Crawford & Company · NYSE:CRD.A
Crawford & — Q3 2026 Earnings Presentation
32 slides from Crawford &'s earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Financial Results
85 years of expertise. Built for what’s next. Crawford & Company Third 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 Q3 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 Global growth in complexity of U.S. operating leading disasters alternative markets risk fueling structure is expertis
Slide 6: Q3 2026 Highlights
Q3 2026 Highlights 6 • 3Q26 revenue of $321.6M remained relatively level YoY YoY Revenue • Consolidated operating earnings increased 8.4% YoY related to $322.2M $321.6M strong performance in International and decreased corporate costs • Non-GAAP EPS of $0.37 for both CRD-A and CRD-B • Operating cash
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 1.52x EBITDA Paid quarterly dividend of $0.08 Through Cap Ex and M&A significantly below industry average enhances financial flexibility Opportunistically repu
Slide 8: Financial and Operational Update
8 Financial and Operational Update Holly Boudreau Chief Financial Officer Q3 2026 FINANCIAL RESULTS
Slide 9: Third Quarter 2026 Revenue Contribution
Third Quarter 2026 Revenue Contribution 9 U.S. Operations U.S. Property International Broadspire & Casualty Operations 24% 34% 42% 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 3Q26 Results
10 U.S. Property & Casualty 3Q26 Results $76.0M $9.7M Revenues Operating Earnings • Revenue remained relatively level YoY • Operating earnings declined slightly but operating margin held steady • Improvement in Networks offset by softness in USLA • Premier destination for seasoned, high-caliber insu
Slide 11: Broadspire 3Q26 Results
11 Broadspire 3Q26 Results $109.0M $13.0M Revenues Operating Earnings • YoY revenue decrease of 1.5% reflects decreased casualty claims and medical management revenue • Retention rate improved sequentially to 88.5% • Operating earnings decreased by $2.3M, or 15.1% YoY; operating margin decreased by
Slide 12: International Operations 3Q26 Results
12 International Operations 3Q26 Results $136.7M $10.7M Revenues Operating Earnings • Revenue increased by 1.0% YoY • Excluding the exit from the Crawford Legal Services businesses and foreign exchange impacts, revenue decreased by 1.2% YoY • Operating earnings increased by $3.0M, or 39.4% YoY, and
Slide 13: Weather Variability Can Impact Claims Activity
Weather Variability Can Impact Claims Activity 13 Q3 2026 weather-related revenue increased year-over-year, and included claims activity associated with CAT-related international revenue U.S. Severe Storm Reports1,2 Consolidated Weather-Related vs. Non-Weather-Related Revenue 45.5% -0.2% 12,260 $322
Slide 14: Q3 2026 Financial Summary
Q3 2026 Financial Summary 14 Quarter Ended Unaudited ($ in millions, except per share amounts) September 30, 2026 September 30, 2025 Change Revenues $321.6 $322.2 (0)% Non-GAAP Revenues excluding foreign exchange fluctuations(1) $313.7 $322.2 (3)% Net Income Attributable to Shareholders of Crawford
Slide 15: Balance Sheet Highlights
Balance Sheet Highlights 15 Unaudited ($ in thousands) September 30, 2026 December 31, 2025 Change Cash and cash equivalents $ 79,032 $ 64,079 $ 14,953 Accounts receivable, net 124,089 115,661 8,428 Unbilled revenues, net 135,813 126,960 8,853 Total receivables 259,902 242,621 17,281 Goodwill 76,430
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 $146.0M 40,000 150,000 30,000 100,000 20,000 $12.8M 50,000 $68.9M 10,000 - - 2020 2021 2022 2023 2024 2025 Q3 2026 2020 2021 2022 2023 2024 2025 Q3 2026 Net debt at $146.0 million Pension liability at $
Slide 17: Operating and Free Cash Flow
Operating and Free Cash Flow 17 Nine Months Ended Unaudited ($ in thousands) September 30, 2026 September 30, 2025 Change Net Income Attributable to Shareholders of Crawford & Company $ 33,361 $ 26,874 $ 6,487 Depreciation and Other Non-Cash Operating Items 30,731 35,477 (4,746) Software Impairment
Slide 18: Additional Financial Matters
Additional Financial Matters 18 • Unallocated corporate costs of $4.5 million in Q3 ‘26 compared to corporate costs of $6.1 Unallocated Corporate and million in Q3 ’25 Shared Costs and Credits • Variance is primarily driven by $2.5 million in lower medical self-insurance expense compared to the prio
