Financial Highlights - Net income reached $403 million, a 42% increase compared to $283 million in the prior year quarter[6,7] - Core income increased by 40% to a record $409 million, compared to $293 million in the prior year quarter[6,7] - Year-to-date core income also hit a record $1,025 million, up 5%[6,7] - Net investment income rose by 2% to $638 million pretax, with fixed income securities and other investments contributing $567 million and limited partnerships and common stock contributing $71 million[6] Property & Casualty (P&C) Operations - P&C core income was $456 million, up from $346 million, driven by lower catastrophe losses, improved underwriting results, and higher net investment income[6] - The P&C combined ratio improved to 928%, compared to 972% in the prior year quarter, including a 15 points catastrophe loss impact compared with 58 points in the prior year quarter[6] - P&C segments, excluding third party captives, saw gross written premium growth of 2% and net written premium growth of 3%[6] Life & Group (L&G) and Long-Term Care (LTC) - Life & Group experienced a core loss of $22 million, compared to a loss of $9 million in the prior year quarter[6] - Individual LTC policies have declined by 50% (~96000 policies) since 2015 with stable open claim counts[28] - Group LTC policies have declined 48% (~111000 insureds) since 2015 from active management with claim counts remaining stable[34] Capital and Dividends - Book value per share was $4183, while book value per share excluding AOCI was $4630, an 8% increase from year-end 2024 adjusting for $338 of dividends per share paid[6] - The Board of Directors declared a regular quarterly cash dividend of $046 per share[6]

Financial Performance - Q3 2025 - Loews Corporation's net income increased to $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share, in Q3 2024[13] - The company repurchased 0.9 million shares at a cost of $85 million since June 30, 2025[13] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024[13] - Dividends from subsidiaries totaled $189 million in Q3 2025[13] - The company held $3.6 billion in cash and investments at the parent company level as of September 30, 2025[8, 13] Subsidiary Highlights - CNA's net income attributable to Loews increased 43% year-over-year due to improved Property and Casualty underwriting results[17] - Boardwalk's net income improved 22% year-over-year due to increased transportation revenues[17] - Boardwalk executed a precedent agreement for its Texas Gateway Project, which would add 1.5 Bcf/d of capacity[17] - Loews Hotels' results improved year-over-year due to new properties and higher average daily rates and occupancy in Orlando[17] CNA Financial Highlights - CNA's net written premiums increased to $2.437 billion in Q3 2025 from $2.360 billion in Q3 2024[29] - CNA's invested assets (fair value) increased to $50.536 billion as of September 30, 2025, from $47.482 billion as of December 31, 2024[29] Boardwalk Pipeline Highlights - Boardwalk's operating revenue increased to $541 million in Q3 2025 from $474 million in Q3 2024[32] - Boardwalk's net income attributable to Loews increased to $94 million in Q3 2025 from $77 million in Q3 2024[32]

Financial Performance Highlights - Private Wealth Management (PWM) assets under management and administration (AUM&A) increased by 12% to a record $3.814 billion[5] - PWM fee income totaled $3.7 million for Q3 2025, a 13% increase compared to Q3 2024[5] - Operating revenue increased by 16.3% from Q3 2024[5] - Pre-tax, pre-provision (PTPP) earnings grew by 20% year-to-date (YTD)[6, 7] - Net income grew by 25% for the first nine months of 2025 compared to the prior-year period[7] Loan and Deposit Growth - Core deposits grew 9.3% annualized from the linked quarter and 8.8% from Q3 2024[5] - Loan growth was 10.4% annualized from the linked quarter and 9.4% from Q3 2024[5] - The company aims for 10% annual deposit and loan growth[10] Net Interest Margin (NIM) - The net interest margin (NIM) was 3.68%, compared to 3.67% for the linked quarter and 3.64% for the prior-year quarter[5] - Floating rate loans totaled $1.933 billion[17] - Floating rate deposits totaled $1.890 billion[17] Asset Quality and Liquidity - As of September 30, 2025, 93% of the loan portfolio was classified in Category I[32] - Total liquidity was $2.068 billion as of September 30, 2025[35] - 69% of total deposits are insured or collateralized[36] Capital Strength - Tangible book value per share (TBVPS) grew 16.8% annualized from the linked quarter and 15.6% from Q3 2024[5]

