LOEWS CORP

The following table summarizes the results of operations for Loews Hotels & Co for the three months ended March 31, 2026 and 2025, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Net income attributable to Loews Corporation increased $26 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures, and the other factors discussed below.

Operating revenues increased by $7 million and operating and other expenses increased by$2 million for the three months ended March 31, 2026 as compared with the comparable 2025 period. The increase in operating revenues was primarily due to a higher overall average daily rate and higher food and beverage revenues. The increase in operating and other expenses was from higher hotel operating costs in support of the higher operating revenues.

Equity income from joint ventures increased$38 million for the three months ended March 31, 2026 as comp ared with the comparable 2025 period. The increasewas driven by growth in the overall average daily rate and an increase in both the number of available and the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened in 2025. Equity income from joint ventures for the three months ended March 31, 2025 was impacted by an impairment charge recorded at a joint venture hotel that reduced Loews Hotels & Co’s equity income by $9 million and the reduction in distributions for one joint venture property due to property improvement costs.