Earnings release
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Exhibit 99.1 Crawford & Company® 5335 Triangle Parkway Peachtree Corners, GA 30092 FOR IMMEDIATE RELEASE CRAWFORD & COMPANY REPORTS 2026 THIRD QUARTER RESULTS Improved Operating Performance Led by International Operations ATLANTA, (November 2, 2026) -- Crawford & Company® (NYSE: CRD-A and CRD-B) is pleased to announce its financial results for the third quarter ended September 30, 2026. Revenues before reimbursements decreased slightly to $321.6 million in the 2026 third quarter from $322.2 million in the 2025 third quarter. Third quarter net income was $15.0 million, or $0.31 per diluted share for CRD-A and CRD-B, compared to $12.4 million, or $0.25 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) 2026 2025 Change 2026 2025 Change Revenues before reimbursements $321.6 $322.2 — $952.6 $957.2 — Net income attributable to shareholders 15.0 12.4 21% 33.4 26.9 24% Diluted earnings per share CRD-A 0.31 0.25 24% 0.68 0.54 26% Diluted earnings per share CRD-B 0.31 0.25 24% 0.68 0.54 26% Non-GAAP Consolidated Results Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share amounts) 2026 2025 Change 2026 2025 Change Revenues before reimbursements on constant dollar basis $313.7 $322.2 (3)% $929.1 $957.2 (3)% Consolidated adjusted operating earnings 28.8 26.6 8% 72.0 66.4 8% Consolidated adjusted EBITDA 37.1 36.3 2% 97.0 94.5 3% Non-GAAP net income attributable to shareholders 17.8 16.1 11% 44.4 37.6 18% Non-GAAP diluted earnings per share CRD-A 0.37 0.32 16% 0.91 0.75 21% Non-GAAP diluted earnings per share CRD-B 0.37 0.32 16% 0.91 0.76 20%
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2 “Our third-quarter performance demonstrated Crawford’s ability to deliver improved operating results even in a mixed claims environment,” said Bruce Swain, president and chief executive officer of Crawford & Company. “Our earnings exceeded the prior year and were supported by weather-related claims activity and disciplined cost management in our International segment. We are encouraged by the strength of our client relationships, the growth in our new business pipeline, and the progress we are making to improve execution across the organization. While lower claims frequency and moderating weather- related activity are expected to pressure fourth-quarter results, our priorities remain clear: drive profitable market-share growth, accelerate our U.S. realignment, strengthen operating discipline, and build the capabilities required for long-term success. We believe these actions will strengthen Crawford's competitive position and support our long-term growth objectives.” Segment Results for the Third Quarter U.S. Property and Casualty U.S. Property and Casualty revenues before reimbursements were $76.0 million in the third quarter of 2026, down 0.4% from $76.2 million in the third quarter of 2025, primarily driven by decreases in weather-related claims and staff augmentation levels within our Catastrophe Services business. The segment had operating earnings of $9.7 million in the 2026 third quarter, decreasing from $9.8 million in the third quarter of 2025. The operating margin was 12.8% in the 2026 quarter, compared with 12.9% in the 2025 quarter. The decrease in operating earnings was primarily driven by the reduction in revenues as compared to the prior year quarter. U.S. Property and Casualty revenues before reimbursements were $222.9 million in the nine months ended September 30, 2026, decreasing 7.5% from $240.9 million in the 2025 period, primarily driven by decreases in weather-related claims and staff augmentation levels within our Catastrophe Services business and a decrease in Contractor Connection. The segment had operating earnings of $24.5 million in the nine months ended September 30, 2026, decreasing from $27.0 million in the 2025 period. The operating margin was 11.0% for the nine months ended September 30, 2026, compared with 11.2% in the 2025 period. The decrease in operating earnings was primarily driven by the reduction in revenues as compared to the prior year period. Broadspire Broadspire segment revenues before reimbursements were $109.0 million in the 2026 third quarter, decreasing 1.5% from $110.6 million in the 2025 third quarter driven by a reduction in casualty claims and subrogation, partially offset by increases in disability claims. Broadspire operating earnings were $13.0 million in the third quarter of 2026, representing an operating margin of 11.9%, decreasing from $15.3 million, or 13.8% of revenues in the 2025 period. The decrease was due to the decreased revenues as well as an increase in software amortization costs. Broadspire segment revenues before reimbursements were $323.1 million in the 2026 year-to-date period, increasing 0.2% from $322.4 million in the 2025 period due to increases in disability claims and medical management revenues. Broadspire operating earnings were $39.6 million in the nine months ended September 30, 2026, representing an operating margin of 12.2%, decreasing from $41.5 million, or 12.9% of revenues in the 2025 period. The decrease was due to an increase in compensation and software amortization costs, partially offset by a reduction in centralized indirect support expenses. International Operations International Operations revenues before reimbursements were $136.7 million in the third quarter of 2026, up 1.0% from $135.3 million in the prior-year quarter. The disposition of the Crawford Legal Services businesses reduced revenues by $4.9 million, while foreign currency exchange rate movements increased revenues by $7.9 million. Excluding the effects of these items, revenues decreased $1.6 million, or 1.2%, from $130.4 million in the third quarter of 2025 to $128.8 million for the third quarter of 2026, driven primarily by a decrease in higher-value third-party administration claims within the U.K., partially offset by increases in third-party administration and weather-related activity within Canada.
