# EDGAR Filing Document

**Accession Number:** 0000025475
**File Stem:** 0001193125-26-204372
**Filing Date:** 2026-5
**Character Count:** 172131
**Document Hash:** a3ee16fc96614e31fd26501f88ba4b25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-204372.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001193125-26-204372

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CRAWFORD & CO
- **CENTRAL INDEX KEY:** 0000025475
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 580506554
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10356
- **FILM NUMBER:** 26939271

**BUSINESS ADDRESS:**
- **STREET 1:** 5335 TRIANGLE PARKWAY
- **CITY:** PEACHTREE CORNERS
- **STATE:** GA
- **ZIP:** 30092
- **BUSINESS PHONE:** 4043001000

**MAIL ADDRESS:**
- **STREET 1:** 5335 TRIANGLE PARKWAY
- **CITY:** PEACHTREE CORNERS
- **STATE:** GA
- **ZIP:** 30092

?xml version='1.0' encoding='ASCII'? 10-Q

------

**United States**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form** 10-Q

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**for the quarterly period ended** **March 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**for the transition period from ____ to ____**

**Commission file number** 1-10356

CRAWFORD & CO**MPANY**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| Georgia | 58-0506554 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 5335 Triangle Parkway |  |
| Peachtree Corners**,** Georgia | 30092 |
| (Address of principal executive offices) | (Zip Code) |

---

**(**404**)** 300-1000

(Registrant's telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock — $1.00 Par Value | CRD-A | New York Stock Exchange |
| Class B Common Stock — $1.00 Par Value | CRD-B | New York Stock Exchange |

---

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ **No** ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☑ **No** ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| **Large accelerated filer** | ☐ | Accelerated filer | ☑ |
| **Non-accelerated filer** | ☐ | **Smaller reporting company** | ☐ |
|  |  | **Emerging growth company** | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

**Yes** ☐ **No** ☑

The number of shares outstanding of each class of the Registrant's common stock, as of April 27, 2026, was as follows:

**Class A Common Stock, $1.00 par value: 29,794,665**

**Class B Common Stock, $1.00 par value: 18,946,274**

------

**CRAWFORD & COMPANY**

**Quarterly Report on Form 10-Q**

**Quarter Ended March 31, 2026**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>Part I. Financial Information</u>**](#part_i_financial_information) | [**<u>Part I. Financial Information</u>**](#part_i_financial_information) |  |
| Item 1. | [<u>Financial Statements:</u>](#item_1_financial_statements) | 3 |
|  | [<u>Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2026 and 2025</u>](#condensed_consolidated_statements_operat) | 3 |
|  | [<u>Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2026 and 2025</u>](#condensed_cons_stmt_of_comp_income) | 4 |
|  | [<u>Condensed Consolidated Balance Sheets as of March 31, 2026</u>](#condensed_consolidated_balance_sheets)[<u>(unaudited)</u>](#condensed_consolidated_balance_sheets)[<u>and December 31, 2025</u>](#condensed_consolidated_balance_sheets) | 5 |
|  | [<u>Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2026 and 2025</u>](#condensed_consolidated_statements_cash_f) | 7 |
|  | [<u>Condensed Consolidated Statements of Shareholders' Investment (unaudited) as of and for the three months ended March 31, 2026 and 2025</u>](#condensed_consolidated_statements_shareh) | 8 |
|  | [<u>Notes to Condensed Consolidated Financial Statements (unaudited)</u>](#notes_to_condensed_consolidated_financia) | 9 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_analysis_f) | 25 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_qualitative_disclosu) | 38 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_procedures) | 38 |
| [**<u>Part II. Other Information</u>**](#part_ii_or_information) | [**<u>Part II. Other Information</u>**](#part_ii_or_information) |  |
| Item 1. | [<u>Legal Proceedings</u>](#legal_proceedings) | 40 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 40 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_equity_securit) | 40 |
| Item 5. | [<u>Other Information</u>](#item_5_otehr_information) | 40 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 41 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 42 |

---

------

**Part I — Financial Information**

**Item 1. Financial Statements**

**CRAWFORD & COMPANY**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**Unaudited**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(In thousands, except per share amounts)* | **2026** | 2025 |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues before reimbursements | $**309525** | $312032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **10601** | 11307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | **320126** | 323339 |
| **Costs and Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of services provided, before reimbursements | **221412** | 221893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **10601** | 11307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs of services | **232013** | 233200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | **76144** | 74587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate interest expense, net of interest income of $761 and $827, respectively | **2645** | 3944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Costs and Expenses** | **310802** | 311731 |
| **Other Loss, net** | **(2037)** | (2388) |
| **Income Before Income Taxes** | **7287** | 9220 |
| **Provision for Income Taxes** | **2375** | 2480 |
| **Net Income** | **4912** | 6740 |
| **Net Income Attributable to Noncontrolling Interests** | **(7)** | (56) |
| **Net Income Attributable to Shareholders of Crawford & Company** | $**4905** | $6684 |
| **Earnings Per Share - Basic:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | $**0.10** | $0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | $**0.10** | $0.14 |
| **Earnings Per Share - Diluted:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | $**0.10** | $0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | $**0.10** | $0.13 |
| **Weighted-Average Shares Used to Compute Basic Earnings Per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | **29757** | 30175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | **18990** | 19145 |
| **Weighted-Average Shares Used to Compute Diluted Earnings Per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | **30411** | 30706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | **18990** | 19145 |

---

(The accompanying notes are an integral part of these condensed consolidated financial statements)

------

**CRAWFORD & COMPANY**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**Unaudited**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(In thousands)* | **2026** | 2025 |
| **Net Income** | $**4912** | $6740 |
| **Other Comprehensive Income (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net foreign currency translation gain (loss), net of tax of $0 and $0, respectively | **5505** | (3712) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of actuarial losses for retirement plans included in net periodic pension cost, net of tax of $629 and $625, respectively | **2456** | 2487 |
| **Other Comprehensive Income (Loss)** | **7961** | (1225) |
| **Comprehensive Income** | **12873** | 5515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income (loss) attributable to noncontrolling interests | **156** | (94) |
| **Comprehensive Income Attributable to Shareholders of Crawford & Company** | $**13029** | $5421 |

---

(The accompanying notes are an integral part of these condensed consolidated financial statements)

------

**CRAWFORD & COMPANY**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | December 31,<br>2025 |
| *(In thousands)* | **(Unaudited)** | \* |
| **ASSETS** |  |  |
| **Current Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**54491** | $64079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowance for expected credit losses of $7,472 and $7,244, respectively | **118064** | 115661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues, at estimated billable amounts | **142759** | 126960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | **4134** | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **48880** | 41362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current Assets** | **368328** | 352412 |
| **Net Property and Equipment** | **16484** | 16649 |
| **Other Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | **63040** | 66322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | **76500** | 76569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets arising from business acquisitions, net | **65232** | 66352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized software costs, net | **113092** | 112812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | **24010** | 24684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets | **44963** | 48500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Assets** | **386837** | 395239 |
| **TOTAL ASSETS** | $**771649** | $764300 |

---

\* Derived from the audited Consolidated Balance Sheet

(The accompanying notes are an integral part of these condensed consolidated financial statements)

------

**CRAWFORD & COMPANY**

**CONDENSED CONSOLIDATED BALANCE SHEETS — CONTINUED**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | December 31,<br>2025 |
| *(In thousands, except par value amounts)* | **(Unaudited)** | \* |
| **LIABILITIES AND SHAREHOLDERS' INVESTMENT** |  |  |
| **Current Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | $**43501** | $38500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **59240** | 39769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related costs | **84388** | 108878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Self-insured risks | **25989** | 19095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | **4793** | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | **26917** | 27650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | **44683** | 37970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | **33738** | 33834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current Liabilities** | **323249** | 309570 |
| **Noncurrent Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and finance leases, less current installments | **150587** | 150593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | **50090** | 53531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | **24059** | 23259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued pension liabilities | **16710** | 17910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent liabilities | **32497** | 38005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Noncurrent Liabilities** | **273943** | 283298 |
| **Shareholders' Investment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, $1.00 par value; 50,000 shares authorized; 29,740 and 29,860 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | **29740** | 29860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, $1.00 par value; 50,000 shares authorized; 18,954 and 19,014 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | **18954** | 19014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **91237** | 92251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **229959** | 233708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(193616)** | (201740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Investment Attributable to Shareholders of Crawford & Company | **176274** | 173093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | **(1817)** | (1661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Shareholders' Investment** | **174457** | 171432 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT** | $**771649** | $764300 |