Financial Performance - PriceSmart's total revenue for fiscal year 2025 reached $5.27 billion, representing a 7.2% increase compared to the previous year[114] - Net merchandise sales for fiscal year 2025 amounted to $5.15 billion, a 7.7% growth from the prior year[113] - Membership income grew by 13.7% to $85.6 million in fiscal year 2025[113] - Adjusted EBITDA for fiscal year 2025 was $320.7 million[114] - Earnings per diluted share for fiscal year 2025 were $4.82[114] - Net merchandise sales growth in constant currency was 8.5% for fiscal year 2025[113] Membership Metrics - PriceSmart has 2.01 million members as of August 31, 2025[12] - The membership renewal rate is 88.8% for the trailing twelve-month period ended August 31, 2025[35] Expansion and Locations - PriceSmart operates 56 warehouse clubs across 12 countries and one U S territory[38] - The company has announced plans to open new clubs in Montego Bay and South Camp Road, Jamaica in 2026[17] - The company achieved a 4.9% penetration rate of total net merchandise sales through digital platforms[17]

Financial Performance - Net interest income for 3Q 2025 was $43.1 million, a 0.2% increase from 2Q 2025[35, 38, 54] - Noninterest income was $29.4 million, representing 40.6% of revenue[35, 38, 118] - Adjusted EPS was $0.66 and adjusted ROAA was 1.28%[35, 118] - Tangible book value per share was $16.90, an increase of $0.79 from the prior quarter[35, 40, 118] Balance Sheet - Total loans reached $4.1 billion, a 1.4% increase from June 30, 2025[15, 35, 61, 118] - Total deposits amounted to $4.4 billion, a 1.7% increase from June 30, 2025[15, 35, 68, 118] - The loan to deposit ratio was 93.0%, a 0.2% decrease from the previous quarter[35, 68, 71, 118] Asset Quality and Capital Strength - Total reserves to loans were 1.51%[35, 100, 104, 118] - CET1 was 10.8%, well above bank regulatory requirements[35, 106, 118] - Net recoveries to average loans were (0.17)% for the quarter[35, 98, 104] Divisional Performance - Banking services noninterest income decreased 23.9% from 2Q 2025, primarily due to a $2.1 million gain on sale of a purchased credit deteriorated hospitality loan in 2Q 2025[75, 80] - Retirement and Benefit Services revenue increased 2.9% compared to 2Q 2025, driven by an increase in asset-based fees[85] - Wealth Advisory Services revenue decreased 10.9% from 2Q 2025, primarily due to the timing of the wealth management platform conversion and a decrease in brokerage and insurance commissions[90]

Financial Performance - Adjusted Funds From Operations Per Share (FFOPS) for 3Q25 was $069, a 62% year-over-year increase[12] - Same Property Cash Net Operating Income (NOI) increased by 46% for the Total Portfolio[12] - The company increased the 2025 FFOPS guidance by $003 at the midpoint, implying a 51% year-over-year growth[28,30] Leasing and Occupancy - Total leasing activity reached 971000 square feet in 3Q25 and 23 million square feet year-to-date[12] - The Defense/IT Portfolio occupancy rate was 954% occupied and 970% leased[12] - Total Portfolio retention rate was 82%[12] Investment and Capital Allocation - Acquired Stonegate I for $45 million, which is expected to be nearly 1/2-cent accretive to FFOPS in 2025 and nearly 2-cents accretive in 2026[15,20,52] - Capital committed to new investments was increased to a range of $225 million to $275 million[24,48] - The company issued $400 million of 450% Senior Notes due 2030[72] Market Factors and Growth Drivers - The FY 2026E Budget Request includes approximately $113 billion from the One Big Beautiful Bill Act (OBBBA) for DOD activities[33,36] - The Defense/IT Portfolio accounts for 90% of Annualized Rental Revenues (ARR)[39,40]