Slide 19: Positioned to Drive Long-Term Growth
Positioned to Drive Long-Term Growth 19 EXPANDING MARKET PRESENCE Driving profitable growth across the globe STRONG OPERATING MODEL Streamlined U.S. business expected to promote collaboration, capture efficiencies and drive favorable client outcomes DIVERSIFIED REVENUE STREAMS Diverse business lines
Slide 20: Appendix
20 Appendix Segment Results and Non-GAAP Financial Information Q3 2026 FINANCIAL RESULTS
Slide 21: U.S. Property & Casualty
U.S. Property & Casualty 21 Three months ended Unaudited ($ in thousands) September 30, 2026 September 30, 2025 Variance Revenues $75,953 $76,227 (0.4)% Direct expenses 54,676 53,633 1.9% Gross profit 21,277 22,594 (5.8)% Indirect expenses 11,577 12,794 (9.5)% Operating earnings $9,700 $9,800 (1.0)%
Slide 22: Broadspire
Broadspire 22 Three months ended Unaudited ($ in thousands) September 30, 2026 September 30, 2025 Variance Revenues $108,965 $110,618 (1.5)% Direct expenses 76,339 75,751 0.8% Gross profit 32,626 34,867 (6.4)% Indirect expenses 19,652 19,581 0.4% Operating earnings $12,974 $15,286 (15.1)% Gross prof
Slide 23: International Operations
International Operations 23 Three months ended Unaudited ($ in thousands) September 30, 2026 September 30, 2025 Variance Revenues $136,710 $135,326 1.0% Direct expenses 106,660 108,311 (1.5)% Gross profit 30,050 27,015 11.2% Indirect expenses 19,382 19,363 0.1% Operating earnings $10,668 $7,652 39.4
Slide 24: Non-GAAP Financial Information
Non-GAAP Financial Information 24 Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to
Slide 25: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 25 Segment and Consolidated Operating Earnings Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker to evaluate the financial performance of our Company and operating segments and make
Slide 26: Total Revenue Before Reimbursements by Major Currency
Total Revenue Before Reimbursements by Major Currency 26 The following table illustrates revenue as a percentage of total revenue in the major currencies of the geographic areas in which Crawford does business: Three Months Ended Unaudited (in thousands) September 30, 2026 September 30, 2025 Geograp
Slide 27: Reconciliation of Non-GAAP Item
Reconciliation of Non-GAAP Item 27 Revenues and Costs of Services Provided Quarter Ended Quarter Ended Unaudited ($ in thousands) September 30, 2026 September 30, 2025 Revenues Before Reimbursements Total Revenues $ 329,907 $ 332,807 Reimbursements (8,279) (10,636) Revenues Before Reimbursements 321
Slide 28: Reconciliation of Non-GAAP Items (cont.)
Reconciliation of Non-GAAP Items (cont.) 28 Operating Earnings Quarter Ended Quarter Ended September 30, 2026 September 30, 2025 Unaudited ($ in thousands) U.S. Property & Casualty $ 9,700 $ 9,800 Broadspire 12,974 15,286 International Operations 10,668 7,652 Unallocated corporate and shared costs,
Slide 29: Reconciliation of Non-GAAP items (cont.)
Reconciliation of Non-GAAP items (cont.) 29 Adjusted EBITDA Quarter Ended Quarter Ended September 30, 2026 September 30, 2025 Unaudited ($ in thousands) Net Income Attributable to Shareholders of Crawford & Company $ 15,008 $ 12,408 Add: Depreciation and amortization 9,351 10,084 Stock-based compens
Slide 30: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 30 Net Debt September 30, 2026 December 31, 2025 Unaudited ($ in thousands) Short-term borrowings $ 74,454 $ 38,454 Current installments of finance leases and other obligations 46 46 Long-term debt and finance leases, less current installments 150,573 150,593 T
Slide 31: Non-GAAP Financial Information (cont.)
Non-GAAP Financial Information (cont.) 31 Segment Gross Profit Three months ended Unaudited ($ in thousands) September 30, 2026 September 30, 2025 U.S. Property & Casualty $ 21,277 $ 22,594 Broadspire 32,626 34,867 International Operations 30,050 27,015 Segment gross profit 83,953 84,476 Segment ind
Slide 32: Reconciliation of Third Quarter Non-GAAP Results
Reconciliation of Third Quarter Non-GAAP Results 32 Three Months Ended September 30, 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 $ 22,327 $ 15,008 $ 0.31 $ 0.31 Adjustments: Amort