BERKSHIRE HATHAWAY Q3: RECORD $9.6 BN SHARE BUYBACK; CASH RESERVES AT $377 BN

• Record Buyback: Berkshire repurchased $9.6 Bn of its own shares in Q3 2026, surpassing its previous quarterly record of $9.3 Bn in Q3 2020 • Buyback Resumption: Company resumed share repurchases in March 2026 after six consecutive quarters without buybacks • September Purchases: Spent approximately $5.4 Bn repurchasing shares at an average price of $506.64 per Class B share • FY26 Buybacks: Total share repurchases reached approximately $14.4 Bn during the first nine months of 2026 • Equity Investments: Purchased $2.4 Bn of other companies' shares during Q3 while selling approximately $2.8 Bn, making Berkshire a modest net seller • Buyback Comparison: Spent four times as much repurchasing its own shares as purchasing other listed equities during Q3 • Cash Reserves: Cash, cash equivalents and short-term Treasury bills stood at approximately $377.4 Bn at September-end • Operating Earnings: Declined approximately 6% YoY to $12.71 Bn, primarily due to weaker insurance results • Net Profit: Fell 28% YoY to $22.11 Bn, partly reflecting lower investment gains • Leadership Strategy: CEO Greg Abel has accelerated share repurchases, reflecting a greater willingness to deploy capital • Capital Allocation: Aggressive buybacks suggest management sees attractive value in Berkshire shares, while maintaining substantial liquidity for future investments

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