---

\* Derived from the audited Consolidated Balance Sheet

(The accompanying notes are an integral part of these condensed consolidated financial statements)

------

**CRAWFORD & COMPANY**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**Unaudited**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(In thousands)* | **2026** | 2025 |
| **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**4912** | $6740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **9589** | 9647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **1046** | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property and equipment | **(12)** | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent earnout adjustments | **(180)** | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | **(262)** | 6002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues, net | **(12987)** | (8045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued or prepaid income taxes | **1189** | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **3401** | (25176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | **281** | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued retirement costs | **(3318)** | (3211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other operating activities | **(385)** | (2741) |
| Net cash provided by (used in) operating activities | **3274** | (13923) |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of property and equipment | **(1901)** | (994) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of computer software costs | **(5958)** | (8329) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from settlement of life insurance policies | **—** | 210 |
| Net cash used in investing activities | **(7859)** | (9113) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | **(3663)** | (3455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments related to shares received for withholding taxes under employee stock-based compensation plans | **(1712)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | **(5519)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increases in revolving credit facility borrowings | **7500** | 41411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on revolving credit facility borrowings | **(2500)** | (12901) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increases in fiduciary liabilities | **9334** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | **(27)** | (38) |
| Net cash provided by financing activities | **3413** | 25017 |
| Effects of exchange rate changes on cash and cash equivalents | **1064** | (289) |
| **(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash** | **(108)** | 1692 |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | **64546** | 56329 |
| **Cash, Cash Equivalents, and Restricted Cash at End of Period** | $**64438** | $58021 |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $**1152** | $2205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | **3161** | 4565 |

---

(The accompanying notes are an integral part of these condensed consolidated financial statements)

------

**CRAWFORD & COMPANY**

**CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT**

**Unaudited**

***(In thousands, except per share amounts)***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  | **Accumulated** | **Shareholders'<br>Investment<br>Attributable to** |  |  |
| **<u>2026</u>** | **Class A<br>Non-Voting** | **Class B<br>Voting** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Other<br>Comprehensive<br>Loss** | **Shareholders<br>of Crawford<br>& Company** | **Noncontrolling<br>Interests** | **Total<br>Shareholders'<br>Investment** |
| **Balance at January 1, 2026** | $**29860** | $**19014** | $**92251** | $**233708** | $**(201740)** | $**173093** | $**(1661)** | $**171432** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | **—** | **—** | **—** | **4905** | **—** | **4905** | **7** | **4912** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | **—** | **—** | **—** | **—** | **8124** | **8124** | **(163)** | **7961** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid (Class A - $0.075 per share, Class B - $0.075 per share) | **—** | **—** | **—** | **(3663)** | **—** | **(3663)** | **—** | **(3663)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **—** | **—** | **1046** | **—** | **—** | **1046** | **—** | **1046** |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | **(468)** | **(60)** | **—** | **(4991)** | **—** | **(5519)** | **—** | **(5519)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in connection with stock-based compensation plans, net | **348** | **—** | **(2060)** | **—** | **—** | **(1712)** | **—** | **(1712)** |
| **Balance at March 31, 2026** | $**29740** | $**18954** | $**91237** | $**229959** | $**(193616)** | $**176274** | $**(1817)** | $**174457** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  | **Accumulated** | **Shareholders'<br>Investment<br>Attributable to** |  |  |
| **<u>2025</u>** | **Class A<br>Non-Voting** | **Class B<br>Voting** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Other<br>Comprehensive<br>Loss** | **Shareholders<br>of Crawford<br>& Company** | **Noncontrolling<br>Interests** | **Total<br>Shareholders' Investment** |
| **Balance at January 1, 2025** | $30124 | $19145 | $87118 | $237948 | $(217125) | $157210 | $(1659) | $155551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 6684 |  | 6684 | 56 | 6740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income |  |  |  |  | (1263) | (1263) | 38 | (1225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid (Class A - $0.07 per share, Class B - $0.07 per share) |  |  |  | (3455) |  | (3455) |  | (3455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 1390 |  |  | 1390 |  | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in connection with stock-based compensation plans, net | 93 |  | (71) |  |  | 22 |  | 22 |
| **Balance at March 31, 2025** | $30217 | $19145 | $88437 | $241177 | $(218388) | $160588 | $(1565) | $159023 |

---

(The accompanying notes are an integral part of these condensed consolidated financial statements)

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Unaudited**

Based in Atlanta, Georgia, Crawford & Company ("Crawford" or "the Company") is a leading global 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.

Shares of the Company's two classes of common stock are traded on the New York Stock Exchange ("NYSE") under the symbols CRD-A and CRD-B. 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 can be found on the Company's website <u>www.crawco.com</u>. The information contained on, or hyperlinked from, the Company's website is not a part of, and is not incorporated by reference into, this report.

**1. Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the "SEC"). These unaudited condensed consolidated financial statements omit certain notes and other financial information and therefore, should be read in conjunction with the 2025 Form 10-K. The Condensed Consolidated Balance Sheet information presented herein as of December 31, 2025 has been derived from the audited consolidated financial statements as of that date. For further information, refer to the consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 2025.

Due to the impact of weather activity and other macroeconomic uncertainties, the Company's operating results for the three months ended March 31, 2026 and financial position as of March 31, 2026 are not necessarily indicative of the results or financial position that may be expected for the year ending December 31, 2026 or for other future periods. The financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis (fiscal year-end of October 31) as permitted by GAAP in order to provide sufficient time for accumulation of their results.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments (consisting only of normal recurring accruals and adjustments) considered necessary for a fair presentation have been included. There have been no material changes to our significant accounting policies and estimates from those disclosed in the Company's financial statements included in Form 10-K for the year ended December 31, 2025 other than as disclosed herein.

In connection with the realignment of management responsibilities, the Company updated its reportable segments effective January 1, 2026. The Company's reportable segments are comprised of the following: U.S. Property & Casualty, Broadspire, and International Operations. Certain prior period amounts among the Company's reportable segments have been reclassified to conform to the current presentation. These changes have no impact on the Company's historical consolidated statements of operations, balance sheets, or cash flows. Significant intercompany transactions have been eliminated in consolidation.

The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a variable interest entity ("VIE") of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan. At March 31, 2026 and December 31, 2025, the liabilities of the deferred compensation plan were $6,989,000 and $6,686,000, respectively, which represented obligations of the Company rather than of the rabbi trust, and the values of the assets held in the related rabbi trust were $10,444,000 and $10,423,000, respectively. These liabilities and assets are included in "Other noncurrent liabilities" and "Other noncurrent assets," respectively, on the Company's unaudited Condensed Consolidated Balance Sheets.

Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the unaudited Condensed Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions.

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**2. Recently Issued Accounting Standards**

*Disaggregation of Income Statement Expenses (ASU 2024-01)*

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-01, *Disaggregation of Income Statement Expenses (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures*, which requires disclosures of disaggregated information about certain income statement expense line items, such as inventory purchases, employee compensation, and depreciation. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

*Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05)*

In July 2025, the FASB issued ASU 2025-05, *Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*, which provided a practical expedient that permits entities to assume that current conditions as of the balance sheet date do not change over the remaining life of the accounts receivable and contract assets when estimating expected credit losses. The guidance is required to be applied prospectively and is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. The adoption did not have an impact on the Company's consolidated financial statements.

*Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)*

In September 2025, the FASB issued ASU 2025-06, *Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*, which provides guidance that simplifies the accounting for internal-use software by replacing stage-based rules with a principles-based approach. Under the new guidance, capitalization of internal-use software costs is permitted once management authorizes funding, commits to use the software, and it is probable the project will be completed. The ASU is effective for fiscal years beginning after December 15, 2027. Entities may elect to apply the guidance retrospectively, prospectively to software costs incurred after the adoption date (including costs related to existing, in-process projects and new projects) or using a modified prospective basis. The Company is currently evaluating this ASU to determine the impact the adoption will have on its consolidated financial statements.

*Interim Reporting Narrow Scope Improvements (ASU 2025-11)*

In December 2025, the FASB issued ASU 2025-11, *Interim Reporting* (Topic 270): *Narrow-Scope Improvements*, which clarifies the applicability of interim reporting guidance and improves the navigability of interim disclosure requirements. The amendments add a disclosure principle requiring entities to disclose events since the end of the most recent annual reporting period that have a material impact on the entity and incorporate a comprehensive list of disclosures required in interim reporting periods. The guidance is effective for interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied retrospectively or prospectively. The amendments are not expected to have a material impact on the Company's consolidated financial statements, as the amendments primarily clarify and reorganize existing interim disclosure requirements.

*Codification Improvements (ASU 2025-12)*

In December 2025, the FASB issued ASU 2025-12, *Codification Improvements*, which includes targeted amendments intended to clarify and improve the application of existing accounting guidance. Certain amendments relate to earnings per share, lease disclosures, treasury stock retirements, and transfers of receivables. The amendments are effective for fiscal years beginning after December 15, 2026, including interim periods therein, with early adoption permitted. The Company does not expect adoption of this guidance to have a material impact on its consolidated financial statements.

**3. Revenue Recognition**

*Revenue from Contracts with Customers*

Revenues are recognized when control of the promised services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations which are identified below, it has an unconditional right to consideration as outlined in the Company's contracts. Generally, the Company's accounts receivables are expected to be collected in less than two months.

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The Company's U.S. Property & Casualty and International Operations segments generate revenue for adjusting services provided to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property and certain types of personal property through its Claims Solutions and International Loss Adjusting service lines. These segments also generate revenues for claims management services provided to insurance companies and self-insured entities related to large, complex losses with technical adjusting and industry experts servicing a broad range of industries in the Global Technical Services service line. The Company charges on a fee-per-claim basis for each optional purchase of the claims management services exercised by its customer. Revenue is recognized based on the claim type for fixed fee claims applied utilizing a portfolio approach based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount in which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer. Task assignment services are single optional purchase performance obligations which are generally satisfied at a point in time when the control of the service is transferred to the customer. Therefore, revenue is recognized when the customer receives the service requested.

The Company's U.S. Property & Casualty segment also generates revenue through its Contractor Connection and Catastrophe Services business lines.

The Contractor Connection service line generates revenue through its independently managed contractor network. Contractor Connection primarily generates revenue by receiving a fee for each project that is sold by its network of contractors. Revenue is recognized at a point in time once the consumer accepts the contractor's proposal as Contractor Connection's performance obligation of referring projects to its contractors has been completed and the Company is entitled to consideration at that time. The contractor takes control of the service upon the consumer's acceptance of the contractor's proposal.

The Catastrophe Services business generates revenues for claims management services provided to insurance companies and self-insured entities related to property, casualty and catastrophic losses. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services is transferred to the customer. Revenue is recognized based on the claim type for fixed fee claims, applied based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount for which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer.

The following table presents U.S. Property & Casualty revenues before reimbursements disaggregated by service line for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31,<br>2026** | March 31,<br>2025 |
| Global Technical Services | $**26569** | $26776 |
| Claims Solutions | **28628** | 31188 |
| Contractor Connection | **14941** | 16901 |
| Catastrophe Services | **2747** | 7325 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Property & Casualty Revenues before Reimbursements** | $**72885** | $82190 |

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In addition to adjusting services, the Company also performs Legal Services within its International Operations segment. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report the claim and control of these services is transferred to the customer.

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The following table presents International Operations revenues before reimbursements disaggregated by geography and service line for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31,<br>2026** | March 31,<br>2025 |
| U.K. | $**41287** | $41809 |
| Europe | **27279** | 26184 |
| Australia | **20745** | 16578 |
| Canada | **23732** | 21776 |
| Asia | **9121** | 6167 |
| Latin America | **7131** | 8012 |
| **International Loss Adjusting** | $**129295** | $120526 |
| U.K. | $**1876** | $2533 |
| Australia | **—** | 2470 |
| Latin America | **711** | 641 |
| **Crawford Legal Services** | $**2587** | $5644 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total International Operations Revenues before Reimbursements** | $**131882** | $126170 |

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The Company's Broadspire segment is a third party administrator that generates revenue through its Claims Management, Medical Management, and Subrogation service lines.

The Claims Management service line includes Workers' Compensation, Liability, Property and Disability Claims Management. This service line also performs additional services such as Accident & Health claims programs, including Affinity type claims, and disability and leave management services. Each claim referred by the customer is considered an additional optional purchase of claims management services under the agreement with the customer. The transaction price is specified in the contract and is fixed for each service. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report the claim and control of these services is transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type applied utilizing a portfolio approach based on time elapsed for these claims as the Company believes this is the most accurate depiction of the transfer of claims management services to its customer. Broadspire also provides claims management services on a monthly basis for which revenue is recognized over time based on claims received and staff required to complete its claim handling obligations. Broadspire also provides Risk Management Information Services and Account Administration Services and generates revenues from income earned for managing funds maintained to administer claims for its customers. For non-claim services provided in the Claims Management service line, revenue is recognized over time as services are provided and control of these services is transferred to the customer. Revenue is recognized as time elapses as this is the most accurate depiction of the transfer of the service to the customer.

The Company's obligation to manage claims under the Claims Management service line can range from less than one year, on a one- or two-year basis or for the lifetime of the claim. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, it would begin performing services immediately. The period between a customer's payment of consideration and the completion of the promised services could be greater than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing its services and it is customary to invoice service fees when the claim is assigned. The Company considered whether a significant financing component exists and determined that there is not a significant financing component at the contract level.

The Medical Management service line offers case managers who provide administration services by proactively managing medical treatment plans for claimants while facilitating an understanding of and participation in their rehabilitation process. Revenue for Medical Management services is recognized over time as the performance obligations are satisfied through the effort expended to manage the medical treatment for claimants and control of these services is transferred to the customer. Medical Management services are generally billed based on time incurred, are considered variable consideration, and revenue is recognized at the amount for which the Company has the right to invoice for services performed. This method of revenue recognition is the most accurate depiction of the transfer of the Medical Management services to the customer. The Company also performs medical bill review services. Medical bill review services provide an analysis of medical charges for clients' claims to identify opportunities for savings. Medical bill review services revenues are recognized over time as control of the service is transferred to the customer. Revenue is recognized based upon the transfer of the results of the medical bill review service to the customer as this is the most accurate depiction of the transfer of the service to the customer.

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The Subrogation service line provides subrogation recovery and consultative services for the property and casualty insurance industry. Revenue is recognized at a point in time when the subrogation is successful and cash consideration is received.

The following table presents Broadspire revenues before reimbursements disaggregated by service line for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31,<br>2026** | March 31,<br>2025 |
| Claims Management | $**50404** | $49654 |
| Medical Management | **47379** | 46730 |
| Subrogation | **6975** | $7288 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Broadspire Revenues before Reimbursements** | $**104758** | $103672 |

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In the normal course of business, the Company's segments incur certain out-of-pocket expenses that are thereafter reimbursed by its customers. The Company controls the promised good or service before it is transferred to its customer, therefore it is a principal in the transaction. These out-of-pocket expenses and associated reimbursements are reported on a gross basis within expenses and revenues, respectively, in the Company's unaudited Condensed Consolidated Statements of Operations.

