MBIA (MBI) investor relations material

Executive summary

• Consolidated GAAP net loss narrowed to $8 million ($0.17/share) for Q3 2025, a significant improvement from $56 million loss in Q3 2024, mainly due to PREPA exposure resolution and higher recoveries at National.

• Adjusted net income (non-GAAP) was $51 million ($1.03/share) for Q3 2025, up from an adjusted net loss of $174,000 in Q3 2024, reflecting improved recoveries and asset sales.

• PREPA-related developments, including the sale of $374 million in bankruptcy claims and custodial receipts, reduced exposure and generated gains above prior estimates.

• No new financial guarantee policies were written outside of remediation activities.

• For the nine months ended September 30, 2025, consolidated GAAP net loss was $126 million ($2.57/share), down from $396 million ($8.37/share) in the same period of 2024.

Financial highlights

• Total revenues were $15 million for Q3 2025, down from $29 million in Q3 2024; nine-month revenues were $52 million, down from $396 million year-over-year.

• National reported statutory net income of $73 million, up from $19 million year-over-year.

• MBIA Insurance Corp reported a statutory net loss of $25 million, compared to net income of $2 million in Q3 2024.

• Insurance loss recoverable and loss reserves decreased primarily due to PREPA-related transactions.

• 50.5 million common shares outstanding as of October 31, 2025.

Outlook and guidance

• PREPA exposure remains a priority, but timing and path to resolution are uncertain, with potential for material impact on future loss reserves and recoveries.

• No expectation to write new financial guarantee business outside of remediation.

• Special dividends and further shareholder returns considered as book runs off and liquidity remains strong.

• Management continues to focus on portfolio surveillance, remediation, and maximizing recoveries.