Q3 2025 Quarterly Prepared Remarks

Loews Corporation Third Quarter 2025 Earnings Remarks

Ben Tisch, President & CEO of Loews Corporation:

Loews reported net income of $504 million for the quarter, reflecting solid results across all of

our major subsidiaries. CNA had a particularly strong quarter, benefiting from an unusually light

hurricane season that allowed the company’s underlying underwriting results to shine through.

While we can’t predict the weather, we can control the quality of our underwriting—and this

quarter’s results underscore the discipline and prudence of Doug Worman and his team. At

Boardwalk, our pipeline subsidiary continues to deliver outstanding performance, supported by

exceptional industry fundamentals. Strong demand for natural gas transportation—driven by

industrial growth, AI data center expansion, and the ongoing build-out of LNG infrastructure—

continues to translate into meaningful EBITDA growth and an expanding backlog.

Meanwhile, Loews Hotels & Co is seeing the early fruits of several years of investment and

development work. The company’s three new Orlando properties, built adjacent to Universal’s

Epic Universe theme park, opened earlier this year and are already exceeding expectations. These

hotels represent the continuation of a nearly three-decade partnership with Universal and

further cement Loews Hotels’ reputation as one of the premier owners and operators of large-

scale, immersive destination properties.

Taken together, this quarter’s results highlight the strength, diversification, and cash-generative

nature of our businesses—attributes that give us tremendous flexibility in allocating capital and

compounding intrinsic value per share over time.

The proverbial cherry on top since our last update came just last Thursday, when Boardwalk

announced the Texas Gateway Project—a $1.2 billion, 155-mile new-build pipeline along the Gulf

Coast, underpinned by a 20-year agreement with an investment-grade anchor customer. It’s a

wonderful time to be in the natural gas transportation business, and this project exemplifies

Boardwalk’s disciplined approach to growth—investing where we have long-term visibility,

strong counterparties, and durable demand. To provide more detail on this exciting development

and on the broader industry backdrop, I’ve invited Scott Hallam, President and CEO of Boardwalk,

to share his thoughts.

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Before turning it over to Scott, let me briefly touch on share repurchases. Activity this quarter

was admittedly lighter than usual. I like to think of myself as an opportunistic repurchaser, and

with our stock reaching new all-time highs throughout the quarter, it was difficult to pull the

trigger. That said, for the avoidance of doubt, we continue to believe that Loews trades

meaningfully below our estimate of intrinsic value. You can expect us to remain disciplined yet

persistent in taking advantage of opportunities to shrink the denominator— living up to our long-

standing and well-earned reputation as serial share repurchasers.

Scott Hallam, President & CEO of Boardwalk Pipelines:

Thanks, Ben. I cannot recall a better time to be in the natural gas transportation and storage

business. By the end of 2025, U.S. gas demand is expected to reach an all-time high of more than

110 billion cubic feet per day (bcf/d), representing growth of more than 45% since 2015. LNG

exports and gas for electric power demand have driven much of this growth. While natural gas

demand has increased significantly over the past ten years, there has been relatively little

development of new pipeline and storage infrastructure. In fact, demand for natural gas has

grown by 64% since 2010 while infrastructure to deliver natural gas has increased by only 35%.

Consequently, Boardwalk has been able to achieve higher rates and better terms on

recontracting, which has substantially improved our profitability over the past several years.

We expect this increase in gas demand to persist over the next decade. All signs point to

continued growth in LNG demand. In fact, since the beginning of the year, six sizeable LNG

projects have reached a final investment decision, representing cumulative capacity of nearly 8

bcf/d (or 6%-to-7% of current U.S. gas demand). Additionally, after 15 years of stagnant power

demand growth, AI data centers have emerged as a major new load on the grid, necessitating

more natural gas. The U.S. Department of Energy estimates that data centers now consume

about 4% of U.S. electricity and they expect that this figure may rise to 7% to 12% within the next

three years. While there are a number of factors that could potentially temper data center

growth—including inadequate gas infrastructure as well as shortages of labor and raw

materials—we still expect power demand to be a meaningful driver of domestic natural gas

demand going forward.

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With over 14,000 miles of natural gas and NGL pipelines and 200 billion cubic feet of gas storage

located predominantly in the Gulf Coast region, Boardwalk is ideally situated to capitalize on

rising U.S. natural gas demand. Given the outsized growth of LNG exports, we expect the Gulf

Coast region to be the largest driver of natural gas demand for the next several decades. Data

center construction proximate to our pipeline network should also be a tailwind. Furthermore,

we expect this incremental gas demand to be met with supply from all basins, which is beneficial

for Boardwalk given our connectivity to the prolific Haynesville basin along with the

Utica/Marcellus.

As a result of this generational demand growth, we have started seeing more opportunities to

build large expansion projects. For context, over the past five years we have spent about $200 to

$300 million per year on growth capex, nearly all of which was attributable to efficient capital

projects within our existing footprint that maximize our capacity. These projects mostly involved

additional compression on our existing pipelines, as well as lateral pipelines from our system to

our customers’ facilities. Now we are seeing attractive opportunities to significantly expand our

pipeline system. Over the past year, we have contracted several large new growth projects with

capex of about $3 billion. These projects are secured by long-term contracts with anchor shippers

(typically 15 years or longer) and have revenue backlog of over $9.5 billion.

