EX-99.1 2 crda-ex99_1.htm EX-99.1

Exhibit 99.1

Crawford & Company®

5335 Triangle Parkway

Peachtree Corners, GA 30092

FOR IMMEDIATE RELEASE

CRAWFORD & COMPANY REPORTS 2025 THIRD QUARTER RESULTS

Solid Earnings Growth in Third Quarter

Record Quarterly Revenues for Broadspire and International Operations

ATLANTA, (November 3, 2025) -- Crawford & Company® (NYSE: CRD-A and CRD-B), is pleased to announce its financial results for the third quarter ended September 30, 2025.

Revenues before reimbursements decreased (2)% to $322.2 million in the 2025 third quarter from $329.4 million in the 2024 third quarter. Third quarter net income was $12.4 million, or $0.25 per diluted share for CRD-A and CRD-B, compared to $9.5 million, or $0.19 per diluted share for CRD-A and CRD-B in the prior year quarter.

GAAP Consolidated Results
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions, except per share amounts) | 2025 | 2024 | Change |  | 2025 | 2024 | Change
Revenues before reimbursements | $322.2 | $329.4 | (2)% |  | $957.2 | $945.3 | 1%
Net income attributable to shareholders | 12.4 | 9.5 | 31% |  | 26.9 | 20.9 | 29%
Diluted earnings per share CRD-A | 0.25 | 0.19 | 32% |  | 0.54 | 0.42 | 29%
Diluted earnings per share CRD-B | 0.25 | 0.19 | 32% |  | 0.54 | 0.42 | 29%

Non-GAAP Consolidated Results
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions, except per share amounts) | 2025 | 2024 | Change |  | 2025 | 2024 | Change
Revenues before reimbursements on constant dollar basis | $318.8 | $329.4 | (3)% |  | $958.8 | $945.3 | 1%
Consolidated adjusted operating earnings | 26.6 | 21.8 | 22% |  | 66.4 | 56.0 | 19%
Consolidated adjusted EBITDA | 36.3 | 29.6 | 23% |  | 94.5 | 80.8 | 17%
Non-GAAP net income attributable to shareholders | 16.1 | 10.9 | 48% |  | 37.6 | 29.8 | 26%
Non-GAAP diluted earnings per share CRD-A | 0.32 | 0.22 | 45% |  | 0.75 | 0.60 | 25%
Non-GAAP diluted earnings per share CRD-B | 0.32 | 0.22 | 45% |  | 0.76 | 0.60 | 27%

Mr. Rohit Verma, president and chief executive officer of Crawford & Company, commented, "Our Company delivered solid third-quarter results with a 22% increase in operating earnings and improved margins across all segments of our business. Broadspire and International Operations performed particularly well, but consolidated revenue decreased slightly due to the continued absence of significant weather events and lower U.S. claims activity in North America Loss Adjusting and Platform Solutions.”

Mr. Verma continued, “We are pleased with the expanded client relationships and new business momentum we saw in the third quarter. As we continue to strengthen our position as the partner of choice for insurance providers worldwide, our focus remains on delivering operational excellence and deepening engagement with existing clients. Our balance sheet remains strong, and we are committed to leveraging our growing pipeline to further extend our global reach.”

Segment Results for the Third Quarter

North America Loss Adjusting

North America Loss Adjusting revenues before reimbursements were $77.0 million in the third quarter of 2025, decreasing (2.9)% from $79.3 million in the third quarter of 2024, driven by a decrease in weather related claims impacting revenues in U.S. Field Operations. Foreign exchange rate impacts were immaterial.

The segment had operating earnings of $6.9 million in the 2025 third quarter, increasing from $5.4 million in the third quarter of 2024. The operating margin increased to 9.0% in the 2025 quarter, compared with 6.9% in the 2024 quarter, driven by improved efficiencies in U.S. Global Technical Services and Canada, partially offset by lower revenues in U.S. Field Operations.

North America Loss Adjusting revenues before reimbursements were $234.8 million in the nine months ended September 30, 2025, increasing 0.9% from $232.7 million in the 2024 period. Absent foreign exchange rate decreases of ($1.9) million, revenues would have been $236.7 million for the 2025 third quarter.

The segment had operating earnings of $17.0 million in the nine months ended September 30, 2025, increasing from $14.8 million in the 2024 period. The operating margin was 7.2% for the nine months ended September 30, 2025 and 6.4% in the 2024 period. The increase in operating earnings was primarily due to revenue growth and improved efficiencies in U.S Global Technical Services.

International Operations

International Operations revenues before reimbursements were a new quarterly record of $112.9 million in the third quarter of 2025, up 6.7% from $105.7 million in the same period of 2024 driven by growth in the U.K., Europe, and Asia. Absent foreign exchange rate increases of $3.6 million, revenues would have been $109.3 million for the 2025 third quarter.

Operating earnings were $7.4 million in the 2025 third quarter, increasing from $5.1 million in the 2024 period. The segment’s operating margin for the 2025 quarter increased to 6.6% compared with 4.9% in the 2024 quarter driven by higher value claims in the U.K., earthquake related claims in Thailand, and an increase in weather related claims in Australia.

International Operations revenues before reimbursements were $326.3 million in the 2025 year-to-date period, up 6.6% from $306.1 million in the 2024 period. Foreign exchange rate impacts were immaterial for the nine months ended September 30, 2025.

Operating earnings were $18.5 million in the nine months ended September 30, 2025, improving from $12.5 million in the 2024 period. The segment’s operating margin for year-to-date 2025 increased to 5.7% compared with 4.1% in the 2024 period driven by revenue growth in the U.K. and Asia.

