 8-K · SEC EDGAR Astrana Health furnished an updated investor presentation with FY2026 guidance and Q2 2026 results The filing puts FY2026 guidance of $3.8-$4.1 billion Adjusted EBITDA and $255-$280 million revenue alongside Q2 2026 revenue of $938.2 million. Care-delivery names are judged on forward cash earnings, not on the trailing period. Sep 17 · NEWS · Business Wire Humana published research linking pharmacy care coordination to better outcomes for cancer patients Humana Inc. (HUM) is building the evidence base for pharmacy integration inside a medical benefit. Pharmacy integration is being argued on outcomes as well as on unit cost. Sep 17 · NEWS · GlobeNewsWire A further law firm opened a securities fraud investigation into Alignment Healthcare A second and third firm joining the inquiry extends the legal overhang around Alignment Healthcare, Inc. (ALHC) into the back half of the window. Legal process, once opened, tends to stay on the page for several reporting periods.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions This Period; The Precedent Record Still Sets the Benchmark

   This slide shows that no new M&A transactions were recorded this period, leaving the 40-deal precedent set as the standing benchmark.

   No new transactions entered the record over this two-week period. The benchmark acquirers should still reference is the trailing precedent set: 40 recorded deals at a 10.5x median EV/LTM EBITDA. We do not re-present old deals as news, so this page keeps the pricing anchor visible even in a quiet stretch. So what: the absence of new deals does not reset the benchmark — 10.5x is still the number to underwrite against.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transactions This Period; The Precedent Record Still Sets the Benchmark September 14–28, 2026 · precedent transactions: 40 recorded deals · median 10.5x 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. Managed Health Care 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 still rests on 40 trailing precedent transactions carrying a median EV/EBITDA of 10.5x. 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. 40 Recorded precedent transactions the reference set buyers and sellers price against 10.5x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for You

   This slide translates the two-week period's evidence into implications for operators, acquirers and advisors.

   For owners and operators, the period rewarded operating proof — medical loss ratio discipline, administrative expense control and Star Ratings performance carried the weight. For acquirers, the reference set is unchanged: with no new transactions recorded, the 40-deal precedent benchmark at 10.5x still applies. For advisors, the lead argument is the evidence itself — a sector-wide drawdown driven by company-level disclosures while the S&P 500 returned +0.8%. So what: the parties who act fastest on operating evidence, not on market sentiment, are best positioned heading into the next plan year.

   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. Managed Health Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 P / E (CY2027E) median 19.4x 8 companies in the study 3 valuation tiers Standing thesis: Managed health care splits between scaled carriers and risk-bearing care delivery, with premiums spanning both FOR OWNERS & OPERATORS Operating Proof Is What the Period Rewarded The moves in this window tracked company-specific evidence more than anything else. The metrics that carried weight are the familiar ones: medical loss ratio against priced trend, administrative expense discipline, Star Ratings by contract FOR ACQUIRERS The Reference Set Is Unchanged This Period No new transactions entered the record over the two-week period, so the benchmark remains the 40 trailing precedents at a 10.5x median EV/EBITDA. FOR ADVISORS Lead with the Evidence the Period Produced The theme is a sector-wide drawdown driven by company-level evidence, not by the broad market, which returned +0.8%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update and states the report's important notice.

   Every figure in this update links back to the SEC filing, press release or established outlet it was taken from, following a fixed source-reliability order. Driver attributions use calibrated language — they are NeuraCap's read of the recorded evidence, not asserted causation. So what: you can trust that every number on this page traces to a document you can open yourself.

   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. Managed Health Care 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. No covered name fell below the floor in 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_20260929T162023Z_530_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: prnewswire.com · businesswire.com · sec.gov · globenewswire.com

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