Financial Performance - EBITDA increased by 48% from US$136.5 million in 3Q24 to US$202.1 million in 3Q25[4] - Net income decreased by 29% from US$236.9 million in 3Q24 to US$167.1 million in 3Q25, noting that 3Q24 net income included US$157.3 million from the sale of Chaupiloma[5] - The company's cash position is US$486 million, with a debt of US$711 million[5] - The leverage ratio decreased from 2.44x in 3Q24 to 2.17x in 3Q25[5] Production - Silver production increased by 3% from 4.3 million ounces (MOz) in 3Q24 to 4.4 million ounces (MOz) in 3Q25[4] - Gold production decreased by 21% from 38.9 thousand ounces (kOz) in 3Q24 to 30.9 thousand ounces (kOz) in 3Q25[4] - Copper production decreased by 24% from 16.9 thousand tons (kton) in 3Q24 to 12.8 thousand tons (kton) in 3Q25[4] Project Development - San Gabriel project has reached 96% total progress, with construction 95% complete, and commissioning at 65%[6, 17] - 3Q25 CAPEX related to San Gabriel was US$92 million, with a total cumulative CAPEX of US$681 million[6, 17] - The company anticipates the first gold bar from San Gabriel in 4Q25[16, 25] Other Key Points - A dividend payment of US$0.1446 per share/ADS has been approved by Buenaventura's Board of Directors[6] - Coimolache received a permit for full-capacity operations at its mine and leach pad, which is expected to lead to higher cash flow in the coming quarters[6, 24]

Financial Performance - Third quarter 2025 earnings were $3.5 billion, or $1.82 per diluted share[13] - Adjusted earnings for the third quarter 2025 were $3.6 billion, or $1.85 per share[13] - Cash flow from operations excluding working capital was $9.9 billion[13] - The company returned $6 billion cash to shareholders through dividends of $3.4 billion and share repurchases of $2.6 billion[11,13] Production and Operations - Worldwide production exceeded 4 million barrels of oil equivalent per day (MMBOED)[11] - Total capital expenditure was $4.4 billion, all of which was organic capex[13] - Upstream earnings for 3Q25 were $3.302 billion, while Downstream earnings were $1.137 billion[42] Strategic Initiatives - Hess integration is on track[11] - First hydrogen production at ACES (Advanced Clean Energy and Storage hydrogen storage project in Delta, Utah)[11,80] Outlook - Fourth quarter 2025 upstream turnarounds and downtime are expected to impact production by approximately 125 thousand barrels of oil equivalent per day (MBOED)[37] - Downstream turnarounds and downtime are projected to reduce after-tax earnings by $400 million to $500 million[37] - Share repurchases are planned in the range of $2.5 billion to $3.0 billion for the fourth quarter of 2025[37]

Financial Performance - The company reported a net loss of $890 million, but a net income excluding identified items of $330 million[9] - Cash from operating activities was $983 million, with dividends of $443 million[9] - Non-cash asset write-downs totaled approximately $1.2 billion[10] - The company returned $443 million in dividends during 3Q25[26] Market Trends and Outlook - Mature markets are showing signs of recovery, with polyethylene demand in Europe up 3% year-to-date[13] - Capacity rationalization trends are accelerating, with expected ethylene capacity closures[19] - Announced and anticipated shutdowns represent approximately 10% of current global supply[22] - The company is targeting approximately 80% operating rates in 4Q25 for Olefins & Polyolefins – Americas[44] - The company is targeting approximately 60% operating rates in 4Q25 for Olefins & Polyolefins – Europe, Asia & International[47] - The company is targeting approximately 75% operating rates in 4Q25 for Intermediates & Derivatives[53] Cash Improvement Plan - The Cash Improvement Plan is on track to deliver the $600 million target of incremental cash flow during 2025[27]

Financial Performance - GAAP net income for Q3 2025 was $103 million, compared to $94 million in Q3 2024[16] - GAAP diluted earnings per share (EPS) for Q3 2025 were $0.94, up from $0.90 in Q3 2024[16] - Non-GAAP adjusted diluted EPS for Q3 2025 was $1.00[16] - The company reaffirms 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share[19] - The company updates 2025 load growth to 3.5% to 4.5%, weather adjusted, from 2.5% to 3.5%[15] Strategic Priorities and Investments - The company forecasts capital expenditures of $1.34 billion in 2025[23] - The company has total liquidity of $1.038 billion as of September 30, 2025, including $137 million in cash and $750 million in credit facilities[26] - The company expects to issue approximately $250 million in base equity in 2025[27] Forward-Looking Statements - The company anticipates long-term load growth of 3% through 2029[19] - The company projects long-term EPS growth of 5% to 7% using the midpoint of original 2024 adjusted earnings guidance of $3.08 per share[19] - The company aims for 5% to 7% long-term dividend growth[19]