Loews Corporation · NYSE:L
Loews — Q4 2025 Earnings Presentation
39 slides from Loews's earnings presentation, February 2026
Slide 1: Investor Presentation 2025 Q4
INVESTOR PRESENTATION February 2026 2025 Q4
Slide 2: Legal Disclaimers
Legal Disclaimers Forward Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our subsidiaries’ earnings releases and SEC filings. We urge you to read those documents, and we specifically direct you to the forward-lookin
Slide 3: Loews Corporation Overview
Loews Corporation Overview $10.7 billion Property & Net Written Premiums ~92% Casualty Ownership (NYSE: CNA) Insurance $13.5 billion Market Cap Private Subsidiaries Natural Gas & 100% $1.2 billion NGLs $3.9 billion Cash Ownership EBITDA1 Midstream & Investments $1.8 billion Debt 18,656 System- Delux
Slide 4: Loews Investment Highlights
Loews Investment Highlights Long history of shareholder value creation Strong and consistent dividends from subsidiaries Prudent capital allocation strategy and conservative financial management Substantial liquidity with a portfolio of cash and investments in excess of parent company debt 4
Slide 5: Financial Performance Q4 2025
Financial Performance Q4 2025
Slide 6: 2025 Fourth Quarter – Key Highlights
2025 Fourth Quarter – Key Highlights December 31 • Net income of $402 million, or $1.94 per share in Q4 Three Months Years Ended 2025 vs. $187 million, or $0.86 per share in Q4 2024 (in millions, except per share data) 2025 2024 2025 2024 • Repurchased 1.0 million Loews shares at an Revenues $ 4,734
Slide 7: Net Income (Loss) by Segment
Net Income (Loss) by Segment Q4 2025 Subsidiary Highlights vs December 31 Q4 2024 Three Months Years Ended • CNA's net income attributable to Loews Corporation for 2024 ($ millions) 2025 2024 2025 2024 includes a pension settlement charge for $265 million. Excluding this charge net income decreased
Slide 8: Financial Trends
Financial Trends Dividends from subsidiaries Shares outstanding ($ millions) (shares in millions as of period-end) Dividends from subsidiaries per Loews share Book value per share (ex. AOCI) (as of period-end) Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 8
Slide 9: Parent Company Cash and Investments
Parent Company Cash and Investments Parent company cash & investments Year-over-year roll forward ($ billions as of period-end) ($ millions) 1 1. In May of 2023, the parent company retired $500 million outstanding senior notes. 2. Includes interest on parent company debt, corporate administrative ex
Slide 10: CNA Financial – Financial Highlights
CNA Financial – Financial Highlights Financials1 December 31 Three Months Years Ended ($ millions, except per share data) 2025 2024 2025 2024 Core income2 $ 317 $ 342 $ 1,342 $ 1,316 Net investment losses (after-tax) (15) (31) (64) (64) Pension settlement losses — (290) — (293) Net income 302 21 1,2
Slide 11: Boardwalk Pipelines – Financial Highlights
Boardwalk Pipelines – Financial Highlights Financials1 December 31 Three Months Years Ended ($ millions) 2025 2024 2025 2024 Operating revenue $ 612 $ 566 $ 2,306 $ 2,028 Net income 141 142 595 511 Loews accounting adjustments2 (31) 3 (151) (98) Net income attributable to Loews $ 110 $ 145 $ 444 $ 4
Slide 12: Loews Hotels & Co – Financial Highlights
Loews Hotels & Co – Financial Highlights Financials December 31 Three Months Years Ended ($ millions) 2025 2024 2025 2024 Operating revenue $ 205 $ 209 $ 818 $ 806 Revenues related to reimbursable expenses 30 31 127 127 Revenue 235 240 945 933 Asset impairments (25) — (25) — Pretax income 12 32 52 9
Slide 13: Parent Company Overview
= ak LO EWS | Parent Company L_ LOE. Overview
Slide 14: Loews Capital Allocation Approach
Loews Capital Allocation Approach • Maintain a strong balance sheet • Evaluate capital deployment opportunities based on risk-adjusted returns • Continually balance the uses of Loews capital 1 2 3 Repurchase Invest in existing Make Loews shares subsidiaries opportunistic investments Loews Corporatio