*Claims Management Performance Obligations*

For claims management services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company sells multiple lines of claims processing and different levels of processing depending on the complexity of the claims. The Company typically provides a menu of offerings from which the customer chooses to purchase at its option. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is consistent for each service irrespective of the other services or quantities requested by the customer. For example, if the Company provides claims processing for both auto and general liability, those services are priced and delivered independently. These additional services represent optional purchases of additional claims management services and do not represent arrangements with multiple performance obligations.

*Contract Balances*

The timing of revenue recognition, billings and cash collections result in billed accounts receivables, unbilled accounts receivable reported as "Unbilled revenues, at estimated billable amounts," and "Deferred revenues" on the Company's unaudited Condensed Consolidated Balance Sheets. Unbilled revenues is recorded for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that the Company expects and is entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

When the Company receives consideration from a customer prior to transferring services to the customer under the terms of certain claims management agreements, it records deferred revenues on its unaudited Condensed Consolidated Balance Sheets, which represents a contract liability. These fixed-fee service agreements typically result from the Broadspire segment and require the Company to handle claims on either a one- or two-year basis, or for the lifetime of the claim. In cases where it handles a claim on a non-lifetime basis, the Company typically receives an additional fee on each anniversary date that the claim remains open. For service agreements where it provides services for the life of the claim, the Company is paid one upfront fee regardless of the duration of the claim. The Company recognizes deferred revenues as revenues as it performs services and transfers control of the services to the customer and satisfies the performance obligation which it determines utilizing a portfolio approach.

The Company's deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the performance obligations are satisfied within a fixed length of time. Deferred revenues for lifetime claim handling are more sensitive to changes in claim closing rates since the Company is obligated to handle these claims to conclusion with no additional fees received for long-lived claims. Deferred revenues related to lifetime claim handling arrangements approximated $41,145,000 and $40,049,000 as of March 31, 2026 and December 31, 2025, respectively. For all fixed fee service agreements, revenues are recognized over the expected service periods, by type of claim. Based upon its historical averages, the Company closes approximately 99% of all cases referred to it under lifetime claim service agreements within five years from the date of referral. Also, within that five-year period, the percentage of cases remaining open in any one particular year has remained relatively consistent from period to period. Each quarter the Company evaluates its historical case closing rates by type of claim utilizing a portfolio approach and adjusts deferred revenues as necessary. As a portfolio approach is utilized to recognize deferred revenues, any changes in estimates will impact the timing of revenue recognition and any changes in estimates are recognized in the period in which they are determined.

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The table below presents the deferred revenues balance as of January 1, 2026 and the significant activity affecting deferred revenues during the three months ended March 31, 2026:

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| | |
|:---|:---|
| *(In Thousands)* |  |
| Customer Contract Liabilities | **Deferred <br>Revenues** |
| Balance at January 1, 2026 | $**57093** |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarterly additions | **26030** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized from the prior periods | **(14983)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized from current quarter additions | **(10343)** |
| Balance as of March 31, 2026 | $**57797** |

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*Remaining Performance Obligations*

As of March 31, 2026, the Company had $112,962,000 of remaining performance obligations related to claims and non-claims services for which the price is fixed. Remaining performance obligations consist of deferred revenues as well as certain claims where the processing has not yet occurred. The Company expects to recognize approximately 74% of its remaining performance obligations as revenues within one year and the remaining balance thereafter.

*Costs to Obtain a Contract*

The Company has a sales incentive compensation program where payment is based on the revenues recognized in the period. The payment does not represent an incremental cost to the Company that provides a future benefit expected to be longer than one year. Therefore it does not meet the criteria to be capitalized and presented as a contract asset on the Company's unaudited Condensed Consolidated Balance Sheets.

*Practical Expedients Elected*

As a practical expedient, the Company does not adjust the consideration in a contract for the effects of a significant financing component it expects, at contract inception, when the period between a customer's payment of consideration and the transfer of promised services to the customer will be one year or less. For claims management services that are billed on a time and expense incurred or per unit basis, the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

The Company does not disclose the value of remaining performance obligations for (i) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed, or (ii) contracts with variable consideration allocated entirely to a single performance obligation.

**4. Credit Losses**

The Company maintains an allowance for expected credit losses resulting primarily from the inability of clients to make required payments. Such losses are accounted for as bad debt expense. These allowances are established using historical write-off or adjustment information to project future experience and by considering the current creditworthiness of clients, any known specific collection problems, and an assessment of current industry and economic conditions. The Company evaluates the risks related to its trade receivables and contract assets by considering customer type, geography, and aging. The Company assumes that the current economic conditions as of the balance sheet date will remain unchanged over the remaining contractual lives of its trade receivables and contract assets. Actual experience may differ significantly from historical or expected loss results. The Company writes off account receivables and unbilled revenues when they become uncollectible, and any payments subsequently received are accounted for as recoveries.

**5. Goodwill**

Goodwill was $76,500,000 as of March 31, 2026, compared to $76,569,000 as of December 31, 2025. The Company tests goodwill for impairment annually on October 1st of each year, or more frequently if events or circumstances indicate potential impairment. In assessing goodwill for impairment, the carrying value of each reporting unit, including goodwill, is compared with its estimated fair value, which is determined utilizing a combination of the income and market approaches. The Company performed its annual goodwill impairment analysis as of October 1, 2025, and concluded that the estimated fair value of each reporting unit exceeded its carrying value. Accordingly, no goodwill impairment was recorded in 2025.

On January 1, 2026 the Company realigned its reportable segments as described in Note 1, "Basis of Presentation" and further described in Note 11, "Segment Information". This change resulted in the allocation of $3,736,000 of goodwill from the U.S. Property & Casualty segment to the International Operations segment based on the relative fair value approach. The Company performed an interim goodwill impairment test utilizing the income approach. The estimated fair value of each reporting unit tested exceeded its carrying value. The Company did not identify any impairment indicators during the three months ended March 31, 2026.

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The following table shows the changes in the carrying amount of goodwill for the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Property & Casualty** | **Broadspire** | **International Operations** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at December 31, 2025: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | $128202 | $139568 | $81779 | $349549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated impairment losses | (80113) | (111088) | (81779) | (272980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net goodwill | $48089 | $28480 | $— | $76569 |
| **2026 Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Reallocation** | **(3736)** | **—** | **3736** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Foreign currency effects** | **—** | **—** | **(69)** | **(69)** |
| **Balance at March 31, 2026:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Goodwill** | $**124466** | $**139568** | $**85446** | $**349480** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Accumulated impairment losses** | **(80113)** | **(111088)** | **(81779)** | **(272980)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net goodwill** | $**44353** | $**28480** | $**3667** | $**76500** |

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**6. Income Taxes**

The Company's consolidated effective income tax rate may change periodically due to changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, changes in permanent reinvestment assertions, and changes in unrecognized tax benefits.

The provision for income taxes on consolidated income before income taxes totaled $2,375,000 and $2,480,000 for the three months ended March 31, 2026 and 2025, respectively. The overall effective tax rate increased to 32.6% for the three months ended March 31, 2026 compared with 26.9% for the 2025 period primarily due to changes in the mix of income and U.S. taxation of foreign subsidiary profits in the 2026 results.

**7**. Defined Benefit Pension Plans

Net periodic cost related to all of the Company's defined benefit pension plans recognized in the Company's unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 included the following components:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31,<br>2026** | March 31,<br>2025 |
| Service cost | $**479** | $430 |
| Interest cost | **5058** | 5360 |
| Expected return on assets | **(6063)** | (6089) |
| Amortization of actuarial loss | **3042** | 3117 |
| &nbsp;&nbsp;Net periodic cost | $**2516** | $2818 |

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For the three months ended March 31, 2026 and 2025, the non-service components of net periodic pension expense totaled $2,037,000 and $2,388,000, respectively. These amounts are included in "Other Loss, net" on the unaudited Condensed Consolidated Statements of Operations.

