Crawford & Company · NYSE:CRD.A
Crawford & — Q2 2026 Earnings Presentation
32 slides from Crawford &'s earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Financial Results
85 years of expertise. Built for what’s next. Crawford & Company Second Quarter 2026 Financial Results CRD-A & CRD-B (NYSE)
Slide 2: Forward-Looking Statements & Additional Information
Forward-Looking Statements & Additional Information 2 Forward-Looking Statements corporate interest expense, stock option expense, amortization of customer-relationship This presentation contains forward-looking statements, including statements about the intangible assets, contingent earnout adjustm
Slide 3: Strategic Update
3 Strategic Update Bruce Swain President & Chief Executive Officer Q2 2026 FINANCIAL RESULTS
Slide 4: Global Reach – Trusted Partner
44 Global Reach – Trusted Partner 10K+ EMPLOYEES 70+ COUNTRIES $20B+ CLAIMS MANAGED ANNUALLY
Slide 5: Multiple Organic Growth Drivers Benefitting Crawford
55 Multiple Organic Growth Drivers Benefitting Crawford Industry and organizational dynamics creating tailwinds for sustained revenue growth Increasing Streamlined Industry- Natural Complex claim complexity of U.S. operating leading disasters environment risk fueling structure is expertise and conti
Slide 6: Q2 2026 Highlights
Q2 2026 Highlights 6 • 2Q26 revenue of $321.4M remained relatively consistent YoY YoY Revenue • Consolidated operating earnings increased 33.9% YoY related to $323.0 $321.4M strong performance in Broadspire and International • Highest quarterly operating earnings since Q3 ‘23 • Non-GAAP EPS of $0.38
Slide 7: Disciplined Capital Allocation Strategy
7 Disciplined Capital Allocation Strategy Investing in long-term Strong liquidity Returning capital growth to shareholders Leverage ratio of 1.45x EBITDA Through Cap Ex and M&A significantly below industry average Paid quarterly dividend of $0.075 enhances financial flexibility (Board has approved i
Slide 8: Financial and Operational Update
8 Financial and Operational Update Holly Boudreau Chief Financial Officer Q2 2026 FINANCIAL RESULTS
Slide 9: Second Quarter 2026 Revenue Contribution
Second Quarter 2026 Revenue Contribution 9 U.S. Operations U.S. Property International Broadspire & Casualty Operations 23% 34% 43% U.S. Loss Adjusting • Claims Management • UK • Global Technical Services • Medical Management • Australia • Claims Solutions • Subrogation • Canada • Europe/Middle East
Slide 10: U.S. Property & Casualty
10 U.S. Property & Casualty 2Q26 Results $74.1M $7.2M Revenues Operating Earnings • Revenue decreased 10.2% YoY • Severe convective storm activity in the quarter offset by softer performance in Networks • Operating earnings decreased by $0.3M or 4.0% YoY with operating margin up by 70 bps, due to co
Slide 11: Broadspire
11 Broadspire 2Q26 Results $109.4M $15.7M Revenues Operating Earnings • YoY revenue increase of 1.2% reflects the addition of new disability clients and improved medical management revenue • Retention rate improved sequentially to 87.5% • Operating earnings increased by $1.5M, or 10.8% YoY; operatin
Slide 12: International Operations
12 International Operations 2Q26 Results $138.0M $10.9M Revenues Operating Earnings • Revenue increased by 4.2% YoY • Excluding the exit from the Crawford Legal Services businesses and foreign exchange impacts, revenue increased by 1.6% YoY • Operating earnings increased by $3.5M, or 48.2% YoY, and
Slide 13: Weather Variability Can Impact Claims Activity
Weather Variability Can Impact Claims Activity 13 Q2 2026 weather-related revenue decreased slightly year-over-year, and included claims activity associated with U.S. severe convective storm activity and CAT-related international revenue U.S. Severe Storm Reports1,2 Consolidated Weather-Related vs.