The majority of this capital is associated with two large projects: Kosci Junction and Texas

Gateway. The $1.0 billion Kosci Junction project consists of building approximately 110 miles of

36-inch pipe that will connect supply from the Haynesville, Utica/Marcellus and Fayetteville

basins to markets in the southeastern U.S. This project would add 1.2 bcf/d of natural gas

transportation capacity to our system, which currently has peak daily capacity of approximately

17 bcf/d. Last week we announced the new $1.2 billion Texas Gateway project, which consists

of approximately 155 miles of 36- or 42-inch pipe, as well as upgrades along our existing Gulf

South Pipeline. This project would add 1.5 to 2.5 bcf/d of natural gas transportation to our system

and would increase gas supply for LNG exporters, as well as utility and industrial end users in the

Gulf Coast. Both projects are supported by 20-year agreements with investment grade anchor

customers, and they are both anticipated to go into service in 2029.

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In addition to these major expansion projects, we are in the process of developing six medium-

sized projects. In total, these six projects are expected to cost approximately $700 million and

increase capacity on our system by 1.4 bcf/d (or approximately 8%). Most of these projects

involve adding additional compression along our existing pipeline infrastructure and several

require the construction of incremental pipeline. All of the projects are supported by 10- to 20-

year contracts with investment grade utility and industrial end users. Each of these projects is

described in more detail below:

• Our SECURE (Southeast Compression for Utility Reliability Expansion) project involves

adding incremental compression along our west-to-east Gulf South 42” pipeline to

increase capacity by 0.3 bcf/d. This project will provide additional gas supply to the

southeastern power market and is backed by 12- and 15-year contracts with two utility

customers. The expected in-service date is the first half of 2028.

• The PLUSS (Parks Line Upgrade and Sorrento Station) project will serve industrial and

power markets in the Mississippi River corridor with 0.2 bcf/d of incremental capacity.

This project involves additional compression facilities, as well as minor pipeline

modifications. The project is supported by three 10- to 15-year contracts with industrial

and utility customers. We anticipate an in-service date in the first half of 2028.

• The Eunice compressor station upgrade will increase the capacity of our pipeline by 0.1

bcf/d and is supported by three 10- to 13-year contracts, one of which is with a utility

customer and the other two of which are with marketers. This project is expected to be

in service in the first half of 2027.

• The Carnation project will increase the capacity of our system by 0.2 bcf/d through the

installation of a compressor unit in Ohio. This project is supported by a 20-year contract

with a local distribution company and is expected to be placed in service in the second

half of 2027.

• The Ohio Power Plant project involves increasing the capacity of our system by 0.3 bcf/d

through the construction of seven miles of additional pipeline and a delivery meter that

will connect to a power plant. The project is supported by a 10-year contract with a utility

customer and is anticipated to be in service in the first half of 2028.

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• In Northeast Texas, Boardwalk has a project designed to increase the delivery capacity of

its pipeline system by 0.3 bcf/d through the construction of 16 miles of incremental

pipeline and a delivery meter that connects to a power plant. This project is supported by

a 10-year contract with one utility customer and is expected to be in service in the second

half of 2027.

Our two larger projects should position us to win future growth as we add compression and

explore pipeline expansion opportunities. Boardwalk is particularly advantaged by its access to

the lowest cost supply in the Haynesville and Utica/Marcellus basins, and also by operating in

states that view natural gas as a source of economic development. Additionally, given the capital-

intensive nature of the pipeline industry, pipelines with last mile advantage to a potential

customer’s facility will be more cost effective than those that are even a few additional miles

away. By expanding the geographic scope of our system, Boardwalk will be closer to many more

power and industrial customers. Smaller growth projects that involve building lateral pipes to

such facilities generally offer higher returns on capital than the larger projects they support. For

context, we typically target low- to mid-teen unlevered returns for larger projects. Furthermore,

the two large projects we recently approved are accretive to the broader system by enhancing

both liquidity and diversity of gas supply, which makes the system even more attractive to

customers.

We’re excited about the upside potential of Boardwalk’s growth—but we are also laser-focused

on managing the risks associated with major expansion projects. While revenue risk is mitigated

by long-term contracts with credit-worthy counterparties, these projects still carry substantial

construction risk. We are acutely aware that more construction in the pipeline industry could

lead to inflation in the cost of material and labor. In addition to reserving for contingencies in our

cost estimates, we have taken a number of actions to address this risk. For example, we have

decided to accelerate the purchase of pipes and compression units in order to de-risk some of

our projects. We have also enhanced our project development and execution organization with

several new leaders to expand our capacity to meet the buildout requirements. Boardwalk has a

long track record of delivering projects on time and on budget, and we are focused on

maintaining this record.

