Q4 2025 Quarterly Prepared Remarks

Loews Corporation Fourth Quarter 2025 Earnings Remarks

Ben Tisch, President & CEO

Loews reported nearly $1.7 billion of net income in 2025, reflecting strong performance from all

of our consolidated subsidiaries. Across the enterprise, we’ve built a combination of operating

momentum and financial flexibility that we believe positions us well as markets evolve and

conditions inevitably become more complex. CNA continues to generate substantial earnings,

Boardwalk is benefiting from exceptionally strong industry tailwinds, and Loews Hotels is

executing successfully on a long-term growth strategy that is beginning to bear fruit.

We are also navigating a deeply frustrating and potentially highly consequential legal process

related to our 2018 acquisition of the Boardwalk minority partnership units. While this matter

does not change our view of the underlying value of Boardwalk or our confidence in the business,

it does require time, attention, and capital, and it deserves to be addressed directly, which I plan

on doing later in these remarks.

Each of our major businesses is generating cash, has a sensible balance sheet, and is operating in

an environment with favorable long-term fundamentals. That combination gives us options —

and at Loews, optionality is one of our most valuable assets.

CNA continued to produce strong results in 2025, contributing nearly $1.2 billion of net income

to Loews. While loss cost trends — driven by persistent and unabating social inflation — remain

elevated across the industry, we expect net investment income to continue to serve as a

meaningful tailwind, helping to offset pressure on underwriting margins. Although pricing

momentum has moderated somewhat from extraordinary levels, it is difficult to envision casualty

lines entering a true soft market. Inflation in casualty classes remains elevated, suggesting that

this cycle is likely to be more muted than in the past. CNA’s disciplined approach to reserving and

pricing combined with the benefit of higher reinvestment yields leaves us confident in the

company’s ability to sustain its earnings trajectory.

At Boardwalk, we are seeing one of the most attractive opportunity sets in the company’s history.

It goes without saying that I cannot recall a better time to be in the natural gas transportation

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and storage business. U.S. natural gas demand reached an all-time high of more than 110 billion

cubic feet per day in 2025, representing growth of over 45% since 2015. Looking ahead, we

expect demand to continue rising over the next decade, driven primarily by LNG exports, power

generation, and data center development.

As a result of these tailwinds, Boardwalk is executing on a significantly expanded slate of growth

opportunities. The company currently has nine projects under development with aggregate

projected capital expenditures of approximately $3.3 billion. While this represents a meaningful

step-up from historical spending levels, the vast majority of that capital is concentrated in two

large, highly strategic projects.

The $1.0 billion Kosci Junction project consists of approximately 110 miles of 36-inch pipe,

connecting supply from the Haynesville, Utica/Marcellus, and Fayetteville basins to markets in

the southeastern United States. The project is expected to add roughly 1.2 bcf/d of capacity to

Boardwalk’s existing 17 bcf/d system.

The $1.3 billion Texas Gateway project consists of approximately 155 miles of new 36- or 42-inch

pipe, along with targeted upgrades to the Gulf South system. This project is designed to add

approximately 1.5 bcf/d of incremental capacity and materially increase gas supply to LNG

exporters as well as utility and industrial customers along the Gulf Coast.

Both projects are supported by 20-year agreements with investment-grade anchor customers

and are anticipated to enter service in 2028 and 2029 respectively. Importantly, these larger

investments expand the geographic reach of Boardwalk’s system and position the company to

capture additional, smaller-scale opportunities. Furthermore, both projects are designed with

future optionality in mind. As demand materializes, incremental compression can be added to

increase throughput at a fraction of the original capital cost. Because the pipe will already be in

the ground, we would expect any such upsizing to generate terrific incremental returns on

capital.

Beyond these two anchor projects, Boardwalk is pursuing seven additional growth initiatives.

The projects will require approximately $1.1 billion of capital and are expected to increase system

capacity by approximately 1.4 bcf/d, or about 8%. As a result of this activity, Boardwalk ended

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2025 with a contractual revenue backlog of nearly $19.6 billion, which represents an increase of

$5.4 billion, or 38%, from the prior year. The backlog carries a weighted average contract duration

of approximately nine years. Given Boardwalk’s strong cash flow profile, we expect the company

will be able to self-finance these capital expenditures.

