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INVESTOR PRESENTATION August 2026 2026 Q2
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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-looking statements disclaimers and risk factors they contain. The primary purpose of this presentation is to help you understand how we view our Company and oursubsidiaries, not to update our or our subsidiaries’ filings or correct any forecasts – we categorically do not give guidance. Conditions faced by our various businesses may have changed – for better or worse – since the time periods reflected in this presentation and we disclaim any obligation to update the information presentedherein. Any statements made in addressing our or our subsidiaries’ results are not meant as an indication of the Company’s or our subsidiaries’ performance since the time of our or our subsidiaries’ latest public filings and disclosures. Statements contained in this presentation which are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Forward- looking statements are inherently uncertain and there are a number of important risk factors that could cause the actual results for each of the companies discussed in this presentation to differ from those expressed in forward-looking statements contained herein, including those risk factors discussed in detail in annual and quarterly reports and other filings made with the SEC by Loews Corporation and its consolidated subsidiaries: CNA Financial Corporationand Boardwalk Pipeline Partners, LP. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Non-GAAP Financial Measures. This presentation contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries’ financial performance. These non-GAAP measures are reconciled to the most comparable GAAP measures herein. For additional information regarding these non-GAAP measures, please refer to the earnings release we made available with this presentation. Where You Can Find More Information. Annual, quarterly and other reports filed with the SEC by Loews Corporation and its consolidated subsidiaries: CNA Financial Corporation and Boardwalk Pipeline Partners, LP contain important additional information about those companies and we urge you to read this presentation together with those filings, copies of which are available, as applicable, at the corporate websites of Loews Corporation at www.loews.com and such subsidiaries at www.cna.com and www.bwpipelines.com, or at the SEC’s website at www.sec.gov. • To view the most recent SEC filings of Loews Corporation, https://loews.com/investors/financials/sec-filings/default.aspx • To view the most recent SEC filings of CNA Financial Corporation, https://investor-relations.cna.com/financial/sec-filings/default.aspx • To view the most recent SEC filings of Boardwalk Pipeline Partners, LP https://www.bwpipelines.com/news-and-media/sec-filings/ 2 Legal Disclaimers
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3 Loews Corporation Overview ~92% Ownership Property & Casualty Insurance $10.7 billion Net Written Premiums $14.2 billion Market Cap 100% Ownership Natural Gas & NGLs Midstream $1.2 billion EBITDA1 100% Ownership Deluxe & Luxury Hotels 18,658 System- wide Guest Rooms2 ~53% Ownership Rigid Plastic Packaging $1.3 billion Net Sales $4.4 billion Cash & Investments $1.8 billion Debt $23.7 billion Market Cap Rated A/A3 All data is as of or for the year ended December 31, 2025, except cash & investments, debt, ownership and system-wide guest rooms, which is as of June 30, 2026, and market cap data, which is as of July 31, 2026. 1. See Appendix – “Boardwalk EBITDA” for a reconciliation of net income attributable to Loews to EBITDA, a non-GAAP measure. 2. See page titled “Loews Hotels & Co – Portfolio” for additional information about hotels owned and operated by Loews Hotels & Co. (NYSE: CNA) Private Subsidiaries
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4 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
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Financial Performance Q2 2026
