Loews Corporation (L) investor relations material

Executive summary

• Net income for Q1 2026 was $337 million ($1.63 per share), down from $370 million ($1.74 per share) in Q1 2025, mainly due to lower CNA results and higher parent company expenses, partially offset by gains at Boardwalk Pipelines and Loews Hotels & Co.

• Revenues for Q1 2026 were $4.56 billion, a slight increase from $4.49 billion in Q1 2025.

• Book value per share excluding AOCI rose to $97.20 as of March 31, 2026, from $95.89 at year-end 2025.

• Parent company cash and investments totaled $4.5 billion as of March 31, 2026.

• Repurchased 0.3 million shares for $31 million in Q1 2026.

Financial highlights

• Dividends from subsidiaries totaled $691 million in Q1 2026.

• Parent company debt remained at $1.8 billion as of March 31, 2026.

• Net investment income increased to $613 million from $608 million year-over-year.

• Weighted average shares outstanding declined to 206 million as of March 31, 2026.

• Dividends paid per share held steady at $0.0625.

Outlook and guidance

• No formal guidance provided; management emphasizes prudent capital allocation, strong liquidity, and highlights inherent uncertainties and risks that could materially impact future results.

• Boardwalk Pipelines has $3.2 billion in growth projects expected to be completed through 2030, with $245 million spent as of March 31, 2026.

• Approximately $23.7 billion in future operating revenues are expected from outstanding performance obligations, with $2.3 billion to be recognized in the remainder of 2026.

• Focus remains on shareholder value creation and disciplined investment in subsidiaries.