The Boardwalk system is exceptionally well positioned to capitalize on the ongoing natural gas

renaissance. With subsidiary-level net debt to EBITDA of approximately 2.5x, Boardwalk has

ample balance sheet capacity to fund growth on its own. That said, I fully expect 2026 could be

another significant year for the announcement of large, contractually backed, high-return growth

projects. As those opportunities accumulate, it would not be surprising to see the rate of

distributions from Boardwalk moderate, or in certain cases for Loews to provide incremental

capital to support particularly attractive investments.

This dynamic speaks directly to the flexibility I referenced earlier and to the advantages of the

conglomerate model we’ve discussed in prior letters. Should the opportunity set warrant

additional capital, we are both willing and able to support Boardwalk’s growth. Needless to say

— though I will say it anyway — any moderation in distributions, or capital contributions from

Loews would be evaluated against the next best alternative uses of capital, including share

repurchases or investment in our other subsidiaries. As always, our objective is to allocate capital

where it can earn the highest risk-adjusted returns and most effectively compound intrinsic value

per share.

At Loews Hotels, the company made meaningful progress executing its long-term growth

strategy. Adjusted EBITDA increased 14% year-over-year to $372 million, driven primarily by the

successful opening of three new properties in Orlando and improved performance at the

company’s two Arlington hotels. Results would have been even stronger were it not for the

renovation at the Miami property, which is now substantially complete.

The two Arlington properties are ideally situated adjacent to Globe Life Field, AT&T Stadium, and

the National Medal of Honor Museum, and continue to perform well above expectations.

Building on that success, Loews Hotels recently announced plans to develop a new approximately

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500-room property that will replace the existing Arlington Sheraton, with an anticipated opening

in 2029.

Turning to capital allocation, we remained active in repurchasing shares during 2025. Over the

course of the year, we repurchased 8.9 million shares for a total cost of $782 million, representing

approximately 4% of shares outstanding at the beginning of the year. The bulk of these

repurchases occurred in the first half of the year, with activity slowing materially in the second

half as our stock reached new all-time highs.

As I’ve said before, I view Loews as an opportunistic share repurchaser. We approach buybacks

the way we always have — disciplined, opportunistic, and squarely focused on compounding

intrinsic value per share. Looking ahead, repurchase activity will take into account potential cash

needs related to growth projects and the Boardwalk litigation. That said, for the avoidance of

doubt, we continue to believe that Loews trades meaningfully below our estimate of intrinsic

value, and you should expect us to remain disciplined yet persistent in shrinking the denominator

(number of shares) when opportunities arise.

Finally, I want to address the most recent development in the long-running Boardwalk litigation,

which has now stretched on for nearly eight years. This litigation started in 2018, when Loews

acquired the remaining public shares of Boardwalk due to a change in the way FERC (Boardwalk’s

primary regulator) treated taxes for MLPs. As contemplated in Boardwalk’s partnership

agreement for this exact scenario, Loews received an opinion of counsel that allowed us to

repurchase the outstanding units at a formulaic, market-based price. In December, the Delaware

Supreme Court, in a 3-2 split decision, found the opinion was not rendered in good faith, and

therefore found a breach of the underlying partnership agreement and remanded the question

of tortious interference back to the Delaware Court of Chancery. The plaintiff’s unjust enrichment

claim was also returned to the lower court following their successful petition for reargument.

the majority of the Supreme Court got it wrong.

Irrespective of how this matter is ultimately resolved on the legal merits, I want to let our

shareholders and the former public unitholders of Boardwalk know: the litigation narrative

propounded by plaintiffs and reflected in the courts’ decisions bears little resemblance to what

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actually occurred. The transaction was executed strictly in accordance with the governing

partnership agreement, using a formula price based on the prior 180-day trading average, and

with extensive involvement from multiple advisors acting in good faith throughout the process.