Slide 15: The Loews Discount
The Loews Discount Loews’s market cap is less than its sum-of-the-parts. CNA trades at a discount to its peers and the market assigns inadequate value to the private subsidiaries. $12.4 billion Market Trades at earnings and book value discount to Value of Loews’s Stake peers + Net Cash1 – $2.1 billi
Slide 16: Long History of Share Repurchases
Long History of Share Repurchases 400 Total Shares Outstanding 373 350 340 337 332 Since year-end 300 312 2014, we have (millions) retired 45% of our 291 common shares 250 269 outstanding 248 236 222 215 200 206 150 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Shares Repurchased 15 33
Slide 17: Loews is a Long-Term Partner
Working with Our Subsidiaries While each subsidiary’s experienced management team guides day-to-day operations, Loews provides advice in several areas: Major capital Mid- to long-term Hiring of senior allocation decisions strategic planning management Loews is a Long-Term Partner Loews Corporation │
Slide 18: Strong and Consistent Cash Flow
Strong and Consistent Cash Flow $1,800 Dividends $1,653 $1,577 from $1,600 199 Subsidiaries1 243 $1,400 Corporate $1,200 $1,156 $1,120 Net Investment $1,006 ($ millions) 229 $952 $970 114 Income (Loss)2 $1,000 59 99 $800 1,454 1,334 $600 947 978 1,006 927 853 $400 $200 $0 (8) ($200) 2019 2020 20
Slide 19: Subsidiary Overviews
_ L. LO EWS | Subsidiary Overviews CORPORATION
Slide 20: CNA Financial
CNA Financial Company Snapshot • One of the largest U.S. commercial property and casualty insurance companies • Provides a broad range of standard and specialized property and casualty insurance products and services SPECIALTY COMMERCIAL INTERNATIONAL LIFE & GROUP By the Numbers Financial lines, man
Slide 21: CNA – Strategic Direction
CNA – Strategic Direction Continued excellent underwriting Underlying Combined Ratio1 performance P&C Operations • An underwriting-focused culture with substantial expertise across underwriting, risk control, claims and actuarial 91.4% 91.2% 90.9% 91.5% 91.8% • Effective portfolio management through
Slide 22: CNA – Disciplined Capital Management
CNA – Disciplined Capital Management $15.6 $15.5 $15.7 $16 Excellent capitalization with prudent $1,200 $14.6 $13.5 leverage and modest corporate $12.9 $14 obligations $1,000 $12 • $11.6 billion of GAAP equity and $3.0 billion of debt $800 $10 • $15.7 billion of GAAP capital ex AOCI $545 $545 • Stat
Slide 23: Boardwalk Pipelines
Boardwalk Pipelines Company Snapshot Boardwalk Strategy • Transports and stores natural gas, natural gas liquids, olefins and other hydrocarbons and provides ethane supply services with minimal exposure to commodity price volatility Maintain Strong Enhance Existing Identify Strategic Commit to Opera
Slide 24: Boardwalk – Strong Financial Position
Boardwalk – Strong Financial Position Substantial Backlog Strong Liquidity • Approximately $19.6 billion1 of firm contract backlog • Boardwalk expects its resources, including its operating cash flows, revolving credit facility and cash and short-term • Over 87% of future contracted revenues are wit
Slide 25: Boardwalk – Growth Projects
Boardwalk – Growth Projects1 Eunice-Iowa Ohio Power Plant 2 • Capacity: 120 MDth/d • Capacity: 265 MDth/d 5 01 • Status: In Construction 05 • Status: Design & Permitting • Target In-Service: Third Quarter 2026 • Target In-Service: First Half 2028 Carnation SECURE • Capacity: 170 MDth/d • Capacity: 2
Slide 26: Loews Hotels & Co
Loews Hotels & Co Company Snapshot System-wide Guest Rooms as of December 31, 2025 • Owned, joint venture and managed hotels in the U.S. • Exclusive, local experiences 4,840 13,816 18,656 • Focused on group meeting hotels, and hotels bolstered by a demand generator, such as City Center Hotels Resort
Slide 27: Loews Hotels & Co – Key Operating Metrics