For the three months ended March 31, 2026, the Company made no contributions to the U.S. defined benefit pension plan and contributed $654,000 to the U.K. defined benefit pension plans, as compared with no contributions to the U.S. defined benefit pension plan and contributed $774,000 to the U.K. defined benefit pension plans during the three months ended March 31, 2025.

**8. Net Income Attributable to Shareholders of Crawford & Company per Common Share**

The Company computes earnings per share of its non-voting Class A Common Stock ("CRD-A") and voting Class B Common Stock ("CRD-B") using the two-class method, which allocates the undistributed earnings in each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on the CRD-A shares than on the CRD-B shares, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same earnings per share for CRD-A and CRD-B. During 2026 and 2025, the Board of Directors has declared the same dividend on CRD-A and CRD-B.

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The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,<br>2026** | **March 31,<br>2026** | March 31,<br>2025 | March 31,<br>2025 |
| *(in thousands, except per share amounts)* | **CRD-A** | **CRD-B** | CRD-A | CRD-B |
| **Earnings per share - basic:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of undistributed earnings | $**758** | $**484** | $1976 | $1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **2238** | **1425** | 2115 | 1340 |
| Net income attributable to common shareholders, basic | $**2996** | $**1909** | $4091 | $2593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denominator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding, basic | **29757** | **18990** | 30175 | 19145 |
| Earnings per share - basic | $**0.10** | $**0.10** | $0.14 | $0.14 |

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The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,<br>2026** | **March 31,<br>2026** | March 31,<br>2025 | March 31,<br>2025 |
| *(in thousands, except per share amounts)* | **CRD-A** | **CRD-B** | CRD-A | CRD-B |
| **Earnings per share - diluted:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of undistributed earnings | $**765** | $**477** | $1989 | $1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **2238** | **1425** | 2115 | 1340 |
| Net income attributable to common shareholders, diluted | $**3003** | $**1902** | $4104 | $2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denominator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding, basic | **29757** | **18990** | 30175 | 19145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average effect of dilutive securities | **654** | **—** | 531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding, diluted | **30411** | **18990** | 30706 | 19145 |
| Earnings per share - diluted | $**0.10** | $**0.10** | $0.13 | $0.13 |

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Listed below are the shares excluded from the denominator in the preceding computation of diluted earnings per share for CRD-A:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31,<br>2026** | March 31,<br>2025 |
| Performance stock grants excluded because performance conditions have not been met <sup>(1)</sup> | **236** | 807 |

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<sup>(1)</sup> Compensation cost is recognized for these performance stock grants based on expected achievement rates; however, no consideration is given to these performance stock grants when calculating diluted earnings per share until the performance measurements have been achieved.

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The following table details shares issued during the three months ended March 31, 2026 and 2025, including restricted shares that were returned prior to vesting. These shares are included from their dates of issuance in the weighted-average common shares used to compute basic and diluted earnings per share for CRD-A in the table above. There were no shares of CRD-B issued during any of these periods.

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31,<br>2026** | March 31,<br>2025 |
| CRD-A issued under the Non-Employee Director Stock Plan | **100** | 89 |
| CRD-A issued under the Employee Stock Purchase Plan | **6** | 4 |
| CRD-A issued under the 2016 Omnibus Stock and Incentive Plan | **243** |  |

---

On November 4, 2021, the Company's Board of Directors (the "Board") authorized the repurchase of up to 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) through December 31, 2023 (the "2021 Repurchase Authorization"). On February 10, 2022, the Board approved an increase of 5,000,000 additional shares under the 2021 Repurchase Authorization and on October 30, 2025 they further increased the authorization by 2,000,000 shares and extended the repurchase period through December 31, 2027.

Repurchases may be made from time to time in the open market or through privately negotiated transactions at prices and times determined by management, subject to applicable regulatory guidelines. The authorization does not obligate the Company to repurchase any shares and the Company may suspend or discontinue repurchase activities at any time.

On March 31, 2026, the Company 1,594,021 shares available for repurchase under the 2021 Repurchase Authorization.

During the three months ended March 31, 2026, the Company repurchased 468,314 shares of CRD-A at an average cost of $10.48 per share and 59,555 shares of CRD-B at an average cost of $10.29 per share under the 2021 Repurchase Authorization. During the three months ended March 31, 2025, the Company did not repurchase any shares of CRD-A or CRD-B.

**9**. Accumulated Other Comprehensive Loss

Comprehensive (loss) income for the Company consists of the total of net income, foreign currency translation adjustments, and accrued pension and retiree medical liability adjustments. Foreign currency translation adjustments include the net realized gains from intra-entity loans that are long-term in nature of $319,000 for the three months ended March 31, 2026. The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's unaudited condensed consolidated financial statements were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| *(in thousands)* | **Foreign<br>currency<br>translation<br>adjustments** | **Retirement<br>liabilities** <sup>(1)</sup> | **AOCL<br>attributable<br>to shareholders<br>of Crawford &<br>Company** |
| **Beginning balance** | $**(43925)** | $**(157815)** | $**(201740)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income before reclassifications** | **5668** | **—** | **5668** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Amounts reclassified from accumulated other comprehensive income to net income** | **—** | **2456** | **2456** |
| **Net current period other comprehensive income** | **5668** | **2456** | **8124** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $**(38257)** | $**(155359)** | $**(193616)** |

---

------

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 |
| *(in thousands)* | Foreign<br>currency<br>translation<br>adjustments | Retirement<br>liabilities <sup>(1)</sup> | AOCL<br>attributable<br>to shareholders<br>of Crawford &<br>Company |
| Beginning balance | $(50079) | $(167046) | $(217125) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss before reclassifications | (3750) |  | (3750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income to net income |  | 2487 | 2487 |
| Net current period other comprehensive (loss) income | (3750) | 2487 | (1263) |
| Ending balance | $(53829) | $(164559) | $(218388) |

---

<sup>(1)</sup> Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Other Loss, net" in the Company's unaudited Condensed Consolidated Statements of Operations. See Note 7, "Defined Benefit Pension Plans" for additional details.

The other comprehensive loss amounts attributable to noncontrolling interests presented in the Company's unaudited Condensed Consolidated Statements of Shareholders' Investment are foreign currency translation adjustments.

**10. Fair Value Measurements**

The following table presents the Company's assets measured at fair value on a recurring basis as of March 31, 2026, in accordance with the fair value hierarchy. The Company did not have any liabilities measured at fair value on a recurring basis as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fair Value Measurements at March 31, 2026** | **Fair Value Measurements at March 31, 2026** | **Fair Value Measurements at March 31, 2026** |
|  |  |  | **Significant Other** | **Significant** |
|  |  | **Quoted Prices in** | **Observable** | **Unobservable** |
|  |  | **Active Markets** | **Inputs** | **Inputs** |
| *(in thousands)* | **Total** | **(Level 1)** | **(Level 2)** | **(Level 3)** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds <sup>(1)</sup> | $**11834** | $**11834** | $**—** | $**—** |

---

<sup>(1)</sup> The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included in the Company's unaudited Condensed Consolidated Balance Sheets as "Cash and cash equivalents."

*Fair Value Disclosures*

There were no transfers of assets between fair value levels during the three months ended March 31, 2026. The categorization of assets within the fair value hierarchy and the measurement techniques are reviewed quarterly. Any transfers between levels are deemed to have occurred at the end of the quarter.

The fair values of accounts receivable, unbilled revenues, accounts payable and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The interest rate on the Company's variable rate long-term debt resets at least every 90 days; therefore, the recorded value approximates fair value.

*Nonrecurring Fair Value Disclosures*

Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in certain business combinations. Indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized but are subject to impairment testing at least annually. Other long-lived assets consist primarily of property and equipment, capitalized software, and amortizable intangible assets related to customer relationships, technology, and trade names with finite lives. Other long-lived assets are evaluated for impairment when impairment indicators are identified.