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3 Operating earnings were $10.7 million in the 2026 third quarter, increasing from $7.7 million in the 2025 period. The segment’s operating margin for the 2026 quarter increased to 7.8% compared with 5.7% in the 2025 quarter driven by improved operating results within Australia, Canada, and Latin America. International Operations revenues before reimbursements were $406.5 million in the 2026 year-to-date period, up 3.2% from $393.8 million in the 2025 period. The disposition of the Crawford Legal Services businesses reduced revenues by $12.1 million, while foreign currency exchange rate movements increased revenues by $23.5 million. Excluding the effects of these items, revenues increased $1.6 million, or 0.4%, from $378.2 million for the nine months ended September 30, 2025 to $379.8 million for the nine months ended September 30, 2026, driven primarily by higher weather-related activity in Australia and Asia. Operating earnings were $25.5 million in the nine months ended September 30, 2026, increasing from $17.2 million in the 2025 period. The segment’s operating margin for the nine months ended September 30, 2026 increased to 6.3% compared with 4.4% in the 2025 period driven by improved operating results within Australia, Canada, and Asia. Unallocated Corporate and Shared Costs and Credits, Net Unallocated corporate costs were $4.5 million in the third quarter of 2026, compared with $6.1 million in the same period of 2025. The decrease in the 2026 quarter was primarily due to lower medical self-insurance and compensation expense. Unallocated corporate costs were $17.6 million for the nine months ended September 30, 2026, compared with $19.3 million in the same period of 2025. The decrease in the 2026 year to date period was primarily due to one-time $3.1 million indirect tax expense incurred in 2025, partially offset by increased compensation expense. Selling, General, and Administrative Expenses Selling, general, and administrative expenses (“SG&A”) increased $2.3 million, or 3.2%, in the three months ended September 30, 2026 as compared with the 2025 period, primarily due to increases in cloud software costs, insurance, and bad debt expense. SG&A decreased $4.9 million, or 2.2%, in the 2026 year-to-date period as compared with the 2025 period. The decrease was primarily due to a $3.1 million one-time indirect tax expense incurred in 2025 and lower compensation costs, partially offset by a $2.3 million software impairment charge in the 2026 second quarter. Balance Sheet and Cash Flow The Company’s consolidated cash and cash equivalents position as of September 30, 2026, totaled $79.0 million, compared with $64.1 million at December 31, 2025. The Company’s total debt outstanding as of September 30, 2026, totaled $225.1 million, compared with $189.1 million at December 31, 2025. The Company’s operations provided $29.0 million of cash during the first nine months of 2026, compared with $51.7 million provided in 2025. The decrease in cash provided was primarily driven by increases in billed and unbilled receivables, partially offset by higher earnings compared to prior year. During the first nine months of 2026, the Company repurchased 1,815,458 shares of CRD-A at an average per-share cost of $11.80 and 108,963 shares of CRD-B at an average per-share cost of $10.25. In the first nine months of 2025, the Company repurchased 263,098 shares of CRD-A and 12,846 shares of CRD-B at an average cost of $10.71 and $10.40, respectively. Conference Call As previously announced, Crawford & Company will host a conference call on November 3, 2026, at 8:30 a.m. Eastern Time to discuss its third quarter 2026 results. The conference call can be accessed live by dialing 1-833-461-5787 and using Meeting ID 623275442. A presentation for the November 3, 2026 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 10, 2026. You may dial 1-833-309-1852 and use passcode 623275442 to listen to the replay.
