During the third quarter, Bermuda's business environment remained stable with continued expansion of international business and the local economy showing signs of growth. The government is forecasting its first budget surplus in over two decades, and with corporate income tax introduced this year, there are expectations this will generate meaningful revenue that could help ease cost of living and business pressures while reducing sovereign debt over time. Overall, the outlook is positive for Bermuda's fiscal position, with solid performance and growth continuing in the international business sector, particularly in reinsurance. Tourism in Bermuda had a good 2025 season, supported by improved hotel occupancy rates. Average daily rates were up 10% August year to date, with occupancy levels remaining stable. Air arrivals are steady and visitor expenditure is up 2% despite a lower overall room inventory. Looking ahead, airlift capacity and hotel inventory are expected to benefit from ongoing foreign direct investments in the island's hospitality infrastructure. The 593-room Fairmont Southampton is currently projected to reopen in summer 2026, while Grotto Bay Beach Resort has announced expansion plans. Additionally, The announced complete redevelopment of Elbow Beach Resort, expected to commence in 2026, reflects overall investor confidence in the long-term prospects for Bermuda's hospitality sector. Bermuda will also gain visibility from major international events, including the

Oct 29, 2025 / receipt, needs a key / Jody Feldman, other | earnings call 2025-10-29 | transcript 367e4318-407c-4f6a-9a5d-c631fbb32c48 | chars 4189-5689 | segment 4