Broadspire

Broadspire segment revenues before reimbursements were a new quarterly record of $103.4 million in the 2025 third quarter, increasing 4.4% from $99.0 million in the 2024 third quarter driven by increases in medical case management and casualty claims revenues.

Broadspire recorded operating earnings of $15.6 million in the third quarter of 2025, representing an operating margin of 15.1%, compared to $14.4 million, or 14.5% of revenues, in the 2024 third quarter. The increase in operating earnings and margin in the quarter was driven by revenue growth and a decrease in administrative costs.

Broadspire segment revenues before reimbursements were $300.4 million in the 2025 year-to-date period, increasing 3.4% from $290.4 million in the 2024 period.

Broadspire operating earnings were $41.4 million in the nine months ended September 30, 2025, representing an operating margin of 13.8%, decreasing from $42.3 million, or 14.6% of revenues in the 2024 period driven by an increase in administrative costs during the first half of 2025.

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Platform Solutions

Platform Solutions revenues before reimbursements were $28.9 million in the third quarter of 2025, down (36.1)% from $45.3 million in the same period of 2024 due to lower staff augmentation business from insurance carriers.

Operating earnings were $2.6 million in the 2025 third quarter, compared with $3.8 million in the 2024 period. The segment’s operating margin for the 2025 quarter was 8.9% as compared with 8.5% in the 2024 quarter. The decrease in operating earnings was driven by a decrease in revenues in the Networks service line. The improvement in operating margin is due a shift in product mix from the Networks service line to Contractor Connection and Subrogation.

Platform Solutions revenues before reimbursements were $95.7 million in the nine months ended September 30, 2025, down (17.5)% from $116.0 million in the 2024 period.

Operating earnings were $8.6 million in the 2025 year-to-date period, increasing from $6.4 million in the 2024 period. The segment’s operating margin for the nine months ended September 30, 2025 was 9.0% as compared with 5.5% in the nine months ended September 30, 2024, improving due to the reduction in low value inspection services previously handled within our Networks service line and a decrease in administrative costs.

Unallocated Corporate and Shared Costs and Credits, Net

Unallocated corporate costs were $5.9 million in the third quarter of 2025, compared with $7.0 million in the same period of 2024. The decrease in the 2025 third quarter was primarily due to a decrease in professional fees and compensation expenses, partially offset by an increase in self-insurance expense.

Unallocated corporate costs were $19.2 million in the nine months ended September 30, 2025, compared with $20.1 million in the 2024 period. The decrease in 2025 was primarily due to lower professional fees and compensation expenses, partially offset by a one-time indirect tax expense of $3.1 million.

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses (“SG&A”) decreased ($2.1) million, or 3.0%, in the three months ended September 30, 2025 as compared with the 2024 period. The decrease was primarily due to a lower professional fees and compensation expenses.

SG&A increased $1.2 million, or 0.5%, in the 2025 year-to-date period as compared with the 2024 period. The increase was primarily due to a one-time indirect tax expense, partially offset by lower professional fees and compensation expenses.

Other Matters

The Company recognized a pretax contingent earnout expense of $0.1 million in the 2025 third quarter, compared to a benefit of ($2.1) million in the same period of 2024, related to the fair value adjustment of earnout liabilities arising from acquisitions. These adjustments, which are not a component of operating earnings, are based on changes to projections of acquired entities over the respective earnout periods.

Subsequent Event

On October 30, 2025, the Company's Board of Directors authorized the addition of 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) to its 2021 Repurchase Authorization which had a remaining authorization to purchase 813,865 shares at September 30, 2025. Under the new repurchase program, repurchases may be made through December 31, 2027 in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable regulatory guidelines. The new authorization does not obligate Crawford to acquire any stock, and purchases may be commenced or suspended at any time based on market conditions and other factors that the Company deems appropriate.

Balance Sheet and Cash Flow

The Company’s consolidated cash and cash equivalents position as of September 30, 2025, totaled $68.8 million, compared with $55.4 million at December 31, 2024. The Company’s total debt outstanding totaled $218.1 million as of September 30, 2025 and December 31, 2024.

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The Company’s operations provided $51.7 million of cash during the first nine months of 2025, compared with $11.1 million provided in 2024. The increase in cash provided was primarily driven by higher earnings, net change in incentive compensation, and net change in billed and unbilled receivables as compared to the prior year.

During the 2025 third quarter, the Company repurchased 263,098 shares of CRD-A at an average per share cost of $10.71 and repurchased 12,846 shares of CRD-B at an average per share cost of $10.40. In the 2024 third quarter, the Company did not repurchase any shares of CRD-A but repurchased 154,683 shares of CRD-B at an average per share cost of $9.89.

Conference Call

As previously announced, Crawford & Company will host a conference call on November 4, 2025, at 8:30 a.m. Eastern Time to discuss its third quarter 2025 results. The conference call can be accessed live by dialing 1-800-715-9871 and using Conference ID 3506432. A presentation for tomorrow’s call can also be found on the investor relations portion of the Company’s website, https://ir.crawco.com. The call will be recorded and available for replay through November 11, 2025. You may dial 1-800-770-2030 and use passcode 3506432# to listen to the replay.

Non-GAAP Presentation

In the normal course of business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under U.S. generally accepted accounting principles (“GAAP”), these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In the foregoing discussion and analysis of segment results of operations, we do not include a gross up of segment expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income or operating earnings. A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying unaudited condensed consolidated statements of operations.

Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker (“CODM”) to evaluate the financial performance of our Company and operating segments, and make resource allocation and certain compensation decisions. Unlike net income, segment operating earnings is not a standard performance measure found in GAAP. We believe this measure is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria used by our senior management and CODM. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs, but before net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes and net income or loss attributable to noncontrolling interests.

Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. However, adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results. The Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income attributable to shareholders of the Company with adjustments for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, non-service pension costs, income taxes and stock-based compensation expense.

Unallocated corporate and shared costs and credits include expenses and credits related to our chief executive officer and Board of Directors, certain provisions for bad debt allowances or subsequent recoveries such as those related to bankrupt clients, certain unallocated professional fees and certain self-insurance costs and recoveries that are not allocated to our individual operating segments.

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Income taxes, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, and non-service pension costs are recurring components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income taxes are calculated for the Company on a consolidated basis based on statutory rates in effect in the various jurisdictions in which we provide services and vary significantly by jurisdiction. Net corporate interest expense results from capital structure decisions made by senior management and the Board of Directors, affecting the Company as a whole. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. Contingent earnout adjustments relate to changes in the fair value of earnouts associated with our recent acquisitions. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan was frozen in 2002 and the U.K. plans are closed to new participants. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings to better assess the results of each segment's operating activities on a consistent basis.

A significant portion of our operations are international. These international operations subject us to foreign exchange fluctuations. The following table illustrates revenue as a percentage of total revenue for the major currencies of the geographic areas that Crawford does business:

|  | Three Months Ended |  |  | Nine Months Ended |
(in thousands) |  | September 30, 2025 |  |  | September 30, 2024 |  |  | September 30, 2025 |  |  | September 30, 2024 |
Geographic Area | Currency | USD equivalent |  | % of total |  |  | USD equivalent |  | % of total |  |  | USD equivalent |  | % of total |  |  | USD equivalent |  | % of total |
U.S. | USD | $ | 186,845 |  |  | 58.0 | % |  | $ | 200,160 |  |  | 60.8 | % |  | $ | 563,365 |  |  | 58.9 | % |  | $ | 569,624 |  |  | 60.3 | %
U.K. | GBP |  | 45,476 |  |  | 14.1 | % |  |  | 42,265 |  |  | 12.8 | % |  |  | 134,140 |  |  | 14.0 | % |  |  | 123,940 |  |  | 13.1 | %
Canada | CAD |  | 22,473 |  |  | 7.0 | % |  |  | 23,474 |  |  | 7.1 | % |  |  | 67,518 |  |  | 7.1 | % |  |  | 69,516 |  |  | 7.4 | %
Australia | AUD |  | 24,116 |  |  | 7.5 | % |  |  | 23,530 |  |  | 7.1 | % |  |  | 64,771 |  |  | 6.8 | % |  |  | 65,507 |  |  | 6.9 | %
Europe | EUR |  | 17,237 |  |  | 5.3 | % |  |  | 15,260 |  |  | 4.6 | % |  |  | 49,911 |  |  | 5.2 | % |  |  | 45,806 |  |  | 4.8 | %
Rest of World | Various |  | 26,024 |  |  | 8.1 | % |  |  | 24,686 |  |  | 7.6 | % |  |  | 77,495 |  |  | 8.0 | % |  |  | 70,863 |  |  | 7.5 | %
Total Revenues, before reimbursements | $ | 322,171 |  |  | 100.0 | % |  | $ | 329,375 |  |  | 100.0 | % |  | $ | 957,200 |  |  | 100.0 | % |  | $ | 945,256 |  |  | 100.0 | %

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The following is a reconciliation of consolidated operating earnings to net income attributable to shareholders of Crawford & Company on a GAAP basis:

| Three Months Ended |  |  | Nine Months Ended |
(in thousands) | September 30, 2025 |  | September 30, 2024 |  |  | September 30, 2025 |  | September 30, 2024 |
Operating earnings: |  |  |  |  |  |  |  |  |
North America Loss Adjusting | $ | 6,941 |  | $ | 5,443 |  |  | $ | 17,012 |  | $ | 14,807 |
International Operations |  | 7,447 |  |  | 5,136 |  |  |  | 18,539 |  |  | 12,528 |
Broadspire |  | 15,565 |  |  | 14,402 |  |  |  | 41,420 |  |  | 42,297 |
Platform Solutions |  | 2,584 |  |  | 3,833 |  |  |  | 8,643 |  |  | 6,417 |
Unallocated corporate and shared costs, net |  | (5,946 | ) |  | (6,979 | ) |  |  | (19,183 | ) |  | (20,065 | )
Consolidated operating earnings |  | 26,591 |  |  | 21,835 |  |  |  | 66,431 |  |  | 55,984 |
(Deduct) add: |  |  |  |  |  |  |  |  |
Net corporate interest expense |  | (3,788 | ) |  | (4,682 | ) |  |  | (11,590 | ) |  | (12,534 | )
Stock option expense |  | (52 | ) |  | (188 | ) |  |  | (450 | ) |  | (494 | )
Amortization of intangible assets |  | (2,126 | ) |  | (1,932 | ) |  |  | (5,751 | ) |  | (5,656 | )
Non-service pension costs |  | (2,363 | ) |  | (2,441 | ) |  |  | (7,050 | ) |  | (7,313 | )
Contingent earnout adjustments |  | (60 | ) |  | 2,128 |  |  |  | (503 | ) |  | 1,547 |
Income tax provision |  | (5,813 | ) |  | (5,333 | ) |  |  | (14,138 | ) |  | (10,866 | )
Net loss (income) attributable to noncontrolling interests |  | 19 |  |  | 66 |  |  |  | (75 | ) |  | 206 |
Net income attributable to shareholders of Crawford & Company | $ | 12,408 |  | $ | 9,453 |  |  | $ | 26,874 |  | $ | 20,874 |

