Crawford & Company · NYSE:CRD.A
Crawford & — Q3 2025 Earnings Presentation
35 slides from Crawford &'s earnings presentation, Nov 3, 2025
Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results CRD-A & CRD-B (NYSE) ® Crawford & Company
Slide 2: Forward-Looking Statements & Additional Information
Forward-Looking Statements & Additional Information Q3 2025 FINANCIAL RESULTS Forward-Looking Statements This presentation contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statem
Slide 3: Strategic Update
STRATEGIC UPDATE Rohit Verma President & Chief Executive Officer 3 Q3 2025 FINANCIAL RESULTS
Slide 4: Global Reach; Trusted Partner
Countries 70 Employees 10,000+ $20B+ Claims Managed Annually Global Reach; Trusted Partner Q3 2025 FINANCIAL RESULTS
Slide 5: Multiple Growth Drivers Benefitting Crawford
Natural disasters continue to drive global demand in weather-related claims Gaining share within fragmented U.S. market as carriers pursue a flight to quality with well-established partners Industry-leading expertise and technology capabilities enhancing market share Growing and strengthening strate
Slide 6: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Consolidated revenues decreased slightly due to lower property claim activity in the U.S. Revenue grew 6.7% to record quarterly revenue of $112.9M at International Operations Revenue grew 4.4% to record quarterly revenue of $103.4M at Broadspire Consolidated operating e
Slide 7: Our Capital Allocation Strategy
Our Capital Allocation Strategy Investing in long-term growth through Cap Ex and M&A Strong liquidity Leverage ratio of 1.64x EBITDA significantly below industry average Returning capital to shareholders: Paid quarterly dividend of $0.075 per share for CRD-A and CRD-B Active share repurchase program
Slide 8: Operational Update
OPERATIONAL UPDATE Bruce Swain, Chief Financial Officer Q3 2025 FINANCIAL RESULTS 8
Slide 9: Third Quarter 2025 Revenue Contribution by Segment
Comprised of All Service Lines Outside of North America: UK Europe Australia Asia Latin America Legal Services International Operations 35% Third Party Administration for: Workers' Compensation Auto and Liability Claims Medical Management Disability Technology Services Accident and Health Comprised
Slide 10: North America Loss Adjusting Third Quarter 2025 Results
Revenue decreased 2.9% primarily reflecting decline of property claims in the U.S. Operating earnings increased by $1.5M or 28% YoY Improvements driven by GTS & Canada Operating margin increased by 215 bps Destination for top-tier insurance adjusting talent, providing a key competitive advantage in
Slide 11: International Operations Third Quarter 2025 Results
Revenue growth of 6.7% Broad-based growth across UK, Europe, Asia, and Australia Operating earnings increased by $2.3M or 45% YoY Operating margin expanded by 174 bps Strong international performance reflects operational discipline and commitment to revenue growth International Operations Third Quar
Slide 12: Broadspire Third Quarter 2025 Results
Broadspire Third Quarter 2025 Results Revenues $103.4M $15.6M Operating Earnings 12 Q3 2025 FINANCIAL RESULTS Record quarterly revenues YoY growth of 4.4% driven by continued growth in client demand and case volumes Retention rate of 93.5% Operating earnings increased by $1.2M or 8.1% YoY Operating
Slide 13: Platform Solutions Third Quarter 2025 Results
Platform Solutions Third Quarter 2025 Results Revenues $28.9M Operating Earnings $2.6M 13 Q3 2025 FINANCIAL RESULTS Revenue down by 36% YoY Ongoing weather-related declines in the CAT and Contractor Connection business lines Operating earnings decreased by $1.2M or 33% YoY Operating margin improved
Slide 14: Diversified Business Model Strengthens Stability Through Weather and Market Fluctuations
Q3 ‘24 Q3 ‘25 Non-weather-related revenue Weather-related revenue (US CAT, USLA, Australia) Diversified Business Model Strengthens Stability Through Weather and Market Fluctuations U.S. Severe Storm Reports1,2 1 National Oceanic and Atmospheric Administration (NOAA) Storm Prediction Database, Octobe
Slide 15: Financial Update
FINANCIAL UPDATE Bruce Swain, Chief Financial Officer Q3 2025 FINANCIAL RESULTS 15
Slide 16: Q3 2025 Financial Summary
Q3 2025 Financial Summary (1) See Appendix for non-GAAP explanation and reconciliation Quarter Ended Unaudited ($ in millions, except per share amounts) September 30, 2025 September 30, 2024 % Change Revenues $322.2 $329.4 (2)% Non-GAAP Revenues excluding foreign exchange fluctuations(1) $318.8 $329
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights (1) See Appendix for non-GAAP explanation and reconciliation Unaudited ($ in thousands) Sept 30, 2025 December 31, 2019 Dec 31, 2024 December 31, 2018 Change Change Cash and cash equivalents $ 68,767 $ 55,412 $ 13,355 Accounts receivable, net 128,400 142,064 (13,664 ) Unbill
Slide 18: Net Debt and Pension Liability
Net Debt and Pension Liability $149.3M Net debt at $149.3 million $137.3M Leverage Ratio of 1.64x EBITDA at end of Q3 ‘25 $20.4M Pension liability at $20.4 million $74.3M Funded Ratio of US pension plan is 93.1% at end of Q3 ‘25 Q3 2025 FINANCIAL RESULTS
Slide 19: Operating and Free Cash Flow
