MBIA (NYSE:MBI) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsBill Fallon - CEOGreg Diamond - Managing Director of Investor and Media RelationsJoe Schachinger - EVP and CFOJohn Staley - Founding PartnerPatrick Stadelhofer - Portfolio ManagerThomas McJoynt - DirectorOperatorWelcome to the MBIA Inc. fourth quarter and full year 2025 financial results conference call. I would now like to turn the call over to Greg Diamond, Managing Director of Investor and Media Relations at MBIA. Sir ...

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $177 million for full year 2025, an improvement from a net loss of $447 million in 2024, indicating a significant reduction in losses [15] - For the fourth quarter of 2025, the consolidated GAAP net loss was $51 million, consistent with the loss reported in the fourth quarter of 2024, but the adjusted net loss improved to $12 million from $22 million year-over-year [13][14] - The adjusted net income for full year 2025 was $23 million, a turnaround from an adjusted net loss of $184 million in 2024 [16] Business Line Data and Key Metrics Changes - National's gross par amount outstanding declined by approximately $3 billion from year-end 2024 to about $22 billion at the end of 2025, with a leverage ratio of 24 to 1, down from 28 to 1 [11] - National reported statutory net income of $88 million for full year 2025, compared to a statutory net loss of $133 million in 2024, driven by a loss in LAE benefit of $35 million in 2025 [19] - MBIA Insurance Corp. reported a statutory net loss of $26 million for full year 2025, an improvement from a net loss of $64 million in 2024, primarily due to lower losses in LAE [21][22] Market Data and Key Metrics Changes - As of December 31, 2025, National had total claims-paying resources of $1.4 billion and statutory capital surplus in excess of $900 million [12] - MBIA Insurance Corp.'s insured gross par outstanding was approximately $2 billion as of December 31, 2025, down about 13% from year-end 2024 [22] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, with ongoing discussions regarding potential special dividends as the portfolio runs off [10][25] - Management indicated that all options are on the table regarding potential sales, whether of the entire company or just National, depending on what is best for shareholders [28][29] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about potential developments in the PREPA restructuring, although no substantive progress has been made recently due to ongoing legal issues [11][49] - The company is comfortable with its portfolio and has not identified any specific credits that would necessitate additional reserves, despite political pressures in various states [41] Other Important Information - The corporate segment had total assets of approximately $653 million as of December 31, 2025, with unencumbered cash and liquid assets totaling $357 million [18] - The company has received approval for a special dividend and has distributed it to the holding company, indicating improved circumstances for potential future dividends [26] Q&A Session Summary Question: Did the company explore the potential for a special dividend in the fourth quarter? - Management stated that while there is nothing specific for the fourth quarter, they are continuously evaluating the possibility of a special dividend as the portfolio runs off and PREPA exposure decreases [25][26] Question: What is the latest update on the strategic process regarding a potential sale of the company? - Management indicated that all options are on the table, and they are focused on what would be best for shareholders, whether that involves selling the entire company or just National [27][28][29] Question: Is there a bid to sell the rest of the PREPA exposure? - Management clarified that there is limited exposure left and that the remaining $425 million is not something that can be sold like previous custodial receipts [32][36] Question: Are there pressures from auditors regarding higher valuation reserves related to non-Puerto Rican credits? - Management confirmed that they are comfortable with the current portfolio and have not identified any specific credits that would require additional reserves [41] Question: What needs to happen for MBIA Insurance to wrap up its operations? - Management noted that the runoff is occurring as expected, and once the major restructuring related to Zohar is resolved, there may be ways to accelerate the runoff of MBIA Insurance Corp [43][46]