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4 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, loss on disposition of businesses, net, software impairment, 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, loss on disposition of businesses, net, software impairment, 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. 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.
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5 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 in which Crawford does business: Three Months Ended Nine Months Ended (in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Geographic Area Currency USD equivalent % of total USD equivalent % of total USD equivalent % of total USD equivalent % of total U.S. USD $184,918 57.5% $186,845 58.0% $546,049 57.3% $563,365 58.9% U.K. GBP 41,036 12.8% 45,476 14.1% 127,220 13.4% 134,140 14.0% Canada CAD 25,222 7.8% 22,473 7.0% 72,691 7.6% 67,518 7.1% Australia AUD 26,198 8.1% 24,116 7.5% 72,327 7.6% 64,771 6.8% Europe EUR 18,365 5.7% 17,237 5.3% 54,255 5.7% 49,911 5.2% Rest of World Various 25,889 8.1% 26,024 8.1% 80,050 8.4% 77,495 8.0% Total Revenues, before reimbursements $321,628 100.0% $322,171 100.0% $952,592 100.0% $957,200 100.0% 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, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Operating earnings: U.S. Property & Casualty $ 9,700 $ 9,800 $ 24,471 $ 27,031 Broadspire 12,974 15,286 39,560 41,465 International Operations 10,668 7,652 25,527 17,203 Unallocated corporate and shared costs, net (4,510) (6,147) (17,583) (19,268) Consolidated operating earnings 28,832 26,591 71,975 66,431 (Deduct) add: Net corporate interest expense (2,893) (3,788) (8,390) (11,590) Stock option expense (135) (52) (435) (450) Amortization of intangible assets (1,757) (2,126) (5,323) (5,751) Non-service pension costs (1,720) (2,363) (5,158) (7,050) Loss on disposition of businesses, net — — (1,285) — Software impairment — — (2,294) — Contingent earnout adjustments — (60) 180 (503) Income tax provision (7,327) (5,813) (15,937) (14,138) Net loss (income) attributable to noncontrolling interests 8 19 28 (75) Net income attributable to shareholders of Crawford & Company $ 15,008 $ 12,408 $ 33,361 $ 26,874
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6 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, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income attributable to shareholders of Crawford & Company $ 15,008 $ 12,408 $ 33,361 $ 26,874 Add (Deduct): Depreciation and amortization 9,351 10,084 28,436 29,545 Stock-based compensation 775 1,751 2,302 4,836 Net corporate interest expense 2,893 3,788 8,390 11,590 Non-service pension costs 1,720 2,363 5,158 7,050 Loss on disposition of businesses, net — — 1,285 — Software impairment — — 2,294 — Contingent earnout adjustments — 60 (180) 503 Income tax provision 7,327 5,813 15,937 14,138 Non-GAAP adjusted EBITDA $ 37,074 $ 36,267 $ 96,983 $ 94,536 Following is a reconciliation of operating cash flow to free cash flow for the nine months ended September 30, 2026 and 2025: Nine Months Ended (in thousands) September 30, 2026 September 30, 2025 Change Net Cash Provided by Operating Activities $ 28,986 $ 51,715 $ (22,729) Less: Property & Equipment Purchases, net (4,063) (3,765) (298) Capitalized Software (internal and external costs) (17,507) (23,821) 6,314 Free Cash Flow $ 7,416 $ 24,129 $ (16,713) Non-GAAP consolidated results for 2026 and 2025 exclude the non-cash, after-tax adjustments for amortization of intangible assets, non-service-related pension costs, loss on disposition of businesses, net, software impairment, and contingent earnout adjustments. Following are the reconciliations of GAAP Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures, which reflect each of 2026 and 2025 before amortization of intangible assets, non-service related pension costs, loss on disposition of businesses, net, software impairment, and contingent earnout adjustments: Three Months Ended September 30, 2026 (in thousands) Pretax earnings Net income attributable to Crawford & Company Diluted earnings per CRD-A share Diluted earnings per CRD-B share GAAP $ 22,327 $ 15,008 $ 0.31 $ 0.31 Adjustments: Amortization of intangible assets 1,757 1,482 0.03 0.03 Non-service pension costs 1,720 1,323 0.03 0.03 Non-GAAP Adjusted $ 25,804 $ 17,813 $ 0.37 $ 0.37