The fair value of reporting units used in the Company's goodwill impairment analysis is estimated using a combination of the income and market approaches and is classified in Level 3 of the fair value hierarchy. See Note 5, "Goodwill" for additional information.

------

**11. Segment Information**

In connection with the realignment of management responsibilities, the Company updated its reportable segments effective January 1, 2026. The Company's reportable segments are comprised of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. Property & Casualty, which provides claims management services to insurance carriers and self-insured entities related to property and casualty losses. This is comprised of U.S. Loss Adjusting which includes Global Technical Services and Claims Solutions. This reportable segment also includes Networks which consists of the Contractor Connection and Catastrophe Services operations previously reported within the Platform Solutions Segment. The U.S. Property & Casualty reportable segment represents the aggregation of certain service line operating segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Broadspire, which provides third party administration for workers' compensation, auto and liability, disability management, medical management, and accident and health to corporations, brokers and insurers as well as subrogation services in the U.S. Broadspire includes the subrogation operations that were previously reported within the Platform Solutions Segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•International Operations, which services the global property and casualty market outside the U.S., includes all operations within the U.K., Europe, Australia, Asia, and Latin America as well as the Canadian operations that were previously reported within the North America Loss Adjusting segment.

The Company's three reportable segments represent components of the business for which separate financial information is available, and which is evaluated regularly by the chief operating decision maker ("CODM"). The Company's President and Chief Executive Officer, Mr. W. Bruce Swain Jr., is considered the CODM as he is responsible for strategic decisions including the allocation of resources to each reporting segment and the assessment of their performance. Specifically, he assesses the financial health of each segment, reviews budgeting and resource allocation, directs all strategic planning, reviews investments for new products and technology allocations, evaluates pricing strategies and cash flow management, and oversees risk management for each segment. Mr. Swain regularly meets with the segment managers to discuss financial performance, operational issues and revenue forecasts. Additionally, the segment managers create segment-level budgets and forecasts and receive incentive compensation derived from the operating results of the segments. These financial packages are discussed in the meetings with Mr. Swain.

Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's operating segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate segment operating performance using the same criteria used by the Company's senior management and CODM. The CODM considers revenues before reimbursements and operating earnings when making decisions about the allocation of operating and capital resources. Operating earnings will differ from net income computed in accordance with GAAP since operating earnings represent segment earnings before certain unallocated corporate and shared costs and credits, 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.

Segment operating earnings includes allocations of certain corporate and shared costs. If the Company changes its allocation methods or changes the types of costs that are allocated to its three reportable segments, prior period amounts presented in the current period financial statements are adjusted to conform to the current allocation process.

In the normal course of its business, the Company sometimes pays for certain out-of-pocket expenses that are thereafter reimbursed by its clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in the Company's consolidated results of operations. However, in evaluating segment results, Company management excludes these reimbursements and related expenses from segment results, as they offset each other.

------

Financial information as of and for the three months ended March 31, 2026 and 2025 related to the Company's reportable segments is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | **U.S. Property & Casualty** | **Broadspire** | **International<br>Operations** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Revenues before reimbursements** | $**72885** | $**104758** | $**131882** | $**309525** |
| Less: |  |  |  |  |
| **Segment Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation | **37188** | **46837** | **69785** | **153810** |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits and payroll taxes | **7201** | **10680** | **13616** | **31497** |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-employee labor | **1244** | **2864** | **6956** | **11064** |
| **Total Compensation** | **45633** | **60381** | **90357** | **196371** |
| &nbsp;&nbsp;&nbsp;&nbsp; Office rent and occupancy | **777** | **2026** | **4011** | **6814** |
| &nbsp;&nbsp;&nbsp;&nbsp; Other office operating expense <sup>(1)</sup> | **3386** | **3342** | **8671** | **15399** |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | **915** | **2045** | **1115** | **4075** |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | **506** | **4735** | **2033** | **7274** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of risk | **518** | **766** | **1155** | **2439** |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net <sup>(2)</sup> | **543** | **111** | **2030** | **2684** |
| **Total Other Operating Expense** | **6645** | **13025** | **19015** | **38685** |
| Allocated corporate, shared services, and administrative costs <sup>(3)</sup> | **12991** | **20496** | **18513** | **52000** |
| **Total Segment Expenses** | **65269** | **93902** | **127885** | **287056** |
| **Segment Operating Earnings** | $**7616** | $**10856** | $**3997** | $**22469** |
| **Reconciliation of segment operating earnings:** |  |  |  |  |
| Unallocated corporate administrative costs <sup>(4)</sup> |  |  |  | **(8771)** |
| Net corporate interest expense |  |  |  | **(2645)** |
| Stock option expense |  |  |  | **(186)** |
| Amortization of acquisition-related intangible assets |  |  |  | **(1784)** |
| Non-service pension costs |  |  |  | **(1976)** |
| Contingent earnout adjustments |  |  |  | **180** |
| Income before income taxes |  |  |  | **7287** |
| Income taxes |  |  |  | **(2375)** |
| **Net Income** |  |  |  | **4912** |
| **Net Income Attributable to Noncontrolling Interests** |  |  |  | **(7)** |
| **Net Income Attributable to Shareholders of Crawford & Company** |  |  |  | $**4905** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **U.S. Property & Casualty** | **Broadspire** | **International<br>Operations** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Revenues before reimbursements** | $82190 | $103672 | $126170 | $312032 |
| Less: |  |  |  |  |
| **Segment Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation | 41563 | 45051 | 65619 | 152233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits and payroll taxes | 7673 | 10383 | 12319 | 30375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-employee labor | 1552 | 2909 | 8529 | 12990 |
| **Total Compensation** | 50788 | 58343 | 86467 | 195598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office rent and occupancy | 1167 | 2154 | 4136 | 7457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other office operating expense <sup>(1)</sup> | 3790 | 3468 | 8316 | 15574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 1803 | 1447 | 1008 | 4258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 574 | 4239 | 2384 | 7197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of risk | 142 | 1072 | (335) | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net <sup>(2)</sup> | 831 | 304 | 1876 | 3011 |
| **Total Other Operating Expense** | 8307 | 12684 | 17385 | 38376 |
| Allocated corporate, shared services, and administrative costs <sup>(3)</sup> | 13315 | 20668 | 20098 | 54081 |
| **Total Segment Expenses** | 72410 | 91695 | 123950 | 288055 |
| Segment Operating Earnings | $9780 | $11977 | $2220 | $23977 |
| **Reconciliation of segment operating earnings:** |  |  |  |  |
| Unallocated corporate administrative costs <sup>(4)</sup> |  |  |  | (6133) |
| Net corporate interest expense |  |  |  | (3944) |
| Stock option expense |  |  |  | (184) |
| Amortization of acquisition-related intangible assets |  |  |  | (1800) |
| Non-service pension costs |  |  |  | (2333) |
| Contingent earnout adjustments |  |  |  | (363) |
| Income before income taxes |  |  |  | 9220 |
| Income taxes |  |  |  | (2480) |
| **Net Income** |  |  |  | 6740 |
| **Net Income Attributable to Noncontrolling Interests** |  |  |  | (56) |
| **Net Income Attributable to Shareholders of Crawford & Company** |  |  |  | $6684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Other, net primarily includes advertising expenses, bank service charges, bad debt expense, and property and other taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Unallocated corporate and shared costs and credits represent expenses for the Company's Chief Executive Officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

Segment assets consist of accounts receivable, less allowance for expected credit losses, unbilled revenues at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Assets at March 31, 2026 and December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Property & Casualty** | **Broadspire** | **International Operations** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **March 31, 2026** |  |  |  |  |
| **Assets** | $**110657** | $**104103** | $**187795** | $**402555** |
| December 31, 2025 |  |  |  |  |
| Assets | 104970 | 103996 | 176576 | 385542 |

---

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Revenues by geographic region and major service line for the U.S. Property & Casualty, Broadspire, and International Operations segments are shown in Note 3, "Revenue Recognition."