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $51 million or a negative $1.01 per share for Q4 2025, compared to a consolidated GAAP net loss of $51 million or a negative $1.07 per share for Q4 2024 [13] - For the full year 2025, the consolidated GAAP net loss was $177 million or a negative $3.58 per share, an improvement from a consolidated net loss of $447 million or a negative $9.43 per share for 2024 [15] - The adjusted net income for full year 2025 was $23 million or $0.46 per share, compared to an adjusted net loss of $184 million or a negative $3.90 per share for 2024 [17] Business Line Data and Key Metrics Changes - National reported a statutory net income of $5 million for Q4 2025, compared to a statutory net loss of $10 million for Q4 2024 [20] - For the full year 2025, National reported a statutory net income of $88 million, compared to a statutory net loss of $133 million for 2024 [20] - MBIA Insurance Corp. reported a statutory net loss of $7 million for Q4 2025, compared to statutory net income of $4 million for Q4 2024 [22] Market Data and Key Metrics Changes - The gross par amount outstanding for National's insured portfolio declined by approximately $3 billion from year-end 2024 to about $22 billion at the end of 2025 [11] - MBIA Insurance Corp.'s insured gross par outstanding was approximately $2 billion as of December 31, 2025, down about 13% from year-end 2024 [23] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, with a focus on reducing legal issues related to the Financial Oversight and Management Board [10] - The management is exploring options for a potential sale of the company or its components, emphasizing that all options are on the table for maximizing shareholder value [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about potential developments in the PREPA restructuring process, although no substantive progress has been made recently [10] - The company is in regular discussions with regulators regarding special dividends and is assessing the timing based on portfolio runoff and PREPA exposure reduction [61] Other Important Information - As of December 31, 2025, National had total claims-paying resources of $1.4 billion and statutory capital surplus in excess of $900 million [12] - MBIA Inc.'s book value per share decreased to a negative $44.27 as of December 31, 2025, primarily due to the consolidated net loss for the year [18] Q&A Session Summary Question: Did the company explore the potential for a special dividend in Q4 2025? - Management indicated that while there is no specific information at this time, they are continuously evaluating the possibility of a special dividend as circumstances improve [26][27] Question: What is the latest update on the strategic process regarding a potential sale of the company? - Management stated that all options are being considered, including selling the entire company or just National, depending on what is best for shareholders [28][30] Question: Is there a bid to sell the rest of the PREPA exposure? - Management clarified that there is limited exposure left and that the remaining $425 million cannot be sold in the same manner as previous transactions [33][36] Question: Are there pressures from auditors regarding higher valuation reserves related to non-Puerto Rican credits? - Management confirmed that they are comfortable with the current portfolio and have not identified any specific credits requiring additional reserves [41] Question: What needs to happen for MBIA Insurance to wrap up its operations? - Management noted that the runoff is proceeding as expected, and once the major restructuring related to Zohar is resolved, there may be opportunities to accelerate the runoff of MBIA Insurance Corp. [45][47]

MBIA (MBI) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to a loss of $0.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -380.00%. A quarter ago, it was expected that this insurance and reinsurance company would post a loss of $0.03 per share when it actually produced a loss of $0.15, delivering a surprise of -400%.Over the last four quarters, the com ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 26, 2026 MBIA Inc. (Exact name of Registrant as Specified in Its Charter) Registrant's Telephone Number, Including Area Code: 914 273-4545 (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-09583 MBIA INC. (Exact name of registrant as specified in its charter) Connecticut 06-1185706 (State of incorporation) (I.R.S. ...

PURCHASE, N.Y.--(BUSINESS WIRE)--MBIA Inc. (NYSE:MBI) will host a webcast and conference call for investors on Friday, February 27 at 8:00 a.m. (ET) to discuss its full year and fourth quarter 2025 financial results and other issues related to the Company. The dial-in number for the call is 800-445-7795 in the U.S. and 785-424-1699 from outside the U.S. The conference call code is MBIAQ425. A live webcast of the conference call will also be accessible on www.mbia.com. The conference call will c. ...

Core Viewpoint - MBIA shares experienced a significant rally of 10.3% in the last trading session, closing at $7.6, following a period of 8.5% loss over the past four weeks, indicating notable trading volume and interest in the stock [1] Group 1: Company Performance - MBIA is benefiting from reduced losses and LAE related to National's PREPA exposure, with a focus on resolving this exposure [2] - The company reported a decline in net investment income due to a lower average invested asset base, primarily from dividend payments to National's ultimate parent [2] - The topline performance was positively influenced by favorable changes from net realized investment losses and revenues from consolidated VIEs [2] Group 2: Earnings Expectations - The upcoming quarterly report is expected to show a loss of $0.05 per share, reflecting a year-over-year change of +89.6%, with revenues projected at $20 million, down 31% from the previous year [3] - The consensus EPS estimate for MBIA has remained unchanged over the last 30 days, suggesting that stock price movements may not sustain without trends in earnings estimate revisions [4] Group 3: Industry Context - MBIA holds a Zacks Rank of 3 (Hold) within the Zacks Insurance - Multi line industry, while Fidelis Insurance Holdings, another company in the same sector, closed 0.8% higher at $19.27 and has returned 3% over the past month [5] - Fidelis Insurance's consensus EPS estimate has also remained unchanged at $0.93, representing a year-over-year change of +188.6%, but it currently holds a Zacks Rank of 4 (Sell) [6]