Operating and Free Cash Flow (1) See Appendix for non-GAAP explanation and reconciliation Unaudited ($ in thousands) 2025 2019 2024 2018 Change Change Net Income Attributable to Shareholders of Crawford & Company $ 26,874 $ 20,874 $ 6,000 Depreciation and Other Non-Cash Operating Items 35,477 30,477
Slide 20: Additional Financial Matters
Additional Financial Matters Unallocated Corporate and Shared Costs and Credits Unallocated corporate costs of $5.9 million in Q3 ‘25 compared to corporate costs of $7.0 million in Q3 ‘24 Variance was primarily due to a decrease in professional fees and non-recurring items partially offset by higher
Slide 21: Summary
Summary Q3 2025 FINANCIAL RESULTS NEXT-GEN TECHNOLOGY Leading the industry with next generation Insurtech capabilities DIVERSIFIED REVENUE STREAMS Diverse business lines and international footprint support long term growth and cash generation EXPANDING MARKET PRESENCE Driving profitable growth acros
Slide 22: Appendix: Segment Results and Non-GAAP Financial Information
Appendix: Segment Results and Non-GAAP Financial Information Q3 2025 FINANCIAL RESULTS 22
Slide 23: North America Loss Adjusting
North America Loss Adjusting Three months ended Unaudited (in thousands, except percentages) September 30, 2025 September 30, 2024 Variance Revenues $76,995 $79,329 (2.9)% Direct expenses 60,876 64,572 (5.7)% Gross profit 16,119 14,757 9.2% Indirect expenses 9,178 9,314 (1.5)% Operating earnings $6,
Slide 24: International Operations
International Operations Three months ended Unaudited (in thousands, except percentages) September 30, 2025 September 30, 2024 Variance Revenues $112,853 $105,741 6.7% Direct expenses 90,069 87,198 3.3% Gross profit 22,784 18,543 22.9% Indirect expenses 15,337 13,407 14.4% Operating earnings $7,447
Slide 25: Broadspire
Broadspire Three months ended Unaudited (in thousands, except percentages) September 30, 2025 September 30, 2024 Variance Revenues $103,401 $99,009 4.4% Direct expenses 75,921 73,409 3.4% Gross profit 27,480 25,600 7.3% Indirect expenses 11,915 11,198 6.4% Operating earnings $15,565 $14,402 8.1% Gro
Slide 26: Platform Solutions
Platform Solutions Three months ended Unaudited (in thousands, except percentages) September 30, 2025 September 30, 2024 Variance Revenues $28,922 $45,296 (36.1)% Direct expenses 21,699 35,545 (39.0)% Gross profit 7,223 9,751 (25.9)% Indirect expenses 4,639 5,918 (21.6)% Operating earnings $2,584 $3
Slide 27: Non-GAAP Financial Information
Non-GAAP Financial Information Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to oth
Slide 28: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) Segment and Consolidated Operating Earnings Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker to evaluate the financial performance of our Company and operating segments and make res
Slide 29: Total Revenue Before Reimbursements by Major Currency
The following table illustrates revenue as a percentage of total revenue in the major currencies of the geographic areas in which Crawford does business: Total Revenue Before Reimbursements by Major Currency Three Months Ended Unaudited (in thousands) September 30, 2025 September 30, 2024 Geographic
Slide 30: Revenues and Costs of Services Provided
Revenues and Costs of Services Provided Reconciliation of Non-GAAP Item Quarter Ended Quarter Ended Quarter Ended Quarter Ended Unaudited ($ in thousands) September 30, 2025 December 31, September 30, 2024 December 31, 2019 2018 Revenues Before Reimbursements Total Revenues $ 332,807 $ 342,726 Reimb
Slide 31: Operating Earnings Reconciliation of Non-GAAP Items
Operating Earnings Reconciliation of Non-GAAP Items (cont.) Quarter Ended Quarter Ended Quarter Ended Quarter Ended September 30, 2025 December 31, September 30,2024 December 31, Unaudited ($ in thousands) 2019 2018 North America Loss Adjusting $ 6,941 $ 5,443 International Operations 7,447 5,136 Br
Slide 32: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation of Non-GAAP items (cont.) Quarter Ended December 31, Quarter Ended December 31, September 30, 2025 December 31, September 30, 2024 December 31, Unaudited ($ in thousands) 2019 2018 Net Income Attributable to Shareholders of Crawford & Company $ 12,408 $ 9,453 Add: Depr
Slide 33: Net Debt
Net Debt Non-GAAP Financial Information (cont.) September 30, 2025 December 31, December 31, 2024 December 31, Unaudited ($ in thousands) 2019 2018 Short-term borrowings $ 21,240 $ 17,750 Current installments of finance leases and other obligations 45 72 Long-term debt and finance leases, less curre
Slide 34: Segment Gross Profit
Segment Gross Profit Non-GAAP Financial Information (cont.) Three months ended Three months ended Unaudited ($ in thousands) September 30, 2025 December 31, 2019 September 30, 2024 December 31, 2018 North America Loss Adjusting $ 16,119 $ 14,757 International Operations 22,784 18,543 Broadspire 27,4
Slide 35: Reconciliation of Third Quarter Non-GAAP Results
Reconciliation of Third Quarter Non-GAAP Results Three Months Ended September 30, 2025 Unaudited ($ in thousands) Pretax Earnings Pretax (Loss) Earnings Net Income Attributable to Crawford & Company Net (Loss) Income Attributable to Crawford & Company Diluted Earnings per CRD-A Share(1) Diluted (Los