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7 Three Months Ended September 30, 2025 (in thousands) Pretax earnings Net income attributable to Crawford & Company Diluted earnings per CRD-A share Diluted earnings per CRD-B share GAAP $ 18,202 $ 12,408 $ 0.25 $ 0.25 Adjustments: Amortization of intangible assets 2,126 1,814 0.04 0.04 Non-service 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 Nine Months Ended September 30, 2026 (in thousands) Pretax earnings Net income attributable to Crawford & Company Diluted earnings per CRD-A share Diluted earnings per CRD-B share GAAP $ 49,270 $ 33,361 $ 0.68 $ 0.68 Adjustments: Amortization of intangible assets 5,323 4,488 0.09 0.09 Non-service pension costs 5,158 3,966 0.08 0.08 Loss on disposition of businesses, net 1,285 1,090 0.02 0.02 Software impairment 2,294 1,695 0.03 0.03 Contingent earnout adjustments (180) (180) - - Non-GAAP Adjusted $ 63,150 $ 44,420 $ 0.91 $ 0.91 Nine Months Ended September 30, 2025 (in thousands) Pretax earnings Net income attributable to Crawford & Company Diluted earnings per CRD-A share 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 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 (1) Sum of reconciling items may differ from total due to rounding of individual components. 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, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Weighted-Average Shares Used to Compute Basic Earnings Per Share: Class A Common Stock 29,157 30,428 29,540 30,303 Class B Common Stock 18,907 19,142 18,944 19,144 Weighted-Average Shares Used to Compute Diluted Earnings Per Share: Class A Common Stock 29,603 30,925 30,018 30,805 Class B Common Stock 18,907 19,142 18,944 19,144 (1) (1) (1) (1) (1)
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8 Further information regarding the Company’s operating results for the three and nine months ended September 30, 2026, financial position as of September 30, 2026, and cash flows for the nine months ended September 30, 2026 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 HOLLY BOUDREAU AT (404) 220-4388. 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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9 CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts and Percentages) Three Months Ended September 30, 2026 2025 % Change Revenues: Revenues Before Reimbursements $ 321,628 $ 322,171 (0)% Reimbursements 8,279 10,636 (22)% Total Revenues 329,907 332,807 (1)% Costs and Expenses: Costs of Services Provided, Before Reimbursements 222,981 228,379 (2)% Reimbursements 8,279 10,636 (22)% Total Costs of Services 231,260 239,015 (3)% Selling, General, and Administrative Expenses 71,646 69,393 3% Corporate Interest Expense, Net 2,893 3,788 (24)% Total Costs and Expenses 305,799 312,196 (2)% Other Loss, Net (1,781) (2,409) (26)% Income Before Income Taxes 22,327 18,202 23% Provision for Income Taxes 7,327 5,813 26% Net Income 15,000 12,389 21% Net Loss Attributable to Noncontrolling Interests 8 19 (58)% Net Income Attributable to Shareholders of Crawford & Company $ 15,008 $ 12,408 21% Earnings Per Share - Basic: Class A Common Stock $ 0.31 $ 0.25 24% Class B Common Stock $ 0.31 $ 0.25 24% Earnings Per Share - Diluted: Class A Common Stock $ 0.31 $ 0.25 24% Class B Common Stock $ 0.31 $ 0.25 24% Cash Dividends Per Share: Class A Common Stock $ 0.08 $ 0.075 7% Class B Common Stock $ 0.08 $ 0.075 7%