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Loews press release: https://loews.com/investors/financials/quarterly- results/default.aspx 6 Balance sheet data included in this presentation is as of the end of each period presented. 2026 Second Quarter – Key Highlights • Net income of $444 million, or $2.16 per share in Q2 2026 vs. $391 million, or $1.87 per share in Q2 2025 • Repurchased 1.4 million Loews shares at an aggregate cost of $146 million during the three months ended June 30, 2026 • Book value per share increased to $93.52 as of June 30, 2026 from $90.71 as of December 31, 2025 • Book value per share excluding AOCI increased to $99.27 as of June 30, 2026 from $95.89 as of December 31, 2025 • Dividends from subsidiaries totaled $194 million in Q2 2026 • $4.4 billion in cash and investments at the parent company at June 30, 2026 June 30 Three Months Six Months (in millions, except per share data) 2026 2025 2026 2025 Revenues $ 4,734 $ 4,555 $ 9,289 $ 9,049 Net income 444 391 781 761 Net income per share 2.16 1.87 3.79 3.61 Dividends paid per share 0.0625 0.0625 0.1250 0.1250 Weighted average shares 205.6 209.4 205.9 211.0 June 30, 2026 December 31, 2025 Cash & investments (Parent company) $ 4,409 $ 3,874 Total debt (Parent company) 1,800 1,800 Book value per share 93.52 90.71 Book value per share excluding AOCI 99.27 95.89 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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7 Net Income (Loss) by Segment June 30 Three Months Six Months ($ millions) 2026 2025 2026 2025 CNA $ 294 $ 274 $ 488 $ 526 Boardwalk 100 88 259 240 Hotels 48 28 74 28 Corporate 2 1 (40) (33) Net income attributable to Loews $ 444 $ 391 $ 781 $ 761 Q2 2026 Subsidiary Highlights vs Q2 2025 • CNA's net income attributable to Loews Corporation increased year-over-year primarily due to higher net investment income from higher limited partnership and common stock returns as well as higher income from fixed income securities, and lower investment losses, partially offset by lower underlying underwriting results. • Boardwalk’s results improved year-over-year due to an increase in gas transportation revenues from higher contracting rates and recently completed growth projects, as well as higher product sales, partially offset by higher operating expenses. • Loews Hotels’ results increased year-over-year primarily due to higher average daily rates and occupied room nights across most of its portfolio, particularly at the Universal Orlando Resort properties and the Miami Beach Hotel post renovation. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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8 Financial Trends Shares outstanding Dividends from subsidiaries per Loews share Book value per share (ex. AOCI) Dividends from subsidiaries (shares in millions as of period-end) (as of period-end) ($ millions) Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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9 Parent Company Cash and Investments Year-to-Date roll forward ($ millions) 1. In May of 2023, the parent company retired $500 million outstanding senior notes. 2. Includes interest on parent company debt, corporate administrative expenses, and income tax payments and receipts. Parent company cash & investments ($ billions as of period-end) 1 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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10 CNA Financial – Financial Highlights 1. Unless noted as attributable to Loews, financial results are at the subsidiary level. Net written premiums and ratios reflect Property & Casualty Operations results. 2. See Appendix – “CNA Core Income” for a reconciliation of net income attributable to Loews to Core Income, a non-GAAP measure. 3. See Appendix – “CNA Underlying Loss Ratio and Underlying Combined Ratio” for a reconciliation of CNA’s loss ratio to underlying loss ratio and CNA’s combined ratio to underlying combined ratio, which are non-GAAP measures. Financials1 June 30 Three Months Six Months ($ millions, except per share data) 2026 2025 2026 2025 Core income2 $ 324 $ 335 $ 549 $ 616 Net investment losses (after-tax) (3) (36) (17) (43) Net income 321 299 532 573 Loews accounting adjustments: Amounts attributable to noncontrolling interests (27) (25) (44) (47) Net income attributable to Loews $ 294 $ 274 $ 488 $ 526 Net written premiums $ 2,965 $ 2,846 $ 5,587 $ 5,452 Underlying combined ratio3 94.2% 91.7% 94.5% 92.0% Combined ratio 96.5% 94.1% 99.4% 96.3% Underlying loss ratio3 64.1% 61.5% 64.1% 61.5% Loss ratio 66.4% 63.9% 69.0% 65.8% Regular and special dividends per share $ 0.48 $ 0.46 $ 2.96 $ 2.92 June 30, 2026 December 31, 2025 Invested assets (fair value) $ 50,456 $ 50,447 Book value per share ex. AOCI 45.83 46.99 Book value per share 41.34 42.93 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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11 Boardwalk Pipelines – Financial Highlights 1. Unless noted as attributable to Loews, financial results are at the subsidiary level. 