Capital expenditures for the three months ended March 31, 2026 and 2025 are shown in the following table:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31,<br>2026** | March 31,<br>2025 |
| U.S. Property & Casualty | $**121** | $1394 |
| Broadspire | **3748** | 3452 |
| International Operations | **1003** | 303 |
| Corporate | **2987** | 4174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital expenditures | $**7859** | $9323 |

---

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the three months ended March 31, 2026 and 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31,<br>2026** | March 31,<br>2025 |
| Segments' revenues before reimbursements | $**309525** | $312032 |
| Reimbursements | **10601** | 11307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated revenues | $**320126** | $323339 |

---

The Company's reportable segments' total operating earnings reconciled to consolidated income before income taxes for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31,<br>2026** | March 31,<br>2025 |
| Operating earnings of all reportable segments | $**22469** | $23977 |
| Unallocated corporate and shared costs and credits | **(8771)** | (6133) |
| Net corporate interest expense | **(2645)** | (3944) |
| Stock option expense | **(186)** | (184) |
| Amortization of acquisition-related intangible assets | **(1784)** | (1800) |
| Non-service pension costs | **(1976)** | (2333) |
| Contingent earnout adjustments | **180** | (363) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $**7287** | $9220 |

---

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at March 31, 2026 and December 31, 2025 are presented in the following table:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  | **(In thousands)** | **(In thousands)** |
| Assets of reportable segments | $**402555** | $385542 |
| Corporate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **54491** | 64079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | **4134** | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **48880** | 41362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property and equipment | **16484** | 16649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset, net | **63040** | 66322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized software costs, net | **113092** | 112812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | **24010** | 24684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets | **44963** | 48500 |
| Total corporate assets | **369094** | 378758 |
| Total assets | $**771649** | $764300 |

---

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**12. Commitments and Contingencies**

As part of the Company's credit facility, the Company maintains a letter of credit to satisfy certain of its own contractual requirements. On March 31, 2026, the aggregate committed amount of letters of credit outstanding under the credit facility was $8,457,000.

From time to time, the Company enters into certain agreements for the purchase or sale of assets or businesses that contain provisions that may require the Company to make additional payments in the future depending upon the achievement of specified operating results of the acquired company, or provide the Company with an option or similar right to purchase additional assets.

In the normal course of its business, the Company is sometimes named as a defendant or responsible party in suits or other actions by insureds or claimants contesting decisions made by the Company or its clients with respect to the settlement of claims. Additionally, certain clients of the Company have in the past brought, and may, in the future bring, claims for indemnification on the basis of alleged actions by the Company, its agents, or its employees in rendering services to clients. The majority of these claims are of the type covered by insurance maintained by the Company. However, the Company is responsible for the deductibles and self-insured retentions under various insurance coverages. In the opinion of Company management, adequate provisions have been made for such known and probable risks. No assurances can be provided, however, that the result of any such action, claim or proceeding, now known or occurring in the future, will not result in a material adverse effect on its business, financial condition or results of operations.

The Company is subject to numerous federal, state, and foreign labor, employment, worker health and safety, antitrust and competition, environmental and consumer protection, import/export, anti-corruption, and other laws. From time to time the Company faces claims and investigations by employees, former employees, and governmental entities under such laws or employment contracts with such employees or former employees. Such claims, investigations, negotiations, and any litigation involving the Company could divert management's time and attention from the Company's business operations and could potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on the Company's results of operations, financial position, and cash flows. In the opinion of Company management, adequate provisions have been made for any items that are probable and reasonably estimable.

**13. Cash and Cash Equivalents**

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates carrying value due to their short-term nature. Cash balances that are legally restricted as to usage or withdrawal are separately included in "Prepaid expenses and other current assets" within the Company's unaudited Condensed Consolidated Balance Sheets. Additionally, Restricted cash includes the $9,334,000 increase in fiduciary liabilities included in cash flows from financing activities in the Company's unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company's unaudited Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Company's unaudited Condensed Consolidated Statements of Cash Flows:

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| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands) | **March 31, 2026** | December 31, 2025 | March 31, 2025 | December 31, 2024 |
| Cash and cash equivalents | $**54491** | $64079 | $57367 | $55412 |
| Restricted cash within prepaid expenses and other current assets | **9947** | 467 | 654 | 917 |
| **Total cash, cash equivalents and restricted cash** | $**64438** | $64546 | $58021 | $56329 |

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**14. Restructuring and Other Costs, Net**

The Company did not incur any restructuring costs during the three months ended March 31, 2026 and 2025. The Company incurred pre-tax restructuring costs of $13,996,000 during the fourth quarter of 2025.

The Company records restructuring charges when they are probable and estimable. Restructuring costs are accrued when the Company announces a restructuring event or communicates the employee termination, and the amounts can be reasonably estimated.

The following table summarizes the remaining costs in the Company's accrued restructuring balances as of March 31, 2026. Severance and termination costs are included in "Accrued compensation and related costs" and lease termination costs are included in current and noncurrent "Operating lease liability" in the Consolidated Balance Sheets:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Restructuring Charges** | **Accrued compensation and related costs** | **Operating lease liability** | **Other accrued liabilities** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at December 31, 2025 | $1291 | $3868 | $289 | $5448 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Additions** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjustments to accruals** | **(102)** | **43** | **—** | **(59)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash payments** | **(641)** | **(428)** | **(2)** | **(1071)** |
| **Balance at March 31, 2026** | $**548** | $**3483** | $**287** | $**4318** |

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**15. Client Funds**

The Company maintains funds in custodial accounts at financial institutions to administer claims for certain clients. These funds are not available for the Company's general operating activities and, as such, have not been recorded in the accompanying unaudited Condensed Consolidated Balance Sheets. The amount of these funds totaled $641,025,000 and $456,043,000 at March 31, 2026 and December 31, 2025, respectively. The increase is driven by new client programs during the three months ended March 31, 2026.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

***Cautionary Statement Concerning Forward-Looking Statements***

*This report contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Statements contained in this report that are not statements of historical fact are forward-looking statements made pursuant to the "safe harbor" provisions thereof. These statements may relate to, among other things, our expected future operating results and financial condition, our ability to grow our revenues and reduce our operating expenses, expectations regarding our anticipated contributions to our underfunded defined benefit pension plans, collectability of our billed and unbilled accounts receivable, financial results from our recently completed acquisitions, our continued compliance with the financial and other covenants contained in our financing agreements, and our other long-term capital resource and liquidity requirements. These statements may also relate to our business strategies, goals and expectations concerning our market position, future operations, margins, case and project volumes, profitability, contingencies, liquidity position, and capital resources. The words "anticipate", "believe", "could", "would", "should", "estimate", "expect", "intend", "may", "plan", "goal", "strategy", "predict", "project", "will" and similar terms and phrases, or the negatives thereof, identify forward-looking statements contained in this report.*

*Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Our operations and the forward-looking statements related to our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially adversely affect our financial condition and results of operations, and whether the forward-looking statements ultimately prove to be correct. Included among the risks and uncertainties we face are risks related to the following:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*a decline in cases referred to us for any reason, including changes in the degree to which property and casualty insurance carriers outsource their claims handling functions,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*changes in global economic conditions, including the impact of tariffs,* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*the impact of changing climate conditions,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*changes in interest rates,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*changes in foreign currency exchange rates,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*changes in regulations and practices of various governmental authorities,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*changes in our competitive environment,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*changes in the financial condition of our clients,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*changes in the rate of inflation and our ability to recover increased operating costs,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*the loss of any material customer,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to successfully integrate the operations of acquired businesses,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to timely identify and effectively remediate material weaknesses in internal control over financial reporting,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*regulatory changes related to funding of defined benefit pension plans,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our U.S., U.K. and other international defined benefit pension plans and our future funding obligations thereunder,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to complete any transaction involving the acquisition or disposition of assets on terms and at times acceptable to us,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to identify new revenue sources not tied to the insurance underwriting cycle,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to develop or acquire information technology resources to support and grow our business,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to attract and retain qualified personnel,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to renew existing contracts with clients on satisfactory terms,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to collect amounts due from our clients and others,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*continued availability of funding under our financing agreements,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*general risks associated with doing business outside the U.S., including changes in tax rates,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to comply with the covenants in our financing or other agreements,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*changes in the frequency or severity of man-made or natural disasters,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*the ability of our third-party service providers, used for certain aspects of our internal business functions, to meet expected service levels,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to prevent or detect cybersecurity breaches and cyber incidents,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*our ability to achieve targeted integration goals with the consolidation and migration of multiple software platforms,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*proliferation and escalation of international hostilities and geopolitical events, such as the ongoing conflicts in the Middle East and Russia/Ukraine,*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*risks associated with our having a controlling shareholder, and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*impairments of goodwill or our other indefinite-lived intangible assets.*