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $8 million, or a negative $0.17 per share for Q3 2025, compared to a net loss of $56 million, or a negative $1.18 per share for Q3 2024, indicating a significant improvement in financial performance [8][12] - The adjusted net income for Q3 2025 was $51 million, or $1.03 per share, compared to an adjusted net loss of $174,000 for Q3 2024, reflecting a favorable change primarily due to lower losses in LAE [9][10] - The consolidated book value per share as of September 30, 2025, was a negative $43.17, driven by MBIA Insurance Corp's negative book value per share of $52.64 [10] Business Line Data and Key Metrics Changes - National reported statutory net income of $73 million for Q3 2025, up from $19 million in Q3 2024, primarily due to a statutory losses in LAE benefit of $56 million resulting from adjustments to PREPA loss reserves [11] - National's gross PAR amount outstanding declined by approximately $2.1 billion from year-end 2024 to about $23.2 billion as of September 30, 2025 [6][12] - MBIA Insurance Corp reported a statutory net loss of $25 million for Q3 2025, compared to statutory net income of $2 million for Q3 2024, primarily due to statutory losses in LAE [12] Market Data and Key Metrics Changes - National's PREPA exposure now amounts to $425 million of gross PAR outstanding, with bondholders representing about 90% opposing PREPA's proposed confirmation plan [5][6] - Claims-paying resources for National remained consistent at $1.5 billion as of September 30, 2025, while MBIA Insurance Corp's claims-paying resources totaled $326 million [11][12] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, with the path and timing of resolution remaining uncertain [5] - There is a potential for a sale of the company as uncertainty around Puerto Rico has been substantially reduced, with management indicating that they may start a formal process if conditions are favorable [32] - The company is considering the timing of special dividends based on liquidity and the evolution of PREPA [33][34] Management's Comments on Operating Environment and Future Outlook - Management noted that the competitive environment and general market conditions could impact future results, emphasizing the importance of monitoring these factors [3][4] - The management expressed optimism regarding negotiations and the potential for regional agreements following changes in the cooperation agreement [16][18] Other Important Information - The corporate segment had total assets of approximately $650 million as of September 30, 2025, with unencumbered cash and liquid assets totaling $354 million [10][11] - The administrative expense claims litigation related to PREPA has been restarted after a temporary stay [5] Q&A Session Summary Question: Clarification on the cooperation agreement and bondholder voting - Management confirmed that no single bondholder can block a deal due to the cooperation agreement's terms [17] Question: Inquiry about buyback capacity and PREPA payments - Management affirmed that buyback capacity of $71 million is available if needed, and PREPA payments are manageable [20][21] Question: Discussion on the strategic review and potential sale of the company - Management indicated that reduced uncertainty around Puerto Rico makes a sale more feasible, and they would announce if a formal process begins [31][32] Question: Questions regarding bond sale contingencies and buyer identity - Management clarified that the sale of $374 million in bankruptcy claims had no contingencies and involved multiple buyers [38] Question: Inquiry about the oversight board's composition and potential delays - Management noted that the current board is shorthanded due to ongoing litigation, which could delay processes [46][48] Question: Discussion on MBIA's financial status and potential barriers to sale - Management stated that MBIA Insurance Corp is not bankrupt and has substantial surplus, which should not be a barrier to selling the company [50][52]

分组1 - MBIA reported a quarterly loss of $0.15 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.03, marking an earnings surprise of -400.00% [1] - The company posted revenues of $15 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 28.57%, and down from $31 million in the same quarter last year [2] - The stock has underperformed the market, gaining about 4.8% since the beginning of the year compared to the S&P 500's gain of 16.5% [3] 分组2 - The current consensus EPS estimate for the coming quarter is -$0.01 on $21 million in revenues, and for the current fiscal year, it is -$0.37 on $82 million in revenues [7] - The Zacks Industry Rank for Insurance - Multi line is in the top 36% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]