Crawford & Company · NYSE:CRD.A
Crawford & — Q4 2025 Earnings Presentation
38 slides from Crawford &'s earnings presentation, Mar 3, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
® CRD-A & CRD-B (NYSE) Crawford & Company Fourth Quarter and Full Year 2025 Financial Results
Slide 2: Forward-Looking Statements & Additional Information
Forward-Looking Statements & Additional Information 2 Forwa rd-Looking Statements This pre senta tion contains forward-looking statements, including sta tem ents about the expe cted future financial condition, results of operations and earnings outlook of Crawford & Com pany. State ments, both quali
Slide 3: Strategic Update
3 STRATEGIC UPDATE Bruce Swain Interim President & Chief Executive Officer Q4 & FY 2025 FINANCIAL RESULTS
Slide 4: Global Reach, Trusted Partner
4 Global Reach, Trusted Partner 70 Countries $20B+ Claims Managed Annually ~10,000 Employees Q4 & FY 2025 FINANCIAL RESULTS
Slide 5: Multiple Growth Drivers Benefitting Crawford
Multiple Growth Drivers Benefitting Crawford 5 Increasing complexity of Streamlined U.S. Industry-leading Natural disasters Complex claim risk fueling expansion operations structure will expertise and continue to drive environment driving of major and complex improve efficiency and technology capabi
Slide 6: FY 2025 Highlights
FY 2025 Highlights 6 • FY25 revenue of $1.27B decreased 2.1% YoY due to lower property claims activity in the U.S. YoY Revenue • Record annual revenues for Broadspire and International $1.29B $1.27B Operations • Consolidated operating earnings increase of 10.1% YoY with improved results in North Ame
Slide 7: Our Capital Allocation Strategy
Our Capital Allocation Strategy 7 Committed to industry-leading financial strength and employing a disciplined approach to capital allocation Investing in long-term growth Strong liquidity Returning capital to shareholders Through Cap Ex and M&A Leverage ratio of 1.39x EBITDA Paid fourth quarter div
Slide 8: Operational Update
88 OPERATIONAL UPDATE Holly Boudreau, Chief Financial Officer Q4 & FY 2025 FINANCIAL RESULTS
Slide 9: 4Q25 Revenue Contribution
4Q25 Revenue Contribution 9 International Broadspire North America Loss Platform Solutions Operations (U.S. Only) Adjusting (U.S. Only) 36% 33% 23% 8% All Service Lines Outside of Third Party North American Service Lines: Service Lines Include: North America: Administration: • UK • Workers' Comp • U
Slide 10: International Operations
10 International Operations 4Q25 Results $111.9M $6.6M Revenues Operating Earnings • Revenue flat YoY • Operating earnings decreased by $1.9M, or 22.3% YoY • Reflecting the absence of one-time benefits in 4Q24 and softer results in Latin America • Operating margin decreased by 165 bps • Continuing p
Slide 11: Broadspire
11 Broadspire 4Q25 Results $101.5M $13.2M Revenues Operating Earnings • Fourth quarter results contributed to record-setting annual revenue and operating earnings • YoY revenue growth of 3.9% driven by continued growth in both claims and medical management service lines • Retention rate of 94% • Ope
Slide 12: North America Loss Adjusting
12 North America Loss Adjusting 4Q25 Results $70.1M $4.0M Revenues Operating Earnings • Revenue decreased 11.8% • 4Q24 revenues included activity from hurricanes Helene and Milton which did not repeat in 2025 • Operating earnings increased by $0.6M or 17.7% YoY • Improvements driven by Canada • Oper
Slide 13: Platform Solutions
13 Platform Solutions 4Q25 Results $25.1M ($1.1M) Revenues Operating Loss • Revenue decreased 56.5% YoY • Fourth quarter results in the segment were adversely impacted by: • Benign weather activity in 2025 compared to 4Q24 which included significant revenue related to hurricanes Helene and Milton •
Slide 14: Weather Variability Can Impact Claims Activity