Slide 14: Q2 2026 Financial Summary
Q2 2026 Financial Summary 14 Quarter Ended Unaudited ($ in millions, except per share amounts) June 30, 2026 June 30, 2025 Change Revenues $321.4 $323.0 (0)% Non-GAAP Revenues excluding foreign exchange fluctuations(1) $313.7 $323.0 (3)% Net Income Attributable to Shareholders of Crawford & Company
Slide 15: Balance Sheet Highlights
Balance Sheet Highlights 15 Unaudited ($ in thousands) June 30, 2026 Dec 31, 2025 Change Cash and cash equivalents $ 69,419 $ 64,079 $ 5,340 Accounts receivable, net 119,063 115,661 3,402 Unbilled revenues, net 140,732 126,960 13,772 Total receivables 259,795 242,621 17,174 Goodwill 76,426 76,569 (1
Slide 16: Net Debt and Pension Liability
Net Debt and Pension Liability 16 Net Debt Pension Liability 250,000 60,000 $53.9M 50,000 200,000 40,000 150,000 $128.7M 30,000 100,000 20,000 $16.3M 50,000 $68.9M 10,000 - - 2020 2021 2022 2023 2024 2025 Q2 2026 2020 2021 2022 2023 2024 2025 Q2 2026 Net debt at $128.7 million Pension liability at $
Slide 17: Operating and Free Cash Flow
Operating and Free Cash Flow 17 Six Months Ended Unaudited ($ in thousands) June 30, 2026 June 30, 2025 Change Net Income Attributable to Shareholders of Crawford & Company $ 18,353 $ 14,466 $ 3,887 Depreciation and Other Non-Cash Operating Items 20,620 23,670 (3,050) Software Impairment 2,294 — 2,2
Slide 18: Additional Financial Matters
Additional Financial Matters 18 • Unallocated corporate costs of $4.3 million in Q2 ‘26 compared to corporate costs of $7.0 Unallocated Corporate and million in Q2 ’25 Shared Costs and Credits • Variance is primarily driven by the absence of a one-time $3.1 million indirect tax expense that occurred
Slide 19: Strategic Growth Drivers
Strategic Growth Drivers 19 EXPANDING MARKET PRESENCE Driving profitable growth across the globe STRONG OPERATIONAL MODEL Streamlined U.S. business expected to promote collaboration, capture efficiencies and drive favorable client outcomes DIVERSIFIED REVENUE STREAMS Diverse business lines and inter
Slide 20: Appendix
20 Appendix Segment Results and Non-GAAP Financial Information Q2 2026 FINANCIAL RESULTS
Slide 21: U.S. Property & Casualty
U.S. Property & Casualty 21 Three months ended Unaudited ($ in thousands) June 30, 2026 June 30, 2025 Variance Revenues $74,065 $82,500 (10.2)% Direct expenses 54,872 61,229 (10.4)% Gross profit 19,193 21,271 (9.8)% Indirect expenses 12,038 13,820 (12.9)% Operating earnings $7,155 $7,451 (4.0)% Gros
Slide 22: Broadspire
Broadspire 22 Three months ended Unaudited ($ in thousands) June 30, 2026 June 30, 2025 Variance Revenues $109,423 $108,158 1.2% Direct expenses 74,295 73,996 0.4% Gross profit 35,128 34,162 2.8% Indirect expenses 19,398 19,960 (2.8)% Operating earnings $15,730 $14,202 10.8% Gross profit margin 32.1
Slide 23: International Operations
International Operations 23 Three months ended Unaudited ($ in thousands) June 30, 2026 June 30, 2025 Variance Revenues $137,951 $132,339 4.2% Direct expenses 107,040 105,364 1.6% Gross profit 30,911 26,975 14.6% Indirect expenses 20,049 19,644 2.1% Operating earnings $10,862 $7,331 48.2% Gross prof
Slide 24: Non-GAAP Financial Information
Non-GAAP Financial Information 24 Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to
Slide 25: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 25 Segment and Consolidated Operating Earnings Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker to evaluate the financial performance of our Company and operating segments and make
Slide 26: Total Revenue Before Reimbursements by Major Currency
Total Revenue Before Reimbursements by Major Currency 26 The following table illustrates revenue as a percentage of total revenue in the major currencies of the geographic areas in which Crawford does business: Three Months Ended Unaudited (in thousands) June 30, 2026 June 30, 2025 Geographic Area C
Slide 27: Reconciliation of Non-GAAP Item
Reconciliation of Non-GAAP Item 27 Revenues and Costs of Services Provided Quarter Ended Quarter Ended Unaudited ($ in thousands) June 30, 2026 June 30, 2025 Revenues Before Reimbursements Total Revenues $ 330,024 $ 334,595 Reimbursements (8,585) (11,598) Revenues Before Reimbursements 321,439 322,9
Slide 28: Reconciliation of Non-GAAP Items (cont.)
Reconciliation of Non-GAAP Items (cont.) 28 Operating Earnings Quarter Ended Quarter Ended June 30, 2026 June 30, 2025 Unaudited ($ in thousands) U.S. Property & Casualty $ 7,155 $ 7,451 Broadspire 15,730 14,202 International Operations 10,862 7,331 Unallocated corporate and shared costs, net (4,302
Slide 29: Reconciliation of Non-GAAP Items (cont.)
Reconciliation of Non-GAAP items (cont.) 29 Adjusted EBITDA Quarter Ended Quarter Ended June 30, 2026 June 30, 2025 Unaudited ($ in thousands) Net Income Attributable to Shareholders of Crawford & Company $ 13,448 $ 7,782 Add: Depreciation and amortization 9,496 9,814 Stock-based compensation 481 1,
Slide 30: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 30 Net Debt June 30, 2026 December 31, 2025 Unaudited ($ in thousands) Short-term borrowings $ 47,454 $ 38,454 Current installments of finance leases and other obligations 46 46 Long-term debt and finance leases, less current installments 150,580 150,593 Total
Slide 31: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 31 Segment Gross Profit Three months ended Unaudited ($ in thousands) June 30, 2026 June 30, 2025 U.S. Property & Casualty $ 19,193 $ 21,271 Broadspire 35,128 34,162 International Operations 30,911 26,975 Segment gross profit 85,232 82,408 Segment indirect cost
Slide 32: Reconciliation of Second Quarter Non-GAAP Results
Reconciliation of Second Quarter Non-GAAP Results 32 Three Months Ended June 30, 2026 Net Income Attributable to Crawford & Diluted Earnings Diluted Earnings Unaudited ($ in thousands) Pretax Earnings Company per CRD-A Share(1) per CRD-B Share GAAP $ 19,656 $ 13,448 $ 0.27 $ 0.28 Adjustments: Amorti