2. Includes adjustments for purchase accounting and income taxes. 3. See Appendix – “Boardwalk EBITDA” for a reconciliation of net income attributable to Loews to EBITDA, a non-GAAP measure. Financials1 June 30 Three Months Six Months ($ millions) 2026 2025 2026 2025 Operating revenue $ 572 $ 534 $ 1,195 $ 1,153 Net income 134 121 346 328 Loews accounting adjustments2 (34) (33) (87) (88) Net income attributable to Loews $ 100 $ 88 $ 259 $ 240 EBITDA3 279 274 639 620 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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12 Loews Hotels & Co – Financial Highlights 1. See Appendix –“Loews Hotels & Co Adjusted EBITDA” for a reconciliation of net income attributable to Loews Corporation to Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA does not adjust for pre-opening expenses, which were $0.2 million and $3.6 million for the three months ended June 30, 2026 and 2025, and $0.2 million and $7.0 million for the six months ended June 30, 2026 and 2025. 2. See Appendix –“Loews Hotels & Co Adjusted Mortgage Debt” for a reconciliation of Loews Hotels & Co's total debt to Adjusted Mortgage Debt, a non-GAAP measure. Adjusted Mortgage Debt is adjusted for Loews Hotels & Co’s ownership interest in the asset underlying the borrowing. Financials June 30 Three Months Six Months Ended ($ millions) 2026 2025 2026 2025 Operating revenue $ 245 $ 222 $ 463 $ 433 Revenues related to reimbursable expenses 31 32 67 66 Revenue 276 254 530 499 Asset impairments — — (9) — Pretax income 69 39 106 43 Net income attributable to Loews 48 28 74 28 Adjusted EBITDA1 137 109 261 190 Adjusted Mortgage Debt, period-end2 2,137 2,129 2,137 2,129 1. See Appendix –“Loews Hotels & Co Adjusted EBITDA” for a reconciliation of net income attributable to Loews Corporation to Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA does not adjust for pre-opening expenses, which were $0.2 million and $3.6 million for the three months ended June 30, 2026 and 2025, and $0.2 million and $7.0 million for the six months ended June 30, 2026 and 2025. 2. See Appendix –“Loews Hotels & Co Adjusted Mortgage Debt” for a reconciliation of Loews Hotels & Co's total debt to Adjusted Mortgage Debt, a non-GAAP measure. Adjusted Mortgage Debt is adjusted for Loews Hotels & Co’s ownership interest in the asset underlying the borrowing. Financials June 30 Three Months Six Months Ended ($ millions) 2026 2025 2026 2025 Operating revenue $ 245 $ 222 $ 463 $ 433 Revenues related to reimbursable expenses 31 32 67 66 Revenue 276 254 530 499 Asset impairments — — (9) — Pretax income 69 39 106 43 Net income attributable to Loews 48 28 74 28 Adjusted EBITDA1 137 109 261 190 Adjusted Mortgage Debt, period-end2 2,137 2,129 2,137 2,129 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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Parent Company Overview
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Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 14 • Maintain a strong balance sheet • Evaluate capital deployment opportunities based on risk-adjusted returns • Continually balance the uses of Loews capital Repurchase Loews shares 1 2 Make opportunistic investments 3 Invest in existing subsidiaries Loews Capital Allocation Approach
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15 The Loews Discount All data is as of June 30, 2026 except market cap and implied market value data, which is as of July 31, 2026. 1. Represents Loews parent company cash and investments net of debt. 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. Private Subsidiaries – Only $8.1 billion Implied Market Value Trades at earnings and book value discount to peers $13.0 billion Market Value of Loews’s Stake Net Cash1 – $2.6 billion + +$23.7 billion Market Cap Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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Shares Repurchased (millions) 15 33 3 5 20 22 22 21 13 14 8 9 2 Total Cost ($ millions) $622 $1,265 $134 $216 $1,026 $1,051 $923 $1,132 $738 $852 $617 $789 $179 373 340 337 332 312 291 269 248 236 222 215 206 204 150 200 250 300 350 400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6/30/26 (millions) 16 Long