LOEWS CORP

The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2025 and 2024, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Net income (loss) attributable to Loews Corporation improved$5 million and decreased $18 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods primarily due to the reasons discussed below.

Operating revenues declined by $15 million and increased by $16 million and operating and other expenses were consistent withand increased by$19 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. The decrease in operating revenues for the three-month period was primarily due to renovations at the Loews Miami Beach Hotel, which reduced the number of available and occupied room nights at the property, partially offset by higher revenues at the Loews Arlington Hotel and Convention Center. The increase in operating revenues during thenine-month period was primarily due to higher average daily rates and higher food and beverage revenues, largely driven by the Loews Arlington Hotel and Convention Center being open for the entirety of 2025. These increases were partially offset by the decline in revenues associated with the Loews Miami Beach Hotel renovations. The increase in operating and other expenses for the nine-month period was primarily due to higher costs associated with the Loews Arlington Hotel and Convention Center and the termination of a contract with a minority owner in the first quarter of 2025.

Equity income from joint ventures increased $25 million and$1 million for the three and nine months ended September 30, 2025 as comp ared with the comparable 2024 periods. Equity income from joint ventures was negatively impacted by impairment charges recorded at certain joint venture hotels, which reduced equity income by $9 million in thefirst quarter of 2025 and by $19 million in the third quarter of 2024. Excluding the impact of these charges, equity income from joint ventures increased $6 millionand decreased $9 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. The increase for the three-month periodwas primarily driven by growth in the overall average daily rate and an increase in the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened earlier in 2025. The decrease for the nine-month period was primarily due to higher expenses, including pre-opening costs, depreciation and interest expense, related to these new hotels, as well as a reduction in net distributions, which reduced earnings at a Universal Orlando Resort joint venture, to support property improvement costs.

Depreciation and amortization expense increased$3 million and$6 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. For the three-month period this increase was driven by accelerated depreciation of assets being replaced by renovations at certain properties. The increase for the nine-month period was also due to the Loews Arlington Hotel and Convention Center being open for the entirety of the 2025 period.

Interest expense increased$1 million and$15 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. For the nine-month period the increase is primarily due tolower capitalized interest on projects under development and higher interest rates on certain debt refinanced in 2024.