MBIA (MBI) investor relations material

Executive summary

• Reported a consolidated GAAP net loss of $40 million (-$0.80/share) for Q1 2026, an improvement from a $62 million loss (-$1.28/share) in Q1 2025, driven by favorable foreign exchange and investment variances.

• Adjusted net loss (non-GAAP) remained flat at $8 million (-$0.16/share) year-over-year, with slightly lower revenues offset by lower expenses.

• The company operates in U.S. public finance insurance, corporate, and international/structured finance insurance segments, focusing on managing existing portfolios and maximizing recoveries.

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

Financial highlights

• Book value per share decreased by $0.55 to $(44.82) as of March 31, 2026, primarily due to the net loss.

• National reported statutory net income of $11 million for Q1 2026, up from $4 million in Q1 2025.

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

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

• Total assets as of March 31, 2026, were $1.98 billion, down from $2.01 billion at year-end 2025.

Outlook and guidance

• Focus remains on resolving National's PREPA exposure; little progress expected until legal issues with the Oversight Board are resolved.

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

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

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

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