History of Share Repurchases Since year-end 2014, we have retired 45% of our common shares outstanding Shares outstanding are as of the end of each period. Total Shares Outstanding Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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17 While each subsidiary’s experienced management team guides day-to-day operations, Loews provides advice in several areas: Loews is a Long-Term Partner Major capital allocation decisions Mid- to long-term strategic planning Hiring of senior management Working with Our Subsidiaries Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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947 853 978 1,006 1,334 1,454 885 59 99 (8) 114 243 199 51 $1,006 $952 $970 $1,120 $1,577 $1,653 $936 ($200) $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2020 2021 2022 2023 2024 2025 6/30/26 YTD 18 Strong and Consistent Cash Flow 1. All dividends are subject to declaration by the respective Boards of Directors. 2. Parent company pretax net investment income (loss). n Dividends from Subsidiaries 1 n Corporate Net Investment Income (Loss)2 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium ($ millions)
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Subsidiary Overviews
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• 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 Company Snapshot By the Numbers (year ended/as of Dec. 31, 2025, $ in millions) Revenue $ 14,989 Core income1 $ 1,342 Net income $ 1,278 Net income attributable to Loews $ 1,173 Invested assets at fair value $ 50,447 Loews ownership ~92% Property & casualty and specialty operations in Canada, the UK, Europe and via Lloyd’s INTERNATIONAL Property & casualty insurance for small, mid-size and large businesses SPECIALTY COMMERCIAL Long-term care and other discontinued operations LIFE & GROUP $3.5 billion $5.8 billion $1.3 billion $0.4 billion 2025 Net Earned Premiums2025 Net Written Premiums: $10.7 billion CNA Financial Financial lines, management liability, healthcare, surety and warranty CNA P&C Ratings A.M. Best S&P Moody’s Fitch Outlook Stable Stable Positive Stable Financial Strength Rating A+ A+ A2 A+ As of June 30, 2026. 20Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 1. See Appendix – “CNA Core Income” for a reconciliation of net income attributable to Loews to Core Income, a non-GAAP measure.
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91.4% 91.2% 90.9% 91.5% 91.8% 2021 2022 2023 2024 2025 P&C Operations 21 Underlying Combined Ratio1 CNA – Strategic Direction Continued excellent underwriting performance • An underwriting-focused culture with substantial expertise across underwriting, risk control, claims and actuarial • Effective portfolio management through increased specialization • Targeted, strategic engagement with distribution partners to attract high-quality new business • Strong underwriting margins through risk selection, pricing, terms and conditions 1. See Appendix – “CNA Underlying Loss Ratio and Underlying Combined Ratio” for a reconciliation of CNA’s loss ratio to underlying loss ratio and CNA’s combined ratio to underlying combined ratio, which are non-GAAP measures. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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$480 $502 $267 $545 $545 $545 $13.5 $14.6 $14.2 $15.5 $15.7 $15.4 $0 $2 $4 $6 $8 $10 $12 $14 $16 $0 $200 $400 $600 $800 $1,000 $1,200 2024 2025 YTD 6/30/26 Regular Dividend Special Dividend Total Capital Total Capital Excl. AOCI 22 CNA – Disciplined Capital Management Excellent capitalization with prudent leverage and modest corporate obligations • $11.2 billion of GAAP equity and $3.0 billion of debt • $15.4 billion of GAAP capital ex AOCI • Statutory surplus of $11.2 billion • A+ financial strength rating (S&P, A.M. Best and Fitch) • All as of June 30, 2026 Returned over $8.2 billion to shareholders since the beginning of 2018 • Increased quarterly dividend to $0.48 per share in Q1 2026 • Declared a special dividend of $2 per share in Q1 2026 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium ($ millions) ($ billions)
