Humana beat and affirmed. The affirmed guide implies the second half hands back $8.91 of adjusted EPS, and 600,000 members lose their plan in 2027 to fix the margin.

Thank you, Jim. I will start with our comments on our 2026 performance and 2027 MA bid approach before touching on continued progress on balance sheet efficiency and capital optimization. Starting with 2026. Based on available information to date, cost trends are in line with our expectations for both new and existing members. As a reminder, we assume 2026 cost trend would be in the high single digit range or 7%-8%, inclusive of both medical and pharmacy. There are certain areas where we have seen slight favorability, particularly in the inpatient space. Based on approximately four months of completed claims data, favorability has been more heavily concentrated in members engaged with value-based providers. While the risk-sharing nature of these agreements limit the favorability that flows through to our financials, it is positive for our provider partners, and we believe an additional proof point of broader stabilization in the MA trend environment. As Jim described, our transformation and operating model work is driving the intended result. Our 2Q consolidated operating cost ratio is down 120 basis points year-over-year, and we continue to expect a full year reduction of approximately 150 basis points. Taken together, we are executing and delivering results in line with expectations and remain on track to double our individual MA pretax margin this year, excluding the Stars headwind. I will now touch on our 2027 MA bids. As Jim mentioned, our number one priority was to make the necessary progress to remain on track to deliver on our 2028 commitment of returning to a sustainable margin of at least 3%. We expect meaningful progress toward our 2028 margin goal next year, with actual 2027 results shaped by our final membership size and composition. Our expected margin expansion in 2027 will benefit from our ongoing clinical excellence and operating efficiency work, as well as benefit adjustments and targeted plan exits. While it remains too early to provide many specifics regarding our bid strategy, let me provide some perspective on our approach to plan exits. To reduce benefit disruption, we will use plan exits to prioritize higher performing plans, including those with greater value-based care penetration. This approach is aligned with bid priority number 2, which is to retain as many members as possible while making the changes necessary to drive the intended margin expansion. For 2027, we anticipate these plan exits will impact approximately 600,000 members, though we will work to recapture a significant portion of that volume as we did in 2025. Turning to capital deployment and balance sheet. We have continued our efforts to increase the efficiency of our balance sheet and fortify our foundation, including the establishment of $1.5 billion in contingent capital facilities utilizing pre-capitalized trust securities or PCAPS, enhancing our access to low-cost long-term liquidity. We are the first in the health payer space to utilize this innovative product. We have also maintained a prudent capital deployment approach, including pursuing non-core asset divestitures. As Jim mentioned, we recently announced an agreement to divest our minority interest in Gentiva, which is valued at approximately $900 million and expected to close in the fourth quarter. More broadly, our capital and balance sheet efficiency efforts are delivering results. We continue to evaluate pipeline of initiatives to further strengthen the balance sheet and improve our capital efficiency. Before going to Q&A, let me reiterate what Jim started with. We are pleased with our year-to-date performance. We expect to make meaningful progress on margin expansion in 2027. We are executing on our investor day commitments and delivering on the earnings power and value of the company. I will now turn the call back to Lisa to start the Q&A.

Thank you, Jim. I will start with our comments on our 2026 performance and 2027 MA bid approach before touching on continued progress on balance sheet efficiency and capital optimization. Starting with 2026. Based on available information to date, cost trends are in line with our expectations for both new and existing members. As a reminder, we assume 2026 cost trend would be in the high single digit range or 7%-8%, inclusive of both medical and pharmacy. There are certain areas where we have seen slight favorability, particularly in the inpatient space. Based on approximately four months of completed claims data, favorability has been more heavily concentrated in members engaged with value-based providers. While the risk-sharing nature of these agreements limit the favorability that flows through to our financials, it is positive for our provider partners, and we believe an additional proof point of broader stabilization in the MA trend environment. As Jim described, our transformation and operating model work is driving the intended result. Our 2Q consolidated operating cost ratio is down 120 basis points year-over-year, and we continue to expect a full year reduction of approximately 150 basis points. Taken together, we are executing and delivering results in line with expectations and remain on track to double our individual MA pretax margin this year, excluding the Stars headwind. I will now touch on our 2027 MA bids. As Jim mentioned, our number one priority was to make the necessary progress to remain on track to deliver on our 2028 commitment of returning to a sustainable margin of at least 3%. We expect meaningful progress toward our 2028 margin goal next year, with actual 2027 results shaped by our final membership size and composition. Our expected margin expansion in 2027 will benefit from our ongoing clinical excellence and operating efficiency work, as well as benefit adjustments and targeted plan exits. While it remains too early to provide many specifics regarding our bid strategy, let me provide some perspective on our approach to plan exits. To reduce benefit disruption, we will use plan exits to prioritize higher performing plans, including those with greater value-based care penetration. This approach is aligned with bid priority number 2, which is to retain as many members as possible while making the changes necessary to drive the intended margin expansion. For 2027, we anticipate these plan exits will impact approximately 600,000 members, though we will work to recapture a significant portion of that volume as we did in 2025. Turning to capital deployment and balance sheet. We have continued our efforts to increase the efficiency of our balance sheet and fortify our foundation, including the establishment of $1.5 billion in contingent capital facilities utilizing pre-capitalized trust securities or PCAPS, enhancing our access to low-cost long-term liquidity. We are the first in the health payer space to utilize this innovative product. We have also maintained a prudent capital deployment approach, including pursuing non-core asset divestitures. As Jim mentioned, we recently announced an agreement to divest our minority interest in Gentiva, which is valued at approximately $900 million and expected to close in the fourth quarter. More broadly, our capital and balance sheet efficiency efforts are delivering results. We continue to evaluate pipeline of initiatives to further strengthen the balance sheet and improve our capital efficiency. Before going to Q&A, let me reiterate what Jim started with. We are pleased with our year-to-date performance. We expect to make meaningful progress on margin expansion in 2027. We are executing on our investor day commitments and delivering on the earnings power and value of the company. I will now turn the call back to Lisa to start the Q&A.

