Oscar Health Inc.: May ACA Trend Continues to Track Favorably

Research evidence excerpt

Oscar Health Inc.: May ACA Trend Continues to Track Favorably

Equity Research

U.S. Healthcare Facilities & Managed Care

8 June 2026

Oscar Health Inc.

May ACA Trend Continues to Track

Favorably

ACA utilization through May continues to track favorably and OSCR EQUAL WEIGHT

NEUTRALthe final 2025 Wakely report suggests a $130 mn favorable U.S.ManagedHealthcareCare Facilities &

true-up for 2025 risk adjustment. Price Target USD 30.00

Price (05-Jun-26) USD 24.51

Potential Upside/Downside +22.4%

Source: Bloomberg, Barclays Research

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OSCR June Update: On Monday (6/8), OSCR re-affirmed 2026 guidance, noting ACA utilization Mingchuan Song

continues to track favorably through May. OSCR cited it received the final Wakely report for 2025 +1 212 526 9787

risk adjustment, which indicates a $130 mn favorable true-up relative to 1Q26 accruals (2Q mingchuan.song@barclays.com

benefit); however, as the company has not yet received the first Wakely report for 2026 risk

adjustment, it is not adjusting guidance at this time. The first 2026 Wakely report is expected at

the end of June and should reflect paid claims through April. Importantly, OSCR noted that all

available third-party data suggests market morbidity and attrition are tracking favorably