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Based on Boardwalk’s current slate of growth projects, we are well-positioned to finance our own

expansion due to our substantial free cash flow and ample leverage capacity. We also believe we

can continue to pay distributions to Loews while maintaining our BBB rating. Furthermore, we

do not expect to materially increase our growth capex until 2027 through 2029 since the majority

of project capital is spent in the 12-to-18 months before the pipeline goes into service.

As these growth projects move forward, we’ll update you on their progress. We’re at a significant

moment in the natural gas transportation business, and it’s our intention to take advantage of

it—both by identifying and capitalizing on new opportunities, and also by proactively managing

the risks associated with growth.

Jane Wang, CFO of Loews Corporation:

Loews delivered an exceptionally strong third quarter, reporting net income of $504 million, or

$2.43 per share, compared to $401 million, or $1.82 per share, in the third quarter of 2024. The

26% year-over-year increase in net income and 34% increase in EPS were driven by robust results

at CNA and Boardwalk, partially offset by lower investment income at the parent company.

Reflecting strong earnings during the first nine months of the year, book value per share excluding

AOCI increased by nearly 7% from $88.18 at year-end 2024 to $94.00 at the end of the third

quarter of 2025. Total book value per share increased 11% in the same period from $79.49 to

$88.39 at the end of the third quarter of 2025, partially driven by lower unrealized losses in AOCI.

CNA contributed $371 million of net income to Loews, up more than 40% compared to $259

million in the third quarter of 2024. The increase was primarily driven by lower catastrophe losses,

stronger underlying underwriting results, and higher net investment income.

CNA’s combined ratio improved 4.4 points year-over-year to 92.8% in the third quarter of 2025,

reflecting only 1.5 points of catastrophe losses, 4.3 points lower than the prior year’s third quarter

which included Hurricane Helene. The underlying combined ratio improved modestly year-over-

year to 91.3% due to a 1.1-point better expense ratio, partially offset by a 0.8-point deterioration

in the underlying loss ratio. Expense ratio improvement reflected higher earned premiums and a

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favorable acquisition ratio while the underlying loss ratio pressure came from higher loss cost

trends in certain lines.

CNA’s net investment income continues to benefit from higher earnings from fixed income

securities. Fixed income earnings were up almost 5% in the third quarter of 2025 versus the prior

year’s third quarter due to a larger invested asset base and a small increase in effective yields.

performed its annual reserve assumption review in the third quarter, which resulted in an

immaterial change to the company’s GAAP reserves. Favorable premium rate actions offset

unfavorable impacts from incidence, claim closures and near-term cost-of-care inflation.

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

Turning to our natural gas pipeline business, Boardwalk continues to benefit from robust industry

fundamentals. Third-quarter EBITDA increased by 7% year-over-year, from $249 million to $267

million. Net income also grew by 22% year-over-year from $77 million to $94 million in the third

quarter of 2025. This growth was driven by higher re-contracting rates on transportation and

storage, as well as by contributions from recently completed growth projects.

As Scott mentioned, the company continues to make progress on several new growth projects.

During the third quarter, Boardwalk executed additional contracts on its Kosci Junction project,

increasing the revenue backlog to a total of $15.6 billion. This figure does not include $3.8 billion

of backlog related to the Texas Gateway project that was announced last week.

Loews Hotels reported Adjusted EBITDA of $69 million in the third quarter of 2025 compared to

$64 million in the third quarter of 2024. The 8% year-over-year increase was driven mostly by

stronger performance in Orlando and Arlington. The Orlando complex benefited from the

addition of three new properties that opened in the first half of 2025, as well as higher overall

occupancy and average daily rates at the existing hotels on the campus. The Arlington complex

also benefited from higher occupancy, as well as from increased food and beverage revenues.

The increase in these two locations was partially offset by lower available room nights in Miami

due to ongoing renovations, as well as lower occupancy at other city center hotels.

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The hotel company reported a $3 million net loss in the third quarter of 2025, compared to an $8

million net loss in the prior year period. Loews Hotels reported a slight loss despite strong

Adjusted EBITDA performance due to depreciation and interest expense associated with its three

new properties in Orlando. The prior year period was also impacted by a $15 million after-tax

impairment charge associated with a joint-venture property.

At the parent company, Loews posted robust investment income of $77 million for the quarter,

driven by strong performance in the trading portfolio. However, this result is lower than the prior

period’s net investment income of $110 million, which benefited from even stronger trading

performance. The corporate segment generated $42 million of net income in the third quarter of

2025 as investment income more than offset corporate expenses.

From a cash flow perspective, Loews received $189 million from its subsidiaries in the third

quarter, including $114 million in dividends from CNA and $75 million of distributions from

in dividends from CNA, including a special dividend of $497 million, and $225 million of

distributions from Boardwalk. During the third quarter Loews repurchased almost 600 thousand

shares of our common stock for approximately $56 million. Since the end of 2024, we

repurchased more than 8.2 million shares of our common stock, or almost 4% of our shares

outstanding, at a cost of $712 million. Loews ended 2025’s third quarter with $3.6 billion in cash

and investments.