MBIA (MBI) investor relations material

Executive summary

• Consolidated GAAP net loss for Q1 2026 was $40 million, improved from $62 million in Q1 2025, driven by favorable foreign exchange and investment variances, partially offset by the absence of prior year debt extinguishment gains.

• MBIA operates in U.S. public finance, corporate, and international/structured finance insurance segments, focusing on managing existing portfolios and limiting new business to remediation.

• National's losses and loss adjustment expenses were stable year-over-year; PREPA exposure unchanged at $425 million gross par value.

• National's insured portfolio gross par declined by $857 million to $21.5 billion; leverage ratio improved to 23:1.

• MBIA qualified as a smaller reporting company and non-accelerated filer, effective with this filing.

Financial highlights

• Total revenues for Q1 2026 were $24 million, up from $14 million in Q1 2025, mainly due to favorable foreign currency and investment results.

• Adjusted net loss (non-GAAP) was $8 million for Q1 2026, unchanged from Q1 2025.

• Book value per share was $(44.82) as of March 31, 2026, mainly due to net loss.

• National reported statutory net income of $11 million, up from $4 million in Q1 2025; statutory capital rose to $950 million.

• MBIA Insurance Corp. reported statutory net income of $1 million, down from $2 million in Q1 2025; statutory capital stable at $79 million.

Outlook and guidance

• Resolution of National's PREPA exposure remains a priority, but progress is stalled pending legal outcomes related to the Financial Oversight and Management Board.

• PREPA-related debt service requirement for the remainder of 2026 is $35 million.

• Management does not expect significant new business outside of remediation.

• National and MBIA Corp. are expected to remain the primary sources of liquidity and capital for the foreseeable future.

• Forward-looking statements caution on potential credit losses, impairments, and adequacy of loss reserves.