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10 CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts and Percentages) Nine Months Ended September 30, 2026 2025 % Change Revenues: Revenues Before Reimbursements $ 952,592 $ 957,200 (0)% Reimbursements 27,465 33,541 (18)% Total Revenues 980,057 990,741 (1)% Costs and Expenses: Costs of Services Provided, Before Reimbursements 670,839 674,996 (1)% Reimbursements 27,465 33,541 (18)% Total Costs of Services 698,304 708,537 (1)% Selling, General, and Administrative Expenses 217,452 222,317 (2)% Corporate Interest Expense, Net 8,390 11,590 (28)% Loss on Disposition of Businesses, Net 1,285 - nm Total Costs and Expenses 925,431 942,444 (2)% Other Loss, Net (5,356) (7,210) (26)% Income Before Income Taxes 49,270 41,087 20% Provision for Income Taxes 15,937 14,138 13% Net Income 33,333 26,949 24% Net Loss (Income) Attributable to Noncontrolling Interests 28 (75) 137% Net Income Attributable to Shareholders of Crawford & Company $ 33,361 $ 26,874 24% Earnings Per Share - Basic: Class A Common Stock $ 0.69 $ 0.54 28% Class B Common Stock $ 0.69 $ 0.54 28% Earnings Per Share - Diluted: Class A Common Stock $ 0.68 $ 0.54 26% Class B Common Stock $ 0.68 $ 0.54 26% Cash Dividends Per Share: Class A Common Stock $ 0.23 $ 0.215 7% Class B Common Stock $ 0.23 $ 0.215 7%
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11 CRAWFORD & COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS As of September 30, 2026 and December 31, 2025 (In Thousands, Except Par Values) September 30, December 31, 2026 2025 (In thousands, except par value amounts) (Unaudited) * ASSETS Current Assets: Cash and Cash Equivalents $ 79,032 $ 64,079 Accounts Receivable, Net 124,089 115,661 Unbilled Revenues, at Estimated Billable Amounts 135,813 126,960 Income Taxes Receivable 3,901 4,350 Prepaid Expenses and Other Current Assets 37,532 41,362 Total Current Assets 380,367 352,412 Net Property and Equipment 14,832 16,649 Other Assets: Operating Lease Right-of-Use Asset, Net 56,634 66,322 Goodwill 76,430 76,569 Intangible Assets Arising from Business Acquisitions, Net 61,073 66,352 Capitalized Software Costs, Net 110,073 112,812 Deferred Income Tax Assets 22,236 24,684 Other Noncurrent Assets 47,462 48,500 Total Other Assets 373,908 395,239 Total Assets $ 769,107 $ 764,300 LIABILITIES AND SHAREHOLDERS’ INVESTMENT Current Liabilities: Short-Term Borrowings $ 74,500 $ 38,500 Accounts Payable 40,061 39,769 Accrued Compensation and Related Costs 88,780 108,878 Self-Insured Risks 17,642 19,095 Income Taxes Payable 5,052 3,874 Operating Lease Liability 25,534 27,650 Other Accrued Liabilities 38,040 37,970 Deferred Revenues 34,302 33,834 Total Current Liabilities 323,911 309,570 Noncurrent Liabilities: Long-Term Debt and Finance Leases, Less Current Installments 150,573 150,593 Operating Lease Liability 42,136 53,531 Deferred Revenues 24,447 23,259 Accrued Pension Liabilities 12,760 17,910 Other Noncurrent Liabilities 31,407 38,005 Total Noncurrent Liabilities 261,323 283,298 Shareholders’ Investment: Class A Common Stock, $1.00 Par Value 28,754 29,860 Class B Common Stock, $1.00 Par Value 18,905 19,014 Additional Paid-in Capital 94,056 92,251 Retained Earnings 235,342 233,708 Accumulated Other Comprehensive Loss (191,317) (201,740) Shareholders’ Investment Attributable to Shareholders of Crawford & Company 185,740 173,093 Noncontrolling Interests (1,867) (1,661) Total Shareholders’ Investment 183,873 171,432 Total Liabilities and Shareholders’ Investment $ 769,107 $ 764,300 (*)Derived from the audited Consolidated Balance Sheet
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CRAWFORD & COMPANY SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES (In Thousands, Except Percentages) Three Months Ended September 30, U.S. Property & Casualty % Broadspire % International Operations % 2026 2025 Change 2026 2025 Change 2026 2025 Change Revenues Before Reimbursements $ 75,953 $ 76,227 (0.4)% $ 108,965 $ 110,618 (1.5)% $ 136,710 $ 135,326 1.0% Direct Compensation, Fringe Benefits & Non-Employee Labor 46,872 47,170 (0.6)% 62,011 62,828 (1.3)% 88,132 91,119 (3.3)% % of Revenues Before Reimbursements 61.7% 61.9% 56.9% 56.8% 64.5% 67.3% Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor 19,381 19,257 0.6% 33,980 32,504 4.5% 37,910 36,555 3.7% % of Revenues Before Reimbursements 25.5% 25.3% 31.2% 29.4% 27.7% 27.0% Total