LOEWS CORP

The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2026 and 2025, as presented in Note 13 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Net income (loss) attributable to Loews Corporation increased $19 million and$65 million for the three and nine months ended September 30, 2026 as compared with the comparable 2025 periods.

Operating revenues increased by $40 million and$70 million and operating and other expenses increased by$13 million and$20 million for the three and nine months ended September 30, 2026 as compared with the comparable 2025 periods. The increase in operating revenues was primarily due to a higher overall average daily rate and an increase in the number of occupied room nights across most of its portfolio, particularly at the Loews Miami Beach Hotel following the conclusion of its renovation at the end of 2025, as well as Loews Hotels & Co’s Arlington hotel properties. Additionally, several hotel properties, including the Arlington hotels, benefited from the World Cup. Higher food and beverage revenues also contributed to the improvement in operating 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 decreased $8 million and increased$42 million for the three and nine months ended September 30, 2026 as comp ared with the comparable 2025 periods. The decrease for the three-month period was due to a lower overall average daily rate and higher operating costs at the Universal Orlando Resort hotels, partially offset by an increase in the number of occupied room nights at these hotels. The increase for the nine-month periodwas 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, partially offset by higher operating costs. Equity income from joint ventures for the nine-months ended September 30, 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.

Depreciation and amortization expense increased$5 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period driven by new assets placed into service from property renovations at certain hotels, as well as accelerated depreciation of assets replaced by those renovations.

Interest expense decreased$4 million and$8 million for the three and nine months ended September 30, 2026 as compared with the comparable 2025 periods primarily due to lower interest costs on certain debt refinanced in 2025. The decrease for the nine-month period was partially offset by lower capitalized interest on projects under development.