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Company Snapshot By the Numbers (year ended/as of Dec. 31, 2025, $ in millions) Revenue $ 2,306 EBITDA1 $ 1,174 Average daily throughput 10.7 Bcf Total miles of pipeline 14,275 Underground gas storage capacity 200 Bcf Liquids storage capacity 31 MMBbls Loews ownership 100% 23 Minimize Commodity and Credit Risks Secure long-term, ship-or-pay contracts with primarily creditworthy customers Boardwalk Strategy Boardwalk Pipelines 1. See Appendix – “Boardwalk EBITDA” for a reconciliation of net income attributable to Loews to EBITDA, a non-GAAP measure. Enhance Existing Business Leverage and strengthen existing assets, optimize operating efficiency, and expand business by securing long-term contracts with creditworthy customers focusing on end-users Maintain Strong Financial Position Maintain strong balance sheet, investment grade credit rating and disciplined capital allocation Identify Strategic Growth Opportunities Explore growth opportunities and acquisitions that expand Boardwalk’s natural gas and liquids transportation and storage footprint Commit to Operating Safely and Ethically Seek to provide safe and reliable services, embrace environmental stewardship, strengthen the communities in which Boardwalk operates, and comply with rules and regulations Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium • Transports and stores natural gas, natural gas liquids, olefins and other hydrocarbons, provides ethane supply and transportation services and provides marketing of natural gas and related services • Stable demand pull from predominantly high credit quality customers • Long history of operating safely and reliably
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24 Boardwalk – Strong Financial Position • Approximately $19.7 billion1 of firm contract backlog • Over 87% of future contracted revenues are with investment grade customers Substantial Backlog • Boardwalk expects its resources, including its operating cash flows, revolving credit facility and cash on hand, to adequately fund its anticipated obligations over the next twelve months • Committed to maintaining investment grade credit ratings with a strong balance sheet. Credit ratings stand at: BBB (S&P), Baa2 (Moody’s), and BBB (Fitch) as of June 30, 2026 • As of June 30, 2026, Boardwalk had $984 million of available borrowing capacity under its revolving credit facility and $139 million of cash on hand • Redeemed $550 million of notes in March 2026, next maturities of $600 million are in July 2027 • Paid $150 million in distributions year-to-date through June 30, 2026 • Renewed its shelf registration statement in March 2026 for $3.5 billion Strong Liquidity Revenue Profile for the Twelve Months Ending June 30, 20262 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 86% 6% 8% Firm Contracts (Capacity Reservation Charges) Firm Contracts (Utilization Charges) Interruptible All data as of June 30, 2026, unless otherwise noted. 1. Includes $9.4 billion of estimated revenues that are anticipated under executed precedent transportation agreements for growth projects that are contingent upon, among other things, receipt of required regulatory approvals and permits and are subject to construction risk. For additional information, refer to the annual and quarterly reports and other filings filed with the SEC by Loews Corporation and Boardwalk Pipeline Partners, LP. 2. Includes all services, including transportation, storage and PAL, for both natural gas and NGLs as well as ethane sales.
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Boardwalk – Growth Projects1 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 1. Growth projects are contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk. For additional information, refer to the annual and quarterly reports and other filings filed with the SEC by Loews Corporation and Boardwalk Pipeline Partners, LP. Eunice-Iowa 01 • Capacity: 0.120 Bcf/d • Status: In Construction • Target In-Service: Third Quarter 2026 07 PLUSS • Capacity: 0.236 Bcf/d • Status: In Construction • Target In-Service: First Half 2028 06 SECURE • Capacity: 0.280 Bcf/d • Status: Design & Permitting • Target In-Service: First Half 2028 02 Carnation • Capacity: 0.170 Bcf/d • Status: Design & Permitting • Target In-Service: Fourth Quarter 2027 03 NE Texas Power Plant • Capacity: 0.274 Bcf/d • Status: Design & Permitting • Target In-Service: Fourth Quarter 2027 05 Ohio Power Plant • Capacity: 0.265 Bcf/d • Status: Design & Permitting • Target In-Service: First Half 2028 25 Kosci Junction 04 • Capacity: 1.175 Bcf/d • Status: Design & Permitting • Target In-Service: First Half 2028 08 Texas Gateway • Capacity: 1.8 Bcf/d • Status: Design & Permitting • Target In-Service: Second Half 2029 3 2 1 7 46 5 8 09 Petal Storage Expansion • Capacity: 10 Bcf working gas capacity, One Cavern • Status: Design & Permitting • Target In-Service: Second Half 2030 9