The following is a reconciliation of net income attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA:

| Three Months Ended |  |  | Nine Months Ended |
(in thousands) | September 30, 2025 |  | September 30, 2024 |  |  | September 30, 2025 |  | September 30, 2024 |
Net income attributable to shareholders of Crawford & Company | $ | 12,408 |  | $ | 9,453 |  |  | $ | 26,874 |  | $ | 20,874 |
Add (Deduct): |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 10,084 |  |  | 8,813 |  |  |  | 29,545 |  |  | 26,957 |
Stock-based compensation |  | 1,751 |  |  | 988 |  |  |  | 4,836 |  |  | 3,819 |
Net corporate interest expense |  | 3,788 |  |  | 4,682 |  |  |  | 11,590 |  |  | 12,534 |
Non-service pension costs |  | 2,363 |  |  | 2,441 |  |  |  | 7,050 |  |  | 7,313 |
Contingent earnout adjustments |  | 60 |  |  | (2,128 | ) |  |  | 503 |  |  | (1,547 | )
Income tax provision |  | 5,813 |  |  | 5,333 |  |  |  | 14,138 |  |  | 10,866 |
Non-GAAP adjusted EBITDA | $ | 36,267 |  | $ | 29,582 |  |  | $ | 94,536 |  | $ | 80,816 |

The following is a reconciliation of operating cash flow to free cash flow for the nine months ended September 30, 2025 and 2024:

Nine Months Ended |
(in thousands) | September 30, 2025 |  |  | September 30, 2024 |  |  | Change |
Net Cash Provided by Operating Activities | $ | 51,715 |  |  | $ | 11,093 |  |  | $ | 40,622 |
Less: |  |  |  |  |  |  |  |
Property & Equipment Purchases, net |  | (3,765 | ) |  |  | (2,992 | ) |  |  | (773 | )
Capitalized Software (internal and external costs) |  | (23,821 | ) |  |  | (26,453 | ) |  |  | 2,632 |
Free Cash Flow | $ | 24,129 |  |  | $ | (18,352 | ) |  | $ | 42,481 |

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Non-GAAP consolidated results for 2025 and 2024 exclude the non-cash, after-tax adjustments for amortization of intangible assets, non-service-related pension costs, and contingent earnout adjustment.

The following are the reconciliations of GAAP Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures, which reflect each of 2025 and 2024 before amortization of intangible assets, non-service related pension costs and contingent earnout adjustments:

Three Months Ended September 30, 2025 |
(in thousands) | Pretax earnings |  | Net income attributable to Crawford & Company |  | Diluted earnings per CRD-A share(1) |  | Diluted earnings per CRD-B share(1) |
GAAP | $ | 18,202 |  | $ | 12,408 |  | $ | 0.25 |  | $ | 0.25 |
Adjustments: |  |  |  |  |  |  |  |
Amortization of intangible assets |  | 2,126 |  |  | 1,814 |  |  | 0.04 |  |  | 0.04 |
Non-service related pension costs |  | 2,363 |  |  | 1,831 |  |  | 0.04 |  |  | 0.04 |
Contingent earnout adjustments |  | 60 |  |  | 60 |  |  | — |  |  | — |
Non-GAAP Adjusted | $ | 22,751 |  | $ | 16,113 |  | $ | 0.32 |  | $ | 0.32 |

Three Months Ended September 30, 2024 |
(in thousands) | Pretax earnings |  | Net income attributable to Crawford & Company |  | Diluted earnings per CRD-A share |  | Diluted earnings per CRD-B share |
GAAP | $ | 14,720 |  | $ | 9,453 |  | $ | 0.19 |  | $ | 0.19 |
Adjustments: |  |  |  |  |  |  |  |
Amortization of intangible assets |  | 1,932 |  |  | 1,668 |  |  | 0.03 |  |  | 0.03 |
Non-service related pension costs |  | 2,441 |  |  | 1,910 |  |  | 0.04 |  |  | 0.04 |
Contingent earnout adjustments |  | (2,128 | ) |  | (2,179 | ) |  | (0.04 | ) |  | (0.04 | )
Non-GAAP Adjusted | $ | 16,965 |  | $ | 10,852 |  | $ | 0.22 |  | $ | 0.22 |

Nine Months Ended September 30, 2025 |
(in thousands) | Pretax earnings |  | Net income attributable to Crawford & Company |  | Diluted earnings per CRD-A share(1) |  | Diluted earnings per CRD-B share |
GAAP | $ | 41,087 |  | $ | 26,874 |  | $ | 0.54 |  | $ | 0.54 |
Adjustments: |  |  |  |  |  |  |  |
Amortization of intangible assets |  | 5,751 |  |  | 4,814 |  |  | 0.10 |  |  | 0.10 |
Non-service related pension costs |  | 7,050 |  |  | 5,457 |  |  | 0.11 |  |  | 0.11 |
Contingent earnout adjustments |  | 503 |  |  | 503 |  |  | 0.01 |  |  | 0.01 |
Non-GAAP Adjusted | $ | 54,391 |  | $ | 37,648 |  | $ | 0.75 |  | $ | 0.76 |