Loews Hotels & Co – Key Operating Metrics Loews Hotels & Co is focused on profitable growth over the long term • Loews Hotels & Co continues to leverage its position as an owner and operator of hotels with a growth strategy that rests on two pillars: • Core Loews Hotels – focused on excellence in th
Slide 28: Loews Hotels & Co – Portfolio
Loews Hotels & Co – Portfolio Ownership - Ops Commenced / As of December 31, 2025 Location Rooms Ownership %1 Managed Only OWNED (11) Live! by Loews - Arlington Texas* Arlington, TX 300 100% 2019 Loews Arlington Hotel* Arlington, TX 888 100% 2024 Loews Chicago Hotel Chicago, IL 400 100% 2015 Loews C
Slide 29: Altium Packaging
Altium Packaging Packaging company that serves stable consumer-oriented end markets COMPANY SNAPSHOT • Altium Packaging’s experienced management team brings a A leading North American manufacturer of rigid plastic packaging with 64 facilities across strong track record of the U.S. and Canada operati
Slide 30: Altium Packaging – Rigid Packaging Overview
Altium Packaging – Rigid Packaging Overview • Focuses on short- and mid-run volumes • Covers a variety of attractive, recession-resistant, consumer-oriented focus segments Household Chemical Food / Nutrition Dairy 11% of Sales 20% of Sales 22% of Sales Industrial / Specialty Chemical Pharma Water /
Slide 31: Altium Packaging – Acquisitions with Attractive Post-Synergy Multiples
Altium Packaging – Acquisitions with Attractive Post-Synergy Multiples Diversification through acquisition Investment Outlook • Loews recouped initial equity investment in (2022) 2021 through a partial sale and dividend (2022) recap; Loews still owns ~53% of the company • Altium operates in a fragme
Slide 32: Appendix
[LO EWS IL LEY. | Appendix
Slide 33: Appendix – Loews Corp. Debt Maturity Profile
Appendix – Loews Corp. Debt Maturity Profile Staggered debt maturities ($ millions) Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 33
Slide 34: Appendix – Loews Consolidating Condensed Balance Sheet
Appendix – Loews Consolidating Condensed Balance Sheet CNA Boardwalk Loews December 31, 2025 Financial Pipelines Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 50,872 $ 851 $ 290 $ 3,858 $ 55,871 Receivables 10,628 264 26 65 10,983 Property, plant and equipment 282 8,808 1
Slide 35: Appendix – CNA Core Income
Appendix – CNA Core Income1 December 31 Three Months Years Ended ($ millions) 2025 2024 2025 2024 Net income attributable to Loews $ 276 $ 19 $ 1,173 $ 879 Investment losses 15 31 64 64 Pension settlement losses — 290 — 293 Noncontrolling interests 26 2 105 80 Core income $ 317 $ 342 $ 1,342 $ 1,316
Slide 36: Appendix – CNA Underlying Loss Ratio and Underlying Combined Ratio
Appendix – CNA Underlying Loss Ratio and Underlying Combined Ratio1 December 31 Three Months Years Ended 2025 2024 2025 2024 2023 2022 2021 Loss ratio 63.4 % 62.8 % 64.6 % 64.3 % 62.5 % 62.0 % 64.8 % Expense ratio 30.1 30.0 29.7 30.2 30.7 30.9 31.1 Dividend ratio 0.3 0.3 0.4 0.4 0.3 0.3 0.3 Combined
Slide 37: Appendix – Boardwalk EBITDA
Appendix – Boardwalk EBITDA1 December 31 Three Months Years Ended 2025 2024 2025 2024 ($ millions) Net income attributable to Loews $ 110 $ 145 $ 444 $ 413 Interest, net 36 37 147 152 Income tax expense 31 — 140 92 Depreciation and amortization 110 108 443 429 EBITDA $ 287 $ 290 $ 1,174 $ 1,086 1. E
Slide 38: Appendix – Loews Hotels & Co Adjusted EBITDA
Appendix – Loews Hotels & Co Adjusted EBITDA1 Reconciliation of Net Income to Adjusted EBITDA December 31 Three Months Years Ended ($ millions) 2025 2024 2025 2024 Loews Hotels & Co net income attributable to Loews Corporation $ 6 $ 27 $ 31 $ 70 Interest, net 14 12 57 42 Income tax expense 6 5 21 25
Slide 39: Appendix – Loews Hotels & Co Adjusted Mortgage Debt
Appendix – Loews Hotels & Co Adjusted Mortgage Debt1 December 31, 2025 December 31, 2024 (In millions) Short term debt of Loews Hotels $ 2 $ 4 Long term debt of Loews Hotels 999 998 Total debt of Loews Hotels $ 1,001 $ 1,002 Deferred financing fees and original issue discount 8 9 Noncontrolling inte