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4,842 13,816 City Center Hotels Resort Hotels New York Philadelphia Atlanta Nashville New Orleans Orlando (11) Miami Chicago (2) TucsonSan Diego Hollywood Kansas City Arlington (3)* St. Louis Coral Gables By the Numbers (year ended/as of Dec. 31, 2025, $ in millions) Adjusted EBITDA1 $372 Adjusted mortgage debt2 $2,136 (as of June 30, 2026) Number of hotels 27 Plus: under development3 1 Loews ownership 100% • Owned, joint venture and managed hotels in the U.S. • Exclusive, local experiences • Focused on group meeting hotels, and hotels bolstered by a demand generator, such as stadiums or theme parks Company Snapshot Loews Hotels & Co System-wide Guest Rooms as of June 30, 2026 System-wide Hotels as of June 30, 2026 18,658 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 1. See Appendix – “Loews Hotels & Co Adjusted EBITDA” for a reconciliation of net income attributable to Loews Corporation to Adjusted EBITDA, a non-GAAP measure. 2. See Appendix – “Loews Hotels & Co Adjusted Mortgage Debt” for a reconciliation of Loews Hotels & Co's total debt to Adjusted Mortgage Debt, a non -GAAP measure. 3. As of June 30, 2026, the Americana by Loews Hotels (507 rooms) was under development in Arlington, TX represented by an asterisk (*) on the System-wide Hotels map. 26
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Year Ended December 31 2025 2024 Adjusted EBITDA2 ($ millions) $372 $326 Owned & JV Operating Metrics3 Available Rooms (end of period) 18,371 16,371 Occupancy 76.0% 77.0% Average Daily Rate ("ADR") $284 $264 Revenue per Available Room ("RevPAR") $216 $203 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 the group meeting market • Immersive destinations – focused on hotels bolstered by a demand generator, such as stadiums or theme parks Adjusted mortgage debt at December 31, 2025 of $2.1 billion.1 1. See Appendix –“Loews Hotels & Co Adjusted Mortgage Debt” for a reconciliation of Loews Hotels & Co's total debt to Adjusted Mortgage Debt, a non-GAAP measure. 2. See Appendix –“Loews Hotels & Co Adjusted EBITDA” for a reconciliation of net income (loss) attributable to Loews to Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA does not adjust for pre-opening expenses, which were $7.1 million for each of the years ended December 31, 2025 and 2024. 3. Includes results for hotels for the portion of the year they were owned or joint venture hotels. Rooms count is as of year-end for each period presented. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 27
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28 Loews Hotels & Co – Portfolio As of June 30, 2026 Location Rooms Ownership %1 Ownership - Ops Commenced / Managed Only OWNED (11 Hotels) 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 Chicago O'Hare Hotel Chicago, IL 556 100% 2014 Loews Coronado Bay Resort* San Diego, CA 440 100% 2000 Loews Kansas City Hotel Kansas City, MO 800 100% 2020 Loews Miami Beach Hotel* Miami Beach, FL 790 100% 1998 Loews Philadelphia Hotel Philadelphia, PA 581 100% 2000 Loews Regency New York New York, NY 379 100% 1963 Loews Nashville Hotel at Vanderbilt Plaza Nashville, TN 341 100% 1989 Loews Ventana Canyon Resort* Tucson, AZ 398 100% 2014 / 1984 5,873 JOINT VENTURE (15 Hotels) Hard Rock Hotel at Universal Orlando Resort* Orlando, FL 650 50% 2001 Loews Portofino Bay Hotel at Universal Orlando Resort* Orlando, FL 750 50% 1999 Loews Royal Pacific Resort at Universal Orlando Resort* Orlando, FL 1,000 50% 2002 Loews Sapphire Falls Resort at Universal Orlando Resort* Orlando, FL 1,000 50% 2016 Universal Aventura Hotel* Orlando, FL 600 50% 2018 Universal Cabana Bay Beach Resort* Orlando, FL 2,200 50% 2014 Universal Endless Summer Resort - Dockside Inn and Suites* Orlando, FL 2,050 50% 2020 Universal Endless Summer Resort - Surfside Inn and Suites* Orlando, FL 750 50% 2019 Universal Helios Grand Hotel, a Loews Hotel* Orlando, FL 500 50% 2025 Universal Stella Nova Resort* Orlando, FL 750 50% 2025 Universal Terra Luna Resort* Orlando, FL 750 50% 2025 Live! by Loews - St. Louis Missouri St. Louis, MO 216 50% 2020 Loews Atlanta Hotel Atlanta, GA 414 50% 2015 / 2010 Loews Coral Gables Hotel Coral Gables, FL 242 20% 2022 Loews Hollywood Hotel Los Angeles, CA 628 50% 2012 12,500 MANAGED (1 Hotel) Loews New Orleans Hotel New Orleans, LA 285 2003 TOTAL 18,658 Scheduled Opening UNDER DEVELOPMENT (1 Hotel) Americana by Loews Hotels* Arlington, TX 507 100% 2029 TOTAL INCLUDING UNDER DEVELOPMENT 19,165 * Represents resort hotels in the portfolio, with the remaining hotels in city centers. 