Waterfall chart starting with $2.426 billion of reported 2Q26 HCB adjusted operating income, subtracting approximately $0.500 billion of favorable prior-period items, and ending at a Graver Research normalized proxy of $1.926 billion. The proxy remains $0.466 billion, or 31.9%, above $1.460 billion preprint consensus. Reported MBR of 87.4% normalizes to approximately 88.8%, still 100 basis points better than 89.8% consensus. The normalized figures are estimates, not company disclosures.