Thank you, Jim. I will start with our comments on our 2026 performance and 2027 MA bid approach before touching on continued progress on balance sheet efficiency and capital optimization. Starting with 2026. Based on available information to date, cost trends are in line with our expectations for both new and existing members. As a reminder, we assume 2026 cost trend would be in the high single digit range or 7%-8%, inclusive of both medical and pharmacy. There are certain areas where we have seen slight favorability, particularly in the inpatient space. Based on approximately four months of completed claims data, favorability has been more heavily concentrated in members engaged with value-based providers. While the risk-sharing nature of these agreements limit the favorability that flows through to our financials, it is positive for our provider partners, and we believe an additional proof point of broader stabilization in the MA trend environment. As Jim described, our transformation and operating model work is driving the intended result. Our 2Q consolidated operating cost ratio is down 120 basis points year-over-year, and we continue to expect a full year reduction of approximately 150 basis points. Taken together, we are executing and delivering results in line with expectations and remain on track to double our individual MA pretax margin this year, excluding the Stars headwind. I will now touch on our 2027 MA bids. As Jim mentioned, our number one priority was to make the necessary progress to remain on track to deliver on our 2028 commitment of returning to a sustainable margin of at least 3%. We expect meaningful progress toward our 2028 margin goal next year, with actual 2027 results shaped by our final membership size and composition. Our expected margin expansion in 2027 will benefit from our ongoing clinical excellence and operating efficiency work, as well as benefit adjustments and targeted plan exits. While it remains too early to provide many specifics regarding our bid strategy, let me provide some perspective on our approach to plan exits. To reduce benefit disruption, we will use plan exits to prioritize higher performing plans, including those with greater value-based care penetration. This approach is aligned with bid priority number 2, which is to retain as many members as possible while making the changes necessary to drive the intended margin expansion. For 2027, we anticipate these plan exits will impact approximately 600,000 members, though we will work to recapture a significant portion of that volume as we did in 2025. Turning to capital deployment and balance sheet. We have continued our efforts to increase the efficiency of our balance sheet and fortify our foundation, including the establishment of $1.5 billion in contingent capital facilities utilizing pre-capitalized trust securities or PCAPS, enhancing our access to low-cost long-term liquidity. We are the first in the health payer space to utilize this innovative product. We have also maintained a prudent capital deployment approach, including pursuing non-core asset divestitures. As Jim mentioned, we recently announced an agreement to divest our minority interest in Gentiva, which is valued at approximately $900 million and expected to close in the fourth quarter. More broadly, our capital and balance sheet efficiency efforts are delivering results. We continue to evaluate pipeline of initiatives to further strengthen the balance sheet and improve our capital efficiency. Before going to Q&A, let me reiterate what Jim started with. We are pleased with our year-to-date performance. We expect to make meaningful progress on margin expansion in 2027. We are executing on our investor day commitments and delivering on the earnings power and value of the company. I will now turn the call back to Lisa to start the Q&A.

Thanks, Lisa. Good morning, everyone. Thank you for joining us. Today’s headlines are we are pleased with our year-to-date performance. We continue to be tracking to expectations. We expect that our approach to 2027 MA bids will drive solid progress against our goal of delivering a sustainable pre-tax margin of at least 3% in 2028. We believe we are on track to meet our Investor Day commitments, including our Stars commitments. We will host a virtual investor update on December 10th to discuss the meaningful progress we have made towards those commitments. At that point, we will have full visibility into bonus year 2028 Stars and some preliminary insights into 2027 membership expectations. As usual, I will frame my comments today around the four drivers of our business: product and experience, which drive customer retention and growth; clinical excellence, which delivers clinical outcomes and medical margin; highly efficient operations; and capital allocation and growth in both CenterWell and Medicaid. Let’s start with product and experience. Our 2026 member growth trajectory is on track, and our membership, both the new and returning membership, is performing as expected. As we look ahead to 2027, our number one priority in MA bids was to make the necessary margin progression to remain on track to deliver our 2028 commitment of returning to a sustainable margin of at least 3%. We must drive sustainable earnings and appropriate returns to be able to provide excellent health outcomes and service for our members and our patients. We expect our targeted margin expansion in 2027 to be driven by our ongoing focus on clinical excellence and operating efficiency work, combined with adjustments to our plan mix and benefits, which Celeste will touch on in a moment. Turning to clinical excellence, our outlook on bonus year 2028, or BY28 Stars, remains unchanged. We continue to be confident we are on the right track to return to top quartile Stars results in BY28. I want to remind everybody that at our Investor Day, we defined top quartile Stars results as per member per month Stars revenue that is 10% above our peer group median. Stars revenue PMPM considers the quality bonus and the percentage of rebate retained at each Star level. We use this metric because Stars revenue PMPM is what is important from a competitive perspective. Going forward, you will hear us focus on Stars revenue PMPM instead of solely on the percent of members in 4-plus Star plans. Turning to our Stars performance. Over the last 18 months, we have said that we were making strong operational progress. I’m truly proud of how our Stars organization and the broader enterprise has risen to this challenge. Now that the measurement period for BY28 is complete, we are pleased to be able to share some tangible examples to demonstrate the progress. I would point you to Appendix A within our posted remarks. This slide shows the rate of improvement achieved in BY28 as compared to the previous four years for a selection of 12 HEDIS and patient safety metrics. We have de-identified the metrics for competitive reasons. What I want you to take away from this slide is that our rate of improvement outpaced, and in many places meaningfully outpaced, the historical CAGR across 11 of the 12 measures. While we do not intend to share this detail every year, we wanted to share today as it demonstrates that the operational changes and the investments we have made in our Stars program over the last year and a half are driving the intended results. We are driven by our North Star to improve health outcomes for our members with the goal of achieving top quartile results on a sustainable basis. As you know, we don’t know industry thresholds, so while we feel good about our substantial progress, we cannot guarantee an outcome in October. As a reminder, we will go into our annual Stars blackout period as soon as we receive the plan preview information from CMS beginning in August until the final data is released by CMS in October. For BY29 Stars, we have maintained momentum with our member engagement efforts. Consistent with Q1, we remain 5% ahead of last year’s quality improvement rate on a per member basis in key HEDIS metrics at the end of Q2. Regarding our new members, we continue to remain encouraged by their performance to date as their engagement levels remain in line and on some measures higher than renewing members. Let me turn to highly efficient operations. I mentioned last quarter that we were making good progress on our operating model changes. Our goals have been threefold. First, to be simpler, leaner and faster, so driving efficiencies while reducing friction for our customers. Second, to lead on innovation, leveraging automation and AI and the best performing vendors. Third, to attract the best talent and ensure effective performance management. Let me provide examples to bring these changes to life. We are centralizing certain operations to simplify process and reduce variability in outcomes. One example is utilization management, where we centralize 11 markets into one team. This is driving G&A savings, but it is also creating a more consistent experience for providers and members. We are also expanding outsourcing while improving vendor performance. This year, we increased outsourcing in our finance and HR functions while we also continued to advance vendor optimization efforts in IT. We are also in the early stages of transforming select other vendor relationships from tactical labor-based engagements into strategic partnerships that can deliver greater business value and capabilities. Finally, we integrated our CarePlus operations. CarePlus is a legacy health plan acquisition that we integrated into our core platforms to eliminate redundancy, which drives greater value and scale while maintaining our reputable CarePlus brand in Florida. All in, we have made considerable progress in the first half of the year. Our operating model efforts have yielded hundreds of millions of dollars in value so far in 2026. Finally, let me turn to capital allocation. As we have previously noted, we have been pursuing non-core asset divestitures. We recently announced an agreement to divest our minority interest in Gentiva, which is valued at approximately $900 million. This divestiture will largely fund our recent acquisition of MaxHealth. We also continue to expand our Medicaid platform with the recent award of a statewide Illinois Medicaid managed care contract. That contract is set to go live in January of 2027, I’d like to note that Humana was the only new entrant awarded, along with five incumbents. In conclusion, we are performing as expected in 2026. Our member growth is expected to further fuel our ability to unlock the earnings potential of the business. We’re making good progress on Stars. We expect to make meaningful progress on MA margin expansion in 2027, and we remain on track to hit our investor day commitments in 2028. Before I turn it over to Celeste, I would like to highlight our announcement this morning that Paul Smith and Fred Crawford will join Humana’s Board of Directors. Paul is the Chief Commercial Officer at Anthropic, where he leads commercial strategy and global go-to-market operations. Paul brings over 30 years of experience leading global organizations through major technology transitions. Fred has deep financial and operational experience, having spent more than 30 years in the insurance and banking industries. Fred was the Chief Financial Officer of three publicly traded insurers, and most recently served as the President and Chief Operating Officer at Aflac until his retirement in 2024. Paul and Fred will complement our board’s expertise well, bringing a unique perspective that will be invaluable as we advance along our journey of becoming a consumer healthcare company. With that, I will turn it to Celeste for a few remarks before we go to Q&A.