1. Earnings in certain partnerships are allocated pursuant to underlying governing documents, which may differ from ownership. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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29 Altium Packaging COMPANY SNAPSHOT• Altium Packaging’s experienced management team brings a strong track record of operational success • Long-standing customer relationships • National footprint with 63 rigid packaging production facilities and 2 recycled resin facilities • Among the largest producers of post consumer recycled HDPE resin, producing 100-120 million pounds per year Packaging company that serves stable consumer-oriented end markets A leading North American manufacturer of rigid plastic packaging with 63 facilities across the U.S. and Canada Customers in stable consumer-oriented end markets Diversified business mix with long- standing customer relationships Free cash flow and cash-on-cash returns that can be deployed to grow the business Owns Envision Recycling Group – among the largest high-density polyethylene recyclers in North America Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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30 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 11% of Sales Industrial / Specialty Chemical 14% of Sales Food / Nutrition 20% of Sales Pharma 8% of Sales Dairy 22% of Sales Water / Other Beverage 25% of Sales Note: Numbers are as of December 31, 2025. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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31 Altium Packaging – Acquisitions with Attractive Post-Synergy Multiples Diversification through acquisition Investment Outlook • Loews recouped initial equity investment in 2021 through a partial sale and dividend recap; Loews still owns ~53% of the company • Altium operates in a fragmented industry with acquisition opportunities ➢ Significant synergies, ability to self-fund tuck-in acquisitions, attractive cash-on-cash returns and diversification of end markets • Loews invested $79 million of equity for a transformative acquisition in 2022 • Strong management team • Seeking to address customers’ concern over plastic with light-weighting and recycled resins(2018) (2022) (2022) (2020) (2019) (2019) (2019) (2018)(2018) Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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Appendix
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$500 $300 $500 $500 2030 2035 2036 2043 Staggered debt maturities 33 Appendix – Loews Corp. Debt Maturity Profile ($ millions) Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 3.20% Notes 6.00% Notes 4.94% Notes 4.13% Notes
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34 Appendix – Loews Consolidating Condensed Balance Sheet Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. 1. Corporate primarily reflects the parent company’s cash and investments, corporate long-term debt, equity method of accounting for Altium Packaging and consolidation adjustments and reclassifications. The parent company cash and investments balance presented on the "Parent Company Cash and Investments" page of $4,409 is net of securities receivable and payable positions. June 30, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 50,780 $ 139 $ 382 $ 4,407 $ 55,708 Receivables 11,239 384 29 71 11,723 Property, plant and equipment 291 8,939 1,618 14 10,862 Deferred non-insurance warranty acquisition expenses 2,981 — — — 2,981 Other assets 4,536 907 556 (45) 5,954 Total assets $ 69,827 $ 10,369 $ 2,585 $ 4,447 $ 87,228 Liabilities and Equity: Insurance reserves $ 48,787 $ — $ — $ — $ 48,787 Short term debt — — 22 — 22 Long term debt 2,973 3,232 978 1,731 8,914 Deferred non-insurance warranty revenue 3,798 — — — 3,798 Other liabilities 3,111 2,249 497 (182) 5,675 Total liabilities 58,669 5,481 1,497 1,549 67,196 Total shareholders' equity 10,241 4,888 1,088 2,898 19,115 Noncontrolling interests 917 — — — 917 Total equity 11,158 4,888 1,088 2,898 20,032 Total liabilities and equity $ 69,827 $ 10,369 $ 2,585 $ 4,447 $ 87,228 