For context, the original 2021 Chancery Court judgment against us was $690 million plus interest,

which, if applied in the most penal way, would exceed $1.2 billion today. This compares to the

$1.5 billion we paid in 2018 to acquire the Boardwalk minority units — a price dictated by the

partnership agreement. If reinstated, the original judgment would award plaintiffs a premium of

more than 80% over Boardwalk’s market value at the time of the transaction.

The only arguable benefit of having this dispute drag on for more than eight years is that we now

have the benefit of hindsight. We can see what actually happened in the marketplace, how

regulators behaved, and how the economics of the MLP structure ultimately played out. Viewed

through that lens, one conclusion is unavoidable: the opinion rendered by our external legal

counsel was right. The regulatory changes unfolded precisely as they analyzed they would. But

don’t take my word for it, look at how the market for publicly traded FERC regulated pipelines

has evolved -- they’ve all but disappeared. Almost every one of our competitors has abandoned

the structure to avoid this regulatory change. And yet, here we stand today facing a potential

judgment of over $1.0 billion because that opinion is now labeled “contrived” and “bad faith”—

despite the fact that time has proven it to be spot on. To say that this is maddening would be a

severe understatement.

While the process has been frustrating, time-consuming, and expensive, we remain very much in

the fight. We continue to believe that our conduct was proper, that the claims being advanced

are fundamentally flawed, and that the factual narrative accepted by the majority does not

withstand scrutiny. We will continue to defend our position vigorously — not only for Loews, but

for the principle that contracts mean what they say. We and our lawyers remain confident in our

chances of ultimately prevailing in the litigation, or short of winning on liability, having the

damages award significantly if not entirely reduced based on pre-existing Delaware law. As the

case develops, we’ll be sure to report back, but justice moves at a snail’s pace in Delaware, and I

don’t expect material events to unfold until at least the end of this year.

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In closing, notwithstanding the frustrating events unfolding in Delaware, Loews enters 2026 from

a position of strength. We own high-quality, cash-generative businesses operating in attractive

industries. Our balance sheet remains conservative, our capital allocation philosophy unchanged,

and our focus unwavering: to grow intrinsic value per share over the long term. While we do not

control markets, courts, or cycles, we do control our decisions — and we intend to continue

making them with discipline, patience, and a long-term owner’s mindset.

Jane Wang, CFO

Loews reported another year of robust results, with net income of $1,667 million or $7.97 per

share compared with $1,414 million or $6.41 per share in 2024. Adding back the $265 million

non-cash pension charge at CNA in 2024, our net income was roughly flat year-over-year.

Continued growth from CNA and Boardwalk were offset by lower parent company investment

income and decreased net income at Loews Hotels. For the fourth quarter, Loews reported net

income of $402 million compared to $187 million in the fourth quarter of 2024. The non-

recurrence of the fourth quarter 2024 pension charge was more than offset by lower earnings at

CNA and Loews Hotels. Boardwalk’s income was also lower due to a tax-related gain in 2024’s

fourth quarter.

Loews’s book value per share increased from $79.49 at the end of 2024 to $90.71 at the end of

2025. Excluding accumulated other comprehensive income, book value per share increased by

9% from $88.18 at the end of 2024 to $95.89 at the end of 2025.

Before I discuss CNA’s results, I am pleased to report that AM Best upgraded the company’s

financial strength rating to A+ from A in December. This upgrade reflects the significant progress

CNA has made in the performance of its business in recent years.

Moving on to the results, CNA contributed $276 million of net income in the fourth quarter of

2025 compared to $284 million in 2024’s fourth quarter, excluding a $265 million non-cash

pension charge that impacted the prior year’s results. For the full year, CNA contributed net

income of $1,173 million, which is slightly higher than the prior year’s net income of $1,144

million excluding the pension charge. The year-over-year change in net income was driven by

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higher investment income and improved P&C underwriting income, partially offset by higher

reserve charges in the corporate segment.

Growth in net investment income was driven by a greater contribution from fixed income

securities, which benefited from a larger invested asset base as well as a slightly higher pre-tax

yield of 4.9%. LPs and common stocks returned 11.2% in 2025 versus 13.3% in 2024.

In 2025, CNA continued its trajectory of steady, profitable growth. P&C underwriting income

grew by 11% as a result of lower catastrophe losses as well as growth in earned premiums. Net

written premiums grew by 5% in 2025, driven by a 4% increase in renewal premiums and strong

retention at 83%.

The full year combined ratio was essentially unchanged from the prior year at 94.7%. A 1.3-point

improvement in catastrophe losses and a 0.5-point improvement in the expense ratio were offset

by 0.8 points of deterioration in the underlying loss ratio and 0.8 points of unfavorable change in

prior period development. For the fourth quarter, the combined ratio increased by 0.7 points to

93.8%, driven by a higher underlying loss ratio.

The growth in investment and underwriting income for the year was partially offset by higher

reserve charges in CNA’s corporate segment. In the fourth quarter, CNA conducted the annual

review of its asbestos and environment pollution reserves, which resulted in an unfavorable non-

economic charge under its $4 billion loss portfolio transfer to National Indemnity Company.

In the Life and Group segment, CNA continues to proactively manage its run-off long-term care

business through rate increases and policy buyouts. Since CNA launched its buyout program, it

has bought out 12,000 policies, releasing nearly $400 million of reserves.

Please refer to CNA's Investor Relations website for more details on their results.

tailwinds, leading to higher transportation and storage rates. Fourth quarter EBITDA was

essentially flat at $287 million, and full year EBITDA increased by 8% to nearly $1.2 billion.

Boardwalk reported fourth quarter and full year net income of $110 million and $444 million,

respectively. Fourth quarter net income was lower year-over-year due to the non-recurrence of a

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favorable adjustment to deferred state income tax liabilities in 2024, resulting from state tax

reform in Louisiana. For the full year, net income increased by 7%, which is lower than the

increase in EBITDA due to higher depreciation related to asset retirements in connection with

new growth projects.

In our hospitality business, Loews Hotels reported $113 million of adjusted EBITDA in the fourth

quarter of 2025 compared with $84 million in the fourth quarter of 2024. Full year 2025 adjusted

EBITDA increased by 14% to $372 million from $326 million in 2024. The year-over-year EBITDA

improvement was driven by Orlando and Arlington, partially offset by the renovation in Miami,

which is now substantially complete.

Orlando’s growth this year was driven by an increase in the number of occupied room nights and

higher average daily rates. In the first half of 2025, the hotel company opened three additional

properties with 2,000 rooms in conjunction with the opening of Universal’s new Epic Universe

theme park. In total, Loews Hotels now manages and owns a 50% interest in 11 properties with

11,000 rooms at the Universal Orlando Resort.

In 2025, the Arlington complex continued to stabilize, with improved results driven by higher daily

rates and increased food and beverage revenue. The Loews Arlington Hotel, which opened in

2024, also benefited from a full year of operations.

On a net income basis, Loews Hotels reported $31 million of net income attributable to Loews in

2025 versus $70 million in 2024. In addition to the Miami renovation, the year-over-year decline

was due to higher depreciation and interest expenses related to the company's newly opened

properties in Orlando, which are still in the process of ramping up. In addition, Hotels took a $20

million after tax impairment charge in the fourth quarter related to the announced replacement

of the Sheraton in Arlington, a property that was owned by Loews Hotels but managed by a third

party.

Finally, the Loews parent company recorded higher investment income for 2025’s fourth quarter

but lower income for the full year. During the fourth quarter of 2025, net investment income

increased by $8 million to $41 million compared to the fourth quarter of 2024. For the full year

the parent company produced net investment income of $158 million versus $193 million a year

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earlier due to a lower return in our trading portfolio and a lower yield on our cash and short-term

investments.

From a cash flow perspective, Loews received $954 million in dividends from CNA and $500

million of distributions from Boardwalk in 2025. During the fourth quarter, Loews repurchased

one million shares for $98 million. That brings our total 2025 share repurchases to 8.9 million

shares at a total cost of $782 million or $87.72 per share. Loews ended 2025 with about $3.9

billion in cash and short-term investments.

Today, CNA announced that it increased its regular quarterly dividend to $0.48 per share and

declared a special dividend of $2.00 per share, which amounts to $616 million for Loews, which

we expect to receive in March.