Nine Months Ended September 30, 2024 |
(in thousands) | Pretax earnings |  | Net income attributable to Crawford & Company |  | Diluted earnings per CRD-A share |  | Diluted earnings per CRD-B share |
GAAP | $ | 31,534 |  | $ | 20,874 |  | $ | 0.42 |  | $ | 0.42 |
Adjustments: |  |  |  |  |  |  |  |
Amortization of intangible assets |  | 5,656 |  |  | 4,807 |  |  | 0.10 |  |  | 0.10 |
Non-service related pension costs |  | 7,313 |  |  | 5,714 |  |  | 0.11 |  |  | 0.11 |
Contingent earnout adjustments |  | (1,547 | ) |  | (1,605 | ) |  | (0.03 | ) |  | (0.03 | )
Non-GAAP Adjusted | $ | 42,956 |  | $ | 29,790 |  | $ | 0.60 |  | $ | 0.60 |

(1) Sum of reconciling items may differ from total due to rounding of individual components.

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The following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share:

| Three Months Ended |  | Nine Months Ended |
(in thousands) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024 |
Weighted-Average Shares Used to Compute Basic Earnings Per Share: |  |  |  |  |  |  |  |
Class A Common Stock |  | 30,428 |  |  | 29,880 |  |  | 30,303 |  |  | 29,732 |
Class B Common Stock |  | 19,142 |  |  | 19,255 |  |  | 19,144 |  |  | 19,390 |
Weighted-Average Shares Used to Compute Diluted Earnings Per Share: |  |  |  |  |  |  |  |
Class A Common Stock |  | 30,925 |  |  | 30,472 |  |  | 30,805 |  |  | 30,308 |
Class B Common Stock |  | 19,142 |  |  | 19,255 |  |  | 19,144 |  |  | 19,390 |

Further information regarding the Company’s operating results for the three and nine months ended September 30, 2025, financial position as of September 30, 2025, and cash flows for the nine months ended September 30, 2025 is shown on the attached unaudited condensed consolidated financial statements.

About Crawford & Company

Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at www.crawco.com.

TAG: Crawford-Financial, Crawford-Investor-News-and-Events

FOR FURTHER INFORMATION REGARDING THIS PRESS RELEASE, PLEASE CALL BRUCE SWAIN AT (404) 300-1051.

This press release contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not historical facts may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company’s present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the forward-looking statements are made. For further information regarding Crawford & Company, including factors that could cause our actual financial condition, results or earnings to differ from those described in any forward-looking statements, please read Crawford & Company’s reports filed with the SEC and available at www.sec.gov and in the Investor Relations section of Crawford & Company’s website at www.crawco.com.

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CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

Three Months Ended September 30, |  | 2025 |  |  | 2024 |  |  | % Change |
Revenues: |  |  |  |  |  |  |  |  |
Revenues Before Reimbursements |  | $ | 322,171 |  |  | $ | 329,375 |  |  |  | (2 | )%
Reimbursements |  |  | 10,636 |  |  |  | 13,351 |  |  |  | (20 | )%
Total Revenues |  |  | 332,807 |  |  |  | 342,726 |  |  |  | (3 | )%
Costs and Expenses: |  |  |  |  |  |  |  |  |
Costs of Services Provided, Before Reimbursements |  |  | 228,379 |  |  |  | 235,957 |  |  |  | (3 | )%
Reimbursements |  |  | 10,636 |  |  |  | 13,351 |  |  |  | (20 | )%
Total Costs of Services |  |  | 239,015 |  |  |  | 249,308 |  |  |  | (4 | )%
Selling, General, and Administrative Expenses |  |  | 69,393 |  |  |  | 71,526 |  |  |  | (3 | )%
Corporate Interest Expense, Net |  |  | 3,788 |  |  |  | 4,682 |  |  |  | (19 | )%
Total Costs and Expenses |  |  | 312,196 |  |  |  | 325,516 |  |  |  | (4 | )%
Other Loss, Net |  |  | (2,409 | ) |  |  | (2,490 | ) |  |  | (3 | )%
Income Before Income Taxes |  |  | 18,202 |  |  |  | 14,720 |  |  |  | 24 | %
Provision for Income Taxes |  |  | 5,813 |  |  |  | 5,333 |  |  |  | 9 | %
Net Income |  |  | 12,389 |  |  |  | 9,387 |  |  |  | 32 | %
Net Loss Attributable to Noncontrolling Interests |  |  | 19 |  |  |  | 66 |  |  |  | (71 | )%
Net Income Attributable to Shareholders of Crawford & Company |  | $ | 12,408 |  |  | $ | 9,453 |  |  |  | 31 | %
Earnings Per Share - Basic: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.25 |  |  | $ | 0.19 |  |  |  | 32 | %
Class B Common Stock |  | $ | 0.25 |  |  | $ | 0.19 |  |  |  | 32 | %
Earnings Per Share - Diluted: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.25 |  |  | $ | 0.19 |  |  |  | 32 | %
Class B Common Stock |  | $ | 0.25 |  |  | $ | 0.19 |  |  |  | 32 | %
Cash Dividends Per Share: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.075 |  |  | $ | 0.07 |  |  |  | 7 | %
Class B Common Stock |  | $ | 0.075 |  |  | $ | 0.07 |  |  |  | 7 | %