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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35 Appendix – CNA Core Income1 June 30 December 31 Three Months Six Months Year Ended ($ millions) 2026 2025 2026 2025 2025 Net income attributable to Loews $ 294 $ 274 $ 488 $ 526 $ 1,173 Investment losses 3 36 17 43 64 Noncontrolling interests 27 25 44 47 105 Core income $ 324 $ 335 $ 549 $ 616 $ 1,342 1. Core income is calculated by excluding from CNA’s net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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36 Appendix – CNA Underlying Loss Ratio and Underlying Combined Ratio1 June 30 December 31 Three Months Six Months Years Ended 2026 2025 2026 2025 2025 2024 2023 2022 2021 Loss ratio 66.4% 63.9% 69.0% 65.8% 64.6% 64.3% 62.5% 62.0% 64.8% Expense ratio 29.7 29.8 30.0 30.1 29.7 30.2 30.7 30.9 31.1 Dividend ratio 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.3 Combined ratio 96.5% 94.1% 99.4% 96.3% 94.7% 94.9% 93.5% 93.2% 96.2% Less: Effect of catastrophe impacts 2.3 2.4 2.9 3.1 2.3 3.6 2.6 3.0 5.1 Less: Effect of development-related items — — 2.0 1.2 0.6 (0.2) — (1.0) (0.3) Underlying combined ratio 94.2% 91.7% 94.5% 92.0% 91.8% 91.5% 90.9% 91.2% 91.4% Underlying loss ratio 64.1% 61.5% 64.1% 61.5% 61.7% 60.9% 59.9% 60.0% 60.0% 1. In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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37 Appendix – Boardwalk EBITDA1 June 30 December 31 Three Months Six Months Year Ended ($ millions) 2026 2025 2026 2025 2025 Net income attributable to Loews $ 100 $ 88 $ 259 $ 240 $ 444 Interest, net 34 37 72 75 147 Income tax expense 33 29 85 79 140 Depreciation and amortization 112 120 223 226 443 EBITDA $ 279 $ 274 $ 639 $ 620 $ 1,174 1. EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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38 Appendix – Loews Hotels & Co Adjusted EBITDA1 Reconciliation of Net Income to Adjusted EBITDA June 30 December 31 Three Months Six Months Year Ended ($ millions) 2026 2025 2026 2025 2025 Loews Hotels & Co net income attributable to Loews Corporation $ 48 $ 28 $ 74 $ 28 $ 31 Interest, net 12 16 24 29 57 Income tax expense 21 11 32 15 21 Depreciation and amortization 27 24 53 48 100 EBITDA $ 108 $ 79 $ 183 $ 120 $ 209 Noncontrolling interest share of EBITDA adjustments — (1) — (2) (2) Asset impairments — — 9 — 25 Equity investment adjustments: Loews Hotels & Co’s equity method income (41) (29) (85) (35) (102) Pro rata Adjusted EBITDA of equity method investments(a) 71 60 154 106 240 Consolidation adjustments (1) — — 1 2 Adjusted EBITDA $ 137 $ 109 $ 261 $ 190 $ 372 (a) Reconciliation of Equity Method Income to Pro Rata Adjusted EBITDA of Equity Method Investments Loews Hotels & Co’s equity method income $ 41 $ 29 $ 85 $ 35 $ 102 Pro rata share of equity method investments: Interest, net 19 16 36 26 62 Income tax expense — — — — — Depreciation and amortization 18 15 35 28 61 Asset impairments — — — 9 9 Distributions in excess of basis (4) (1) 3 8 6 Other adjustments (3) 1 (5) — — Pro rata Adjusted EBITDA of equity method investments $ 71 $ 60 $ 154 $ 106 $ 240 1. Adjusted EBITDA is calculated by excluding from Loews Hotels & Co’s EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co’s pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co’s ownership percentage to the underlying equity method investment’s components of Adjusted EBITDA and excluding distributions in excess of basis. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium
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39 Appendix – Loews Hotels & Co Adjusted Mortgage Debt1 (In millions) June 30, 2026 June 30, 2025 December 31, 2025 Short term debt of Loews Hotels $ 22 $ 4 $ 2 Long term debt of Loews Hotels 978 997 999 Total debt of Loews Hotels $ 1,000 $ 1,001 $ 1,001 Deferred financing fees and original issue discount 8 8 8 Pro rata share of equity method investee debt 1,129 1,120 1,127 Adjusted Mortgage Debt of Loews Hotels $ 2,137 $ 2,129 $ 2,136 1. Adjusted Mortgage Debt is adjusted for Loews Hotels & Co’s ownership interest in the asset underlying the borrowing. Adjusted Mortgage Debt is calculated by excluding consolidating adjustments from Loews Hotels & Co’s total debt and including deferred financing fees and original issue discount and Loews Hotels & Co’s pro rata share of equity method investee debt. Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium