Berkshire Hathaway (BRKB) investor relations material

Opening remarks and agenda

• Welcomed shareholders, highlighted the 60th anniversary, and introduced a new meeting format with videos and executive participation.

• Outlined three sessions: business update, Q&A with Ajit Jain, and a panel with BNSF and NetJets leaders.

• Paid tribute to Warren Buffett and Charlie Munger, retiring their jerseys for their years of leadership.

Financial performance review

• Insurance segment saw improved combined ratios due to a benign catastrophe environment, but noted a softening market and increased competition.

• GEICO achieved strong profitability after repricing for risk, but faces challenges in customer retention and growth compared to competitors.

• BNSF improved operating margins and efficiency, moving up among peers, but acknowledged further work is needed.

• Energy business highlighted growth in data center demand, with a focus on ensuring new users bear full costs and maintaining low rates for existing customers.

• Manufacturing and retail businesses showed mixed results, with Clayton Homes focusing on affordable housing and NetJets returning to profitability.

• Cash and US Treasuries totaled $380 billion, with disciplined capital deployment and $235 million in share repurchases in Q1 2026.

Board and executive committee updates

• Greg Abel formally recognized as CEO, with Warren Buffett expressing full confidence in his leadership.

• Succession planning discussed for both executive and insurance leadership, emphasizing deep management bench and culture continuity.

• CFO Marc Hamburg announced retirement, with transition plans in place.