9

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

Nine Months Ended September 30, |  | 2025 |  |  | 2024 |  |  | % Change |
Revenues: |  |  |  |  |  |  |  |  |
Revenues Before Reimbursements |  | $ | 957,200 |  |  | $ | 945,256 |  |  |  | 1 | %
Reimbursements |  |  | 33,541 |  |  |  | 37,396 |  |  |  | (10 | )%
Total Revenues |  |  | 990,741 |  |  |  | 982,652 |  |  |  | 1 | %
Costs and Expenses: |  |  |  |  |  |  |  |  |
Costs of Services Provided, Before Reimbursements |  |  | 674,996 |  |  |  | 672,611 |  |  |  | 0 | %
Reimbursements |  |  | 33,541 |  |  |  | 37,396 |  |  |  | (10 | )%
Total Costs of Services |  |  | 708,537 |  |  |  | 710,007 |  |  |  | (0 | )%
Selling, General, and Administrative Expenses |  |  | 222,317 |  |  |  | 221,116 |  |  |  | 1 | %
Corporate Interest Expense, Net |  |  | 11,590 |  |  |  | 12,534 |  |  |  | (8 | )%
Total Costs and Expenses |  |  | 942,444 |  |  |  | 943,657 |  |  |  | (0 | )%
Other Loss, Net |  |  | (7,210 | ) |  |  | (7,461 | ) |  |  | (3 | )%
Income Before Income Taxes |  |  | 41,087 |  |  |  | 31,534 |  |  |  | 30 | %
Provision for Income Taxes |  |  | 14,138 |  |  |  | 10,866 |  |  |  | 30 | %
Net Income |  |  | 26,949 |  |  |  | 20,668 |  |  |  | 30 | %
Net (Income) Loss Attributable to Noncontrolling Interests |  |  | (75 | ) |  |  | 206 |  |  |  | (136 | )%
Net Income Attributable to Shareholders of Crawford & Company |  | $ | 26,874 |  |  | $ | 20,874 |  |  |  | 29 | %
Earnings Per Share - Basic: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.54 |  |  | $ | 0.42 |  |  |  | 29 | %
Class B Common Stock |  | $ | 0.54 |  |  | $ | 0.42 |  |  |  | 29 | %
Earnings Per Share - Diluted: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.54 |  |  | $ | 0.42 |  |  |  | 29 | %
Class B Common Stock |  | $ | 0.54 |  |  | $ | 0.42 |  |  |  | 29 | %
Cash Dividends Per Share: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.215 |  |  | $ | 0.21 |  |  |  | 2 | %
Class B Common Stock |  | $ | 0.215 |  |  | $ | 0.21 |  |  |  | 2 | %

10

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As of September 30, 2025 and December 31, 2024

|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
(In thousands, except par value amounts) |  | (Unaudited) |  |  | * |
ASSETS |  |  |  |  |  |
Current Assets: |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 68,767 |  |  | $ | 55,412 |
Accounts Receivable, Net |  |  | 128,400 |  |  |  | 142,064 |
Unbilled Revenues, at Estimated Billable Amounts |  |  | 134,928 |  |  |  | 131,080 |
Income Taxes Receivable |  |  | 3,626 |  |  |  | 5,337 |
Prepaid Expenses and Other Current Assets |  |  | 35,960 |  |  |  | 40,334 |
Total Current Assets |  |  | 371,681 |  |  |  | 374,227 |
Net Property and Equipment |  |  | 17,804 |  |  |  | 20,554 |
Other Assets: |  |  |  |  |  |
Operating Lease Right-of-Use Asset, Net |  |  | 75,249 |  |  |  | 78,808 |
Goodwill |  |  | 76,504 |  |  |  | 76,368 |
Intangible Assets Arising from Business Acquisitions, Net |  |  | 68,869 |  |  |  | 74,545 |
Capitalized Software Costs, Net |  |  | 118,123 |  |  |  | 111,854 |
Deferred Income Tax Assets |  |  | 23,783 |  |  |  | 25,305 |
Other Noncurrent Assets |  |  | 47,826 |  |  |  | 42,094 |
Total Other Assets |  |  | 410,354 |  |  |  | 408,974 |
Total Assets |  | $ | 799,839 |  |  | $ | 803,755 |
LIABILITIES AND SHAREHOLDERS’ INVESTMENT |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |
Short-Term Borrowings |  | $ | 21,285 |  |  | $ | 17,822 |
Accounts Payable |  |  | 45,470 |  |  |  | 50,605 |
Accrued Compensation and Related Costs |  |  | 85,884 |  |  |  | 101,371 |
Self-Insured Risks |  |  | 17,763 |  |  |  | 27,813 |
Income Taxes Payable |  |  | 3,397 |  |  |  | 3,343 |
Operating Lease Liability |  |  | 26,206 |  |  |  | 24,541 |
Other Accrued Liabilities |  |  | 38,097 |  |  |  | 38,103 |
Deferred Revenues |  |  | 36,179 |  |  |  | 36,129 |
Total Current Liabilities |  |  | 274,281 |  |  |  | 299,727 |
Noncurrent Liabilities: |  |  |  |  |  |
Long-Term Debt and Finance Leases, Less Current Installments |  |  | 196,813 |  |  |  | 200,315 |
Operating Lease Liability |  |  | 61,251 |  |  |  | 66,811 |
Deferred Revenues |  |  | 23,704 |  |  |  | 23,556 |
Accrued Pension Liabilities |  |  | 20,368 |  |  |  | 21,084 |
Other Noncurrent Liabilities |  |  | 37,743 |  |  |  | 36,711 |
Total Noncurrent Liabilities |  |  | 339,879 |  |  |  | 348,477 |
Shareholders’ Investment: |  |  |  |  |  |
Class A Common Stock, $1.00 Par Value |  |  | 30,238 |  |  |  | 30,124 |
Class B Common Stock, $1.00 Par Value |  |  | 19,132 |  |  |  | 19,145 |
Additional Paid-in Capital |  |  | 93,610 |  |  |  | 87,118 |
Retained Earnings |  |  | 251,506 |  |  |  | 237,948 |
Accumulated Other Comprehensive Loss |  |  | (207,170 | ) |  |  | (217,125 | )
Shareholders’ Investment Attributable to Shareholders of Crawford & Company |  |  | 187,316 |  |  |  | 157,210 |
Noncontrolling Interests |  |  | (1,637 | ) |  |  | (1,659 | )
Total Shareholders’ Investment |  |  | 185,679 |  |  |  | 155,551 |
Total Liabilities and Shareholders’ Investment |  | $ | 799,839 |  |  | $ | 803,755 |

