Crawford & Company · NYSE:CRD.A
Crawford & — Q1 2026 Earnings Presentation
33 slides from Crawford &'s earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Financial Results
® CRD-A & CRD-B (NYSE) Crawford & Company First Quarter 2026 Financial Results
Slide 2: Forward-Looking Statements & Additional Information
Forward-Looking Statements & Additional Information 2 Forwa rd-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. Statements, both qualitative
Slide 3: Strategic Update
3 STRATEGIC UPDATE Bruce Swain President & Chief Executive Officer Q1 2026 FINANCIAL RESULTS
Slide 4: Global Reach, Trusted Partner
Global Reach, Trusted Partner 4 70 Countries $20B+ Claims Managed Annually ~10,000 Employees Q1 2026 FINANCIAL RESULTS
Slide 5: Multiple Organic Growth Drivers Benefitting Crawford
Multiple Organic Growth Drivers Benefitting Crawford 5 Increasing complexity of Streamlined U.S. Industry-leading Natural disasters Complex claim risk fueling expansion operations structure is expertise and continue to drive environment driving of major and complex expected to improve technology cap
Slide 6: Q1 2026 Highlights
Q1 2026 Highlights 6 • 1Q26 revenue of $309.5M reflects continued trend of lower YoY Revenue industry-wide property claims activity in the U.S. $312.0M $309.5M • Consolidated operating earnings decreased 23.2% YoY related to lower U.S. results and higher corporate costs • Non-GAAP EPS of $0.16 for b
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 1.62x EBITDA Paid first quarter divi
Slide 8: Operational Update
88 OPERATIONAL UPDATE Holly Boudreau, Chief Financial Officer Q1 2026 FINANCIAL RESULTS
Slide 9: New Operating Structure and 1Q26 Revenue Contribution
New Operating Structure and 1Q26 Revenue Contribution 9 Effective January 1, 2026 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 • Su
Slide 10: U.S. Property & Casualty
10 U.S. Property & Casualty 1Q26 Results $72.9M $7.6M Revenues Operating Earnings • Revenue decreased 11.3% YoY • 1Q25 revenues included carryover claims from hurricanes Helene and Milton which did not repeat in 2026 • Claims frequency across the industry tracking below historical levels • Operating
Slide 11: Broadspire
11 Broadspire 1Q26 Results $104.8M $10.9M Revenues Operating Earnings • YoY revenue increase of 1.0% reflecting the slow ramp of certain new client wins • Retention rate of 86% • Operating earnings decreased by $1.1M, or 9.4% YoY reflecting planned hiring in advance of the start of new business • Op
Slide 12: International Operations
12 International Operations 1Q26 Results $131.9M $4.0M Revenues Operating Earnings • Revenue increased 4.5% YoY but decreased on a constant currency basis by 1.7% due to foreign exchange fluctuations • Operating earnings increased by $1.8M, or 80.0% YoY, and operating margin increased by 120 bps • P
Slide 13: Weather Variability Can Impact Claims Activity
Weather Variability Can Impact Claims Activity 13 Q1 2026 saw lower claims activity vs Q1 2025, which included revenues from claims activity associated with hurricanes Milton and Helene U.S. Severe Storm Reports1,2 Consolidated Weather-Related vs. Non-Weather-Related Revenue -15.9% -0.8% 3,569 $312M
Slide 14: Financial Update
14 15 FINANCIAL UPDATE Holly Boudreau, Chief Financial Officer Q1 2026 FINANCIAL RESULTS
Slide 15: Q1 2026 Financial Summary
Q1 2026 Financial Summary 15 Quarter Ended Unaudited ($ in millions, except per share amounts) March 31, 2026 March 31, 2025 % Change Revenues $309.5 $312.0 (1)% Non-GAAP Revenues excluding foreign exchange fluctuations(1) $301.7 $312.0 (3)% Net Income Attributable to Shareholders of Crawford & Comp
Slide 16: Balance Sheet Highlights
Balance Sheet Highlights 16 Unaudited ($ in thousands) Mar 31, 2026 Dec 31, 2025 Change Cash and cash equivalents $ 54,491 $ 64,079 $ (9,588) Accounts receivable, net 118,064 115,661 2,403 Unbilled revenues, net 142,759 126,960 15,799 Total receivables 260,823 242,621 18,202 Goodwill 76,500 76,569 (
Slide 17: Net Debt and Pension Liability
Net Debt and Pension Liability 17 Net Debt Pension Liability 250,000 60,000 $53.9M 50,000 200,000 40,000 150,000 $139.6M 30,000 100,000 20,000 $16.7M 50,000 $68.9M 10,000 - - 2020 2021 2022 2023 2024 2025 Q1 2026 2020 2021 2022 2023 2024 2025 Q1 2026 Net debt at $139.6 million Pension liability at $
Slide 18: Operating and Free Cash Flow
Operating and Free Cash Flow 18 Unaudited ($ in thousands) 2026 2025 Change Net Income Attributable to Shareholders of Crawford & Company $ 4,905 $ 6,684 $ (1,779) Depreciation and Other Non-Cash Operating Items 10,630 11,657 (1,027) Contingent Earnout Adjustments (180) 363 (543) Billed Receivables
