Universal Health Services (UHS) investor relations material

Year-to-date reflections and business environment

• Third quarter performance aligned with expectations, with some non-recurring items impacting results.

• Received $90 million in annual DPP payments from Washington, DC, after CMS approval.

• Businesses are now operating in a post-COVID environment with more historically normal patterns.

• Acute segment same-store revenue growth projected at 5.5%-6%, behavioral at 6%-7%, with pricing as a key driver.

• Behavioral patient-day growth expected at 2%-3% in the near to intermediate term.

Exchange subsidy expiration and impact

• 6%-6.5% of acute admissions are exchange patients, with revenue contribution matching volume.

• Estimated $100 million headwind if exchange subsidies expire, assuming one-third of exchange patients lose coverage.

• Utilization patterns for exchange patients resemble Medicaid, with high ER usage and low elective procedures.

• Most patients losing coverage expected to continue ER use, but without reimbursement.

• Remaining two-thirds of exchange patients assumed to retain similar coverage.

Medicaid supplemental payments and provider tax programs

• Net benefit from Medicaid supplemental payments estimated at $1.3 billion for 2025.

• OB3 cuts to Medicaid payments begin in 2028, reaching $420-$470 million by 2032, with cuts progressing ratably.

• Cuts are not proportional by state, generally about one-third of the total benefit.

• CMS proposed rule on provider taxes not expected to materially impact current year estimates.

• Potential additional benefit from Florida DPP program estimated at $45-$50 million; California could be significant but unquantified.