(*) Derived from the audited Consolidated Balance Sheet

11

CRAWFORD & COMPANY

SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES

Unaudited

(In Thousands, Except Percentages)

Three Months Ended September 30,

|  | North America Loss Adjusting |  | % |  | International Operations |  | % |  | Broadspire |  | % |  | Platform Solutions |  | %
|  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Revenues Before Reimbursements |  | $ | 76,995 |  | $ | 79,329 |  | (2.9)% |  | $ | 112,853 |  | $ | 105,741 |  | 6.7% |  | $ | 103,401 |  | $ | 99,009 |  | 4.4% |  | $ | 28,922 |  | $ | 45,296 |  | (36.1)%
Direct Compensation, Fringe Benefits & Non-Employee Labor |  |  | 54,494 |  |  | 57,055 |  | (4.5)% |  |  | 75,550 |  |  | 69,395 |  | 8.9% |  |  | 62,402 |  |  | 59,680 |  | 4.6% |  |  | 16,086 |  |  | 28,976 |  | (44.5)%
% of Revenues Before Reimbursements |  |  | 70.8 | % |  | 71.9 | % |  |  |  | 66.9 | % |  | 65.6 | % |  |  |  | 60.3 | % |  | 60.3 | % |  |  |  | 55.6 | % |  | 64.0 | % |
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor |  |  | 15,560 |  |  | 16,831 |  | (7.6)% |  |  | 29,856 |  |  | 31,210 |  | (4.3)% |  |  | 25,434 |  |  | 24,927 |  | 2.0% |  |  | 10,252 |  |  | 12,487 |  | (17.9)%
% of Revenues Before Reimbursements |  |  | 20.2 | % |  | 21.2 | % |  |  |  | 26.5 | % |  | 29.5 | % |  |  |  | 24.6 | % |  | 25.2 | % |  |  |  | 35.4 | % |  | 27.6 | % |
Total Operating Expenses |  |  | 70,054 |  |  | 73,886 |  | (5.2)% |  |  | 105,406 |  |  | 100,605 |  | 4.8% |  |  | 87,836 |  |  | 84,607 |  | 3.8% |  |  | 26,338 |  |  | 41,463 |  | (36.5)%
Operating Earnings (1) |  | $ | 6,941 |  | $ | 5,443 |  | 27.5% |  | $ | 7,447 |  | $ | 5,136 |  | 45.0% |  | $ | 15,565 |  | $ | 14,402 |  | 8.1% |  | $ | 2,584 |  | $ | 3,833 |  | (32.6)%
% of Revenues Before Reimbursements |  |  | 9.0 | % |  | 6.9 | % |  |  |  | 6.6 | % |  | 4.9 | % |  |  |  | 15.1 | % |  | 14.5 | % |  |  |  | 8.9 | % |  | 8.5 | % |

Nine Months Ended September 30,

|  | North America Loss Adjusting |  |  | % | International Operations | % |  | Broadspire |  |  | % |  | Platforms Solutions |  |  | %
|  | 2025 |  |  | 2024 |  |  | Change |  | 2025 |  |  | 2024 |  |  | Change |  | 2025 |  |  | 2024 |  |  | Change |  | 2025 |  |  | 2024 |  |  | Change
Revenues Before Reimbursements |  | $ | 234,809 |  |  | $ | 232,724 |  |  | 0.9% |  | $ | 326,317 |  |  | $ | 306,116 |  |  | 6.6% |  | $ | 300,402 |  |  | $ | 290,394 |  |  | 3.4% |  | $ | 95,672 |  |  | $ | 116,022 |  |  | (17.5)%
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | \ |  |  |
Direct Compensation, Fringe Benefits & Non-Employee Labor |  |  | 165,347 |  |  |  | 167,230 |  |  | (1.1)% |  |  | 218,438 |  |  |  | 200,421 |  |  | 9.0% |  |  | 181,113 |  |  |  | 175,099 |  |  | 3.4% |  |  | 53,245 |  |  |  | 71,310 |  |  | (25.3)%
% of Revenues Before Reimbursements |  |  | 70.4 | % |  |  | 71.9 | % |  |  |  |  | 66.9 | % |  |  | 65.5 | % |  |  |  |  | 60.3 | % |  |  | 60.3 | % |  |  |  |  | 55.7 | % |  |  | 61.5 | % |  |
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor |  |  | 52,450 |  |  |  | 50,687 |  |  | 3.5% |  |  | 89,340 |  |  |  | 93,167 |  |  | (4.1)% |  |  | 77,869 |  |  |  | 72,998 |  |  | 6.7% |  |  | 33,784 |  |  |  | 38,295 |  |  | (11.8)%
% of Revenues Before Reimbursements |  |  | 22.3 | % |  |  | 21.8 | % |  |  |  |  | 27.4 | % |  |  | 30.4 | % |  |  |  |  | 25.9 | % |  |  | 25.1 | % |  |  |  |  | 35.3 | % |  |  | 33.0 | % |  |
Total Operating Expenses |  |  | 217,797 |  |  |  | 217,917 |  |  | (0.1)% |  |  | 307,778 |  |  |  | 293,588 |  |  | 4.8% |  |  | 258,982 |  |  |  | 248,097 |  |  | 4.4% |  |  | 87,029 |  |  |  | 109,605 |  |  | (20.6)%
Operating Earnings(1) |  | $ | 17,012 |  |  | $ | 14,807 |  |  | 14.9% |  | $ | 18,539 |  |  | $ | 12,528 |  |  | 48.0% |  | $ | 41,420 |  |  | $ | 42,297 |  |  | (2.1)% |  | $ | 8,643 |  |  | $ | 6,417 |  |  | 34.7%
% of Revenues Before Reimbursements |  |  | 7.2 | % |  |  | 6.4 | % |  |  |  |  | 5.7 | % |  |  | 4.1 | % |  |  |  |  | 13.8 | % |  |  | 14.6 | % |  |  |  |  | 9.0 | % |  |  | 5.5 | % |  |