14 Weather Variability Can Impact Claims Activity 2024 included revenues from claims activity associated with hurricanes Milton and Helene not repeated in 2025 U.S. Severe Storm Reports 1,2 Consolidated Weather-Related vs. Non-Weather-Related Revenue -11.2% -21.9% $347M 1,087 $308M $114M -32.5% 849
Slide 15: Financial Update
15 15 FINANCIAL UPDATE Holly Boudreau, Chief Financial Officer Q4 & FY 2025 FINANCIAL RESULTS
Slide 16: Q4 2025 Financial Summary
Q4 2025 Financial Summary 16 Quarter Ended Unaudited ($ in millions, except per share amounts) December 31, 2025 December 31, 2024 % Change Revenues $308.5 $347.3 (11)% Non-GAAP Revenues excluding foreign exchange fluctuations(1) $304.9 $347.3 (12)% Net (Loss) Income Attributable to Shareholders of
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights 17 Unaudited ($ in thousands) Dec 31, 2025 Dec 31, 2024 Change Cash and cash equivalents $ 64,079 $ 55,412 $ 8,667 Accounts receivable, net 115,661 142,064 (26,403) Unbilled revenues, net 126,960 131,080 (4,120) Total receivables 242,621 273,144 (30,523) Goodwill 76,569 76,3
Slide 18: Net Debt and Pension Liability
Net Debt and Pension Liability 18 Net Debt Pension Liability 250,000 70,000 $74.3M 60,000 200,000 50,000 150,000 $137.3M $125.0M 40,000 30,000 100,000 20,000 $17.9M 50,000 10,000 - - 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Net debt at $125.0 million Pension liability at
Slide 19: Operating and Free Cash Flow
Operating and Free Cash Flow 19 Unaudited ($ in thousands) 2025 2024 Change Net Income Attributable to Shareholders of Crawford & Company $ 19,634 $ 26,596 $ (6,962) Depreciation and Other Non-Cash Operating Items 47,996 41,998 5,998 Deferred incomes taxes (3,328) (2,534) (794) Contingent Earnout Ad
Slide 20: Additional Financial Matters
Additional Financial Matters 20 • Unallocated corporate costs of $6.8 million in Q4 ‘25 compared to corporate costs of $8.0 million in Unallocated Corporate and Q4 ‘24 Shared Costs and Credits • Variance was primarily due to a decrease in professional fees partially offset by higher compensation cos
Slide 21: Streamlined Operating Structure
21 Streamlined Operating Structure Effective January 1, 2026 U.S. Operations International Operations U.S. Property & Casualty Broadspire • UK • U.S. Loss Adjusting • Claims Management • Australia • Global Technical • Medical Management • Canada Services • Subrogation • Europe/Middle East • Claims S
Slide 22: Summary
Summary 22 EXPANDING MARKET PRESENCE Driving profitable growth across the globe NEXT-GEN TECHNOLOGY Leading the industry with cutting-edge technological capabilities DIVERSIFIED REVENUE STREAMS Diverse business lines and international footprint support long-term growth and cash generation STRONG FIN
Slide 23: Appendix: Segment Results and Non-GAAP Financial Information
23 23 Appendix: Segment Results and Non-GAAP Financial Information Q4 & FY 2025 FINANCIAL RESULTS
Slide 24: International Operations
International Operations 24 Three months ended Unaudited (in thousands, except percentages) December 31, 2025 December 31, 2024 Variance Revenues $111,901 $112,491 (0.5)% Direct expenses 90,186 88,747 1.6% Gross profit 21,715 23,744 (8.5)% Indirect expenses 15,131 15,271 (0.9)% Operating earnings $6
Slide 25: Broadspire
Broadspire 25 Three months ended Unaudited (in thousands, except percentages) December 31, 2025 December 31, 2024 Variance Revenues $101,457 $97,680 3.9% Direct expenses 76,267 76,385 (0.2)% Gross profit 25,190 21,295 18.3% Indirect expenses 12,002 11,163 7.5% Operating earnings $13,188 $10,132 30.2
Slide 26: North America Loss Adjusting
North America Loss Adjusting 26 Three months ended Unaudited (in thousands, except percentages) December 31, 2025 December 31, 2024 Variance Revenues $70,078 $79,434 (11.8)% Direct expenses 59,298 66,490 (10.8)% Gross profit 10,780 12,944 (16.7)% Indirect expenses 6,818 9,578 (28.8)% Operating earni