Operating Expenses 66,253 66,427 (0.3)% 95,991 95,332 0.7% 126,042 127,674 (1.3)% Operating Earnings $ 9,700 $ 9,800 (1.0)% $ 12,974 $ 15,286 (15.1)% $ 10,668 $ 7,652 39.4% % of Revenues Before Reimbursements 12.8% 12.9% 11.9% 13.8% 7.8% 5.7% Nine Months Ended September 30, U.S. Property & Casualty % Broadspire % International Operations % 2026 2025 Change 2026 2025 Change 2026 2025 Change Revenues Before Reimbursements $ 222,903 $ 240,917 (7.5)% $ 323,146 $ 322,448 0.2% $ 406,543 $ 393,835 3.2% Direct Compensation, Fringe Benefits & Non-Employee Labor 137,854 148,958 (7.5)% 182,959 181,865 0.6% 267,460 265,751 0.6% % of Revenues Before Reimbursements 61.8% 61.8% 56.6% 56.4% 65.8% 67.5% Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor 60,578 64,928 (6.7)% 100,627 99,118 1.5% 113,556 110,881 2.4% % of Revenues Before Reimbursements 27.2% 27.0% 31.1% 30.7% 27.9% 28.2% Total Operating Expenses 198,432 213,886 (7.2)% 283,586 280,983 0.9% 381,016 376,632 1.2% Operating Earnings $ 24,471 $ 27,031 (9.5)% $ 39,560 $ 41,465 (4.6)% $ 25,527 $ 17,203 48.4% % of Revenues Before Reimbursements 11.0% 11.2% 12.2% 12.9% 6.3% 4.4% (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, loss on disposition of businesses, net, software impairment, and certain unallocated corporate and shared costs and credits. See pages 3 and 4 for additional information about segment operating earnings. (1) (1)
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CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year-to-Date Period Ended September 30, 2026 and September 30, 2025 (In Thousands) 2026 2025 Cash Flows From Operating Activities: Net income $ 33,333 $ 26,949 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 28,436 29,545 Software impairment 2,294 — Stock-based compensation 2,302 4,836 Loss on disposal of property and equipment 21 1,021 Loss on disposition of businesses, net 1,285 — Contingent earnout adjustments (180) 503 Changes in operating assets and liabilities: Accounts receivable, net (9,235) 13,153 Unbilled revenues, net (12,389) (3,146) Accrued or prepaid income taxes 2,487 74 Accounts payable and accrued liabilities (23,635) (23,557) Deferred revenues 1,471 (272) Accrued retirement costs (895) 5,098 Prepaid expenses and other operating activities 3,691 (2,489) Net cash provided by operating activities 28,986 51,715 Cash Flows From Investing Activities: Acquisitions of property and equipment (4,063) (3,765) Capitalization of computer software costs (17,507) (23,821) Proceeds from settlement of life insurance policies — 295 Proceeds from business dispositions, net of cash 5,307 2,046 Net cash used in investing activities (16,263) (25,245) Cash Flows From Financing Activities: Cash dividends paid (11,118) (10,639) Payments related to shares received for withholding taxes under employee stock-based compensation plans (1,955) — Repurchases of common stock (22,533) (2,953) Increases in short-term and revolving credit facility borrowings 54,000 54,720 Payments on short-term and revolving credit facility borrowings (18,000) (55,449) Payments of contingent consideration on acquisitions (95) (1,326) Increases in fiduciary liabilities 1,574 — Other financing activities 1,977 1,840 Net provided (used) in financing activities 3,850 (13,807) Effects of exchange rate changes on cash and cash equivalents 47 123 Increase in cash, cash equivalents, and restricted cash 16,620 12,786 Cash, cash equivalents, and restricted cash at beginning of year 64,546 56,329 Cash, cash equivalents, and restricted cash at end of period $ 81,166 $ 69,115 Supplemental cash flow information: Income taxes paid $ 13,781 $ 13,304 Interest paid 10,001 13,504 (1) The 2026 amounts include beginning restricted cash of $467 at December 31, 2025, and ending restricted cash of $2,134 at September 30, 2026, and the 2025 amounts include beginning restricted cash of $917 at December 31, 2024, and ending restricted cash of $348 at September 30, 2025, which we present as part of "Prepaid expenses and other current assets" on the Balance Sheets. (1) (1) (1)