(1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, non-service pension costs, contingent earnout adjustments, and certain unallocated corporate and shared costs and credits. See pages 2 and 3 for additional information about segment operating earnings.

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year-to-Date Period Ended September 30, 2025 and September 30, 2024

Unaudited

(In Thousands)

|  | 2025 |  |  | 2024 |
Cash Flows From Operating Activities: |  |  |  |  |  |
Net Income |  | $ | 26,949 |  |  | $ | 20,668 |
Reconciliation of net income to net cash provided by operating activities: |  |  |  |  |  |
Depreciation and amortization |  |  | 29,545 |  |  |  | 26,957 |
Stock-based compensation |  |  | 4,836 |  |  |  | 3,819 |
Loss (gain) on disposal of property and equipment |  |  | 1,021 |  |  |  | (93 | )
Contingent earnout adjustments |  |  | 503 |  |  |  | (1,547 | )
Changes in operating assets and liabilities: |  |  |  |  |  |
Accounts receivable, net |  |  | 13,153 |  |  |  | 751 |
Unbilled revenues, net |  |  | (3,146 | ) |  |  | (17,263 | )
Accrued or prepaid income taxes |  |  | 74 |  |  |  | (5,520 | )
Accounts payable and accrued liabilities |  |  | (23,557 | ) |  |  | (17,141 | )
Deferred revenues |  |  | (272 | ) |  |  | (1,819 | )
Accrued retirement costs |  |  | 5,098 |  |  |  | 4,993 |
Prepaid expenses and other operating activities |  |  | (2,489 | ) |  |  | (2,712 | )
Net cash provided by operating activities |  |  | 51,715 |  |  |  | 11,093 |
Cash Flows From Investing Activities: |  |  |  |  |  |
Acquisitions of property and equipment |  |  | (3,765 | ) |  |  | (2,992 | )
Capitalization of computer software costs |  |  | (23,821 | ) |  |  | (26,453 | )
Proceeds from settlement of life insurance policies |  |  | 295 |  |  |  | — |
Proceeds from business dispositions, net of cash disposed |  |  | 2,046 |  |  |  | — |
Net cash used in investing activities |  |  | (25,245 | ) |  |  | (29,445 | )
Cash Flows From Financing Activities: |  |  |  |  |  |
Cash dividends paid |  |  | (10,639 | ) |  |  | (10,320 | )
Repurchases of common stock |  |  | (2,953 | ) |  |  | (3,604 | )
Increases in short-term and revolving credit facility borrowings |  |  | 54,720 |  |  |  | 61,612 |
Payments on short-term and revolving credit facility borrowings |  |  | (55,449 | ) |  |  | (32,606 | )
Payments of contingent consideration on acquisitions |  |  | (1,326 | ) |  |  | (3,183 | )
Other financing activities |  |  | 1,840 |  |  |  | 1,410 |
Net cash (used in) provided by financing activities |  |  | (13,807 | ) |  |  | 13,309 |
Effects of exchange rate changes on cash and cash equivalents |  |  | 123 |  |  |  | 181 |
Increase (Decrease) in cash, cash equivalents, and restricted cash(1) |  |  | 12,786 |  |  |  | (4,862 | )
Cash, cash equivalents, and restricted cash at beginning of year(1) |  |  | 56,329 |  |  |  | 59,545 |
Cash, cash equivalents, and restricted cash at end of period(1) |  | $ | 69,115 |  |  | $ | 54,683 |
Supplemental cash flow information: |  |  |  |  |  |
Income taxes paid |  | $ | 13,304 |  |  | $ | 16,102 |
Interest paid |  |  | 13,504 |  |  |  | 14,244 |

(1) The 2025 amounts include beginning restricted cash of $917 at December 31, 2024, and ending restricted cash of $348 at September 30, 2025, and the 2024 amounts include beginning restricted cash of $1,182 at December 31, 2023, and ending restricted cash of $2,343 at September 30, 2024, which we present as part of "Prepaid expenses and other current assets" on the Balance Sheets.