Slide 19: Additional Financial Matters
Additional Financial Matters 19 • Unallocated corporate costs of $8.8 million in Q1 ‘26 compared to corporate costs of $6.1 Unallocated Corporate and million in Q1 ’25 Shared Costs and Credits • The variance is driven by an increase in administrative compensation expense and self- insurance reserves
Slide 20: Summary
Summary 20 EXPANDING MARKET PRESENCE Driving profitable growth across the globe STRENGTHENED OPERATIONAL MODEL Streamlined and restructured U.S. business to promote collaboration, capture efficiencies and drive favorable client outcomes DIVERSIFIED REVENUE STREAMS Diverse business lines and internat
Slide 21: Appendix: Segment Results and Non-GAAP Financial Information
21 23 Appendix: Segment Results and Non-GAAP Financial Information Q1 2026 FINANCIAL RESULTS
Slide 22: U.S. Property & Casualty
U.S. Property & Casualty 22 Three months ended Unaudited (in thousands, except percentages) March 31, 2026 March 31, 2025 Variance Revenues $72,885 $82,190 (11.3)% Direct expenses 52,278 59,095 (11.5)% Gross profit 20,607 23,095 (10.8)% Indirect expenses 12,991 13,315 (2.4)% Operating earnings $7,61
Slide 23: Broadspire
Broadspire 23 Three months ended Unaudited (in thousands, except percentages) March 31, 2026 March 31, 2025 Variance Revenues $104,758 $103,672 1.0% Direct expenses 73,406 71,027 3.3% Gross profit 31,352 32,645 (4.0)% Indirect expenses 20,496 20,668 (0.8)% Operating earnings $10,856 $11,977 (9.4)% G
Slide 24: International Operations
International Operations 24 Three months ended Unaudited (in thousands, except percentages) March 31, 2026 March 31, 2025 Variance Revenues $131,882 $126,170 4.5% Direct expenses 109,372 103,852 5.3% Gross profit 22,510 22,318 0.9% Indirect expenses 18,513 20,098 (7.9)% Operating earnings $3,997 $2,
Slide 25: Non-GAAP Financial Information
Non-GAAP Financial Information 25 Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to
Slide 26: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 26 Segment and Consolidated Operating Earnings Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker to evaluate the financial performance of our Company and operating segments and make
Slide 27: Total Revenue Before Reimbursements by Major Currency
Total Revenue Before Reimbursements by Major Currency 27 The following table illustrates revenue as a percentage of total revenue in the major currencies of the geographic areas in which Crawford does business: Three Months Ended Unaudited (in thousands) March 31, 2026 March 31, 2025 Geographic Area
Slide 28: Reconciliation of Non-GAAP Item
Reconciliation of Non-GAAP Item 28 Revenues and Costs of Services Provided Quarter Ended Quarter Ended Unaudited ($ in thousands) March 31, 2026 March 31, 2025 Revenues Before Reimbursements Total Revenues $ 320,126 $ 323,339 Reimbursements (10,601) (11,307) Revenues Before Reimbursements 309,525 31
Slide 29: Reconciliation of Non-GAAP Items (cont.)
Reconciliation of Non-GAAP Items (cont.) 29 Operating Earnings Quarter Ended Quarter Ended March 31, 2026 March 31, 2025 Unaudited ($ in thousands) U.S. Property & Casualty $ 7,616 $ 9,780 Broadspire 10,856 11,977 International Operations 3,997 2,220 Unallocated corporate and shared costs, net (8,77
Slide 30: Reconciliation of Non-GAAP items (cont.)
Reconciliation of Non-GAAP items (cont.) 30 Adjusted EBITDA Quarter Ended Quarter Ended March 31, 2026 March 31, 2025 Unaudited ($ in thousands) Net Income Attributable to Shareholders of Crawford & Company $ 4,905 $ 6,684 Add: Depreciation and amortization 9,589 9,647 Stock-based compensation 1,046
Slide 31: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 31 Net Debt March 31, 2026 December 31, 2025 Unaudited ($ in thousands) Short-term borrowings $ 43,454 $ 38,454 Current installments of finance leases and other obligations 47 46 Long-term debt and finance leases, less current installments 150,587 150,593 Total
Slide 32: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 32 Segment Gross Profit Three months ended Unaudited ($ in thousands) March 31, 2026 March 31, 2025 U.S. Property & Casualty $ 20,607 $ 23,095 Broadspire 31,352 32,645 International Operations 22,510 22,318 Segment gross profit 74,469 78,058 Segment indirect co
Slide 33: Reconciliation of Non-GAAP Results
Reconciliation of Fourth Quarter Non-GAAP Results 33 Three Months Ended March 31, 2026 Net Income Attributable to Crawford & Diluted Earnings Diluted Earnings Unaudited ($ in thousands) Pretax Earnings Company per CRD-A Share per CRD-B Share GAAP $ 7,287 $ 4,905 $ 0.10 $ 0.10 Adjustments: Amortizati