Slide 27: Platform Solutions
Platform Solutions 27 Three months ended Unaudited (in thousands, except percentages) December 31, 2025 December 31, 2024 Variance Revenues $25,085 $57,649 (56.5)% Direct expenses 21,212 47,045 (54.9)% Gross profit 3,873 10,604 (63.5)% Indirect expenses 4,953 5,848 (15.3)% Operating (loss) earnings
Slide 28: Non-GAAP Financial Information
Non-GAAP Financial Information 28 Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to
Slide 29: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 29 Segment and Consolidated Operating Earnings Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker to evaluate the financial performance of our Company and operating segments and make
Slide 30: Total Revenue Before Reimbursements by Major Currency
Total Revenue Before Reimbursements by Major Currency 30 The following table illustrates revenue as a percentage of total revenue in the major currencies of the geographic areas in which Crawford does business: Three Months Ended Unaudited (in thousands) December 31, 2025 December 31, 2024 Geographi
Slide 31: Reconciliation of Non-GAAP Item
Reconciliation of Non-GAAP Item 31 Revenues and Costs of Services Provided Quarter Ended Quarter Ended Unaudited ($ in thousands) December 31, 2025 December 31, 2024 Revenues Before Reimbursements Total Revenues $ 320,086 $ 358,318 Reimbursements (11,565) (11,064) Revenues Before Reimbursements 308,
Slide 32: Reconciliation of Non-GAAP Items (cont.)
Reconciliation of Non-GAAP Items (cont.) 32 Operating Earnings Quarter Ended Quarter Ended December 31, 2025 December 31,2024 Unaudited ($ in thousands) North America Loss Adjusting $ 3,962 $ 3,366 International Operations 6,584 8,473 Broadspire 13,188 10,132 Platform Solutions (1,080) 4,756 Unalloc
Slide 33: Reconciliation of Non-GAAP Items (cont.)
Reconciliation of Non-GAAP Items (cont.) 33 Operating Earnings Year Ended Year Ended December 31, 2025 December 31,2024 Unaudited ($ in thousands) North America Loss Adjusting $ 20,974 $ 18,173 International Operations 25,123 21,001 Broadspire 54,608 52,429 Platform Solutions 7,563 11,173 Unallocate
Slide 34: Reconciliation of Non-GAAP items (cont.)
Reconciliation of Non-GAAP items (cont.) 34 Adjusted EBITDA Quarter Ended Quarter Ended December 31, 2025 December 31, 2024 Unaudited ($ in thousands) Net (Loss) Income Attributable to Shareholders of Crawford & Company $ (7,240) $ 5,722 Add: Depreciation and amortization 10,498 9,238 Stock-based co
Slide 35: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 35 Net Debt December 31, 2025 December 31, 2024 Unaudited ($ in thousands) Short-term borrowings $ 38,454 $ 17,750 Current installments of finance leases and other obligations 46 72 Long-term debt and finance leases, less current installments 150,593 200,315 To
Slide 36: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 36 Segment Gross Profit Three months ended Unaudited ($ in thousands) December 31, 2025 December 31, 2024 North America Loss Adjusting $ 10,780 $ 12,944 International Operations 21,715 23,744 Broadspire 25,190 21,295 Platform Solutions 3,873 10,604 Segment gros
Slide 37: Reconciliation of Fourth Quarter Non-GAAP Results
Reconciliation of Fourth Quarter Non-GAAP Results 37 Three Months Ended December 31, 2025 Net (Loss) Income Attributable to Diluted (Loss) Diluted (Loss) Pretax (Loss) Crawford & Earnings per CRD-A Earnings per CRD-B Unaudited ($ in thousands) Earnings Company Share(1) Share(1) GAAP $ (6,487) $ (7,2
Slide 38: Reconciliation of Full-Year Non-GAAP Results
Reconciliation of Full-Year Non-GAAP Results 38 Year Ended December 31, 2025 Net Income Attributable to Crawford & Diluted Earnings Diluted Earnings Unaudited ($ in thousands) Pretax Earnings Company per CRD-A Share per CRD-B Share(1) GAAP $ 34,600 $ 19,634 $ 0.39 $ 0.40 Adjustments: Amortization of