------

*As a result, undue reliance should not be placed on any forward-looking statements. Actual results and trends in the future may differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements speak only as of the date they are made and we undertake no obligation to publicly update any of these forward-looking statements in light of new information or future events.*

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with (i) our unaudited condensed consolidated financial statements and accompanying notes thereto for the three months ended March 31, 2026 and 2025, and as of March 31, 2026, and December 31, 2025, contained in Item 1 of this Quarterly Report on Form 10-Q, and (ii) our Annual Report on Form 10-K for the year ended December 31, 2025. As described in Note 1, "Basis of Presentation," the financial results of our operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines are included in our consolidated financial statements on a two-month delayed basis (fiscal year-end of October 31) as permitted by U.S. generally accepted accounting principles ("GAAP") in order to provide sufficient time for accumulation of their results.

**Results of Operations**

Consolidated revenues before reimbursements decreased $2.5 million, or (0.8)%, for the three months ended March 31, 2026, compared with the same period of 2025. This decrease was primarily driven by lower volumes in our U.S. Property & Casualty reportable segment. Changes in foreign exchange rates increased our consolidated revenues before reimbursements by $7.8 million, or 2.5%, for the three months ended March 31, 2026, as compared with the prior year period. To illustrate this impact, segment revenues are presented below, using a constant exchange rate, for the three months ended March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  |  |  |  | **Based on exchange rates for the three months ended March 31, 2025** | **Based on exchange rates for the three months ended March 31, 2025** |
| *(in thousands, except percentages)* | **March 31,<br>2026** | March 31,<br>2025 | Variance | **March 31,<br>2026** | % Variance |
| **Revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Property & Casualty | $**72885** | $82190 | (11.3)% | $**72885** | (11.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **104758** | 103672 | 1.0% | **104758** | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **131882** | 126170 | 4.5% | **124045** | (1.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues before reimbursements** | **309525** | 312032 | (0.8)% | **301688** | (3.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **10601** | 11307 | (6.2)% | **10001** | (11.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | $**320126** | $323339 | (1.0)% | $**311689** | (3.6)% |

---

Excluding foreign currency impacts, consolidated revenues before reimbursements decreased $10.3 million, or (3.3)%, for the three months ended March 31, 2026 compared with the same period of 2025. Revenues from the U.S. Property & Casualty segment decreased in the 2026 first quarter primarily due to revenue reductions in Catastrophe Services, Claims Solutions and Contractor Connection. Revenues from the Broadspire segment increased for the quarter due to an increase in Claims and Medical Management revenues, partially offset by a reduction in Subrogation revenues. Excluding foreign currency impacts, revenues from the International Operations segment decreased in the 2026 first quarter compared with the same period in 2025 due to reductions in the U.K., Europe and Latin America, partially offset by revenue increases in Australia, Canada, and Asia.

Overall, there was an increase in cases received of 0.8% for the three months ended March 31, 2026. Within our U.S. Property & Casualty segment, cases decreased for the 2026 first quarter as a result of a weather-related reduction in all service lines other than Contractor Connection. There was an increase in cases within our Broadspire segment for the first quarter primarily due to an increase in new disability clients within Claims Management. Cases within our International Operations segment increased for the first quarter, primarily due to an increase in high-frequency, low-severity cases in Spain and weather-related activity in Australia, partially offset by reductions in low-severity cases in Brazil.

Cases received are presented below by segment for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(whole numbers, except percentages)* | **March 31,<br>2026** | March 31,<br>2025 | Variance |
| **U.S. Property & Casualty** | **81101** | 97624 | (16.9)% |
| **Broadspire** | **159645** | 146931 | 8.7% |
| **International Operations** | **147855** | 140964 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Crawford Cases Received** | **388601** | 385519 | 0.8% |

---

------

To illustrate exposure to the impact of changes in foreign currencies, revenues before reimbursements are presented below by denominated currency for the three months ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  |  | **March 31, 2026** | **March 31, 2026** | March 31, 2025 | March 31, 2025 |
| *(in thousands)* |  | **USD equivalent** | **% of total** | USD equivalent | % of total |
| **U.S.** | **USD** | $**177643** | **57.4%** | $185862 | 59.6% |
| **U.K.** | **GBP** | **43163** | **13.9%** | 44342 | 14.2% |
| **Canada** | **CAD** | **23732** | **7.7%** | 21776 | 7.0% |
| **Australia** | **AUD** | **20745** | **6.7%** | 19048 | 6.1% |
| **Europe** | **EUR** | **17479** | **5.6%** | 15924 | 5.1% |
| **Rest of World** |  | **26763** | **8.7%** | 25080 | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues, before reimbursements** |  | $**309525** |  | $312032 |  |

---

Costs of services provided, before reimbursements, decreased $0.5 million, or (0.2)%, for the three months ended March 31, 2026, as compared to the 2025 period. As a percentage of revenues before reimbursements, costs of services decreased consistent with the decrease in revenues.

Selling, general, and administrative ("SG&A") expenses increased $1.6 million, or 2.1%, in the three months ended March 31, 2026 as compared with the 2025 period. The increase was primarily due to an increase in self-insurance expense, partially offset by a reduction in contingent earnout expenses.

**Operating Earnings of our Operating Segments**

We believe that a discussion and analysis of the segment operating earnings of our operating segments is helpful in understanding the results of our operations. Operating earnings is our segment measure of profitability presented in conformity with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") Topic 280 "Segment Reporting." Operating earnings is the primary financial performance measure used by our senior management and CODM to evaluate the financial performance of our operating segments and make resource allocation and certain compensation decisions.

We believe operating earnings is a measure that is useful for others to evaluate segment operating performance using the same criteria used by our senior management and CODM. Segment operating earnings represents segment earnings, including the direct and indirect costs of certain administrative functions required to operate our business, but excludes unallocated corporate and shared costs and credits, 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) loss attributable to noncontrolling interests.

Administrative functions such as finance, human resources, information technology, quality and compliance, exist both in a centralized shared-service arrangement and within certain operations. Each of these functions is managed by centralized management and the costs of those services are allocated to the segments as indirect costs based on usage.

In addition, we believe that a non-GAAP discussion and analysis of segment gross profit is helpful in understanding the results of our segment operations, excluding indirect centralized administrative support costs. Our discussion and analysis of segment gross profit includes the revenues and direct expenses of each segment. Segment gross profit is defined as revenues, less direct costs, which exclude indirect centralized administrative support costs allocated to the business.

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. Contingent earnout adjustments represent fair value adjustments of earnout liabilities arising from recent acquisitions. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. 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 is frozen and the U.K. plans are closed to new participants. The service cost component of the U.K. plans remains in compensation expense. The exclusion of this measurement is intended to exclude market volatility related to an expense that is non-operating in nature and not related to business performance. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings in order to better assess the results of each segment's operating activities on a consistent basis.

------

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, certain payroll tax and benefits, and certain self-insurance costs and recoveries that are not allocated to our individual operating segments.

Additional discussion and analysis of our income taxes, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, and unallocated corporate and shared costs, net follows the discussion and analysis of the results of operations of our three operating segments.

**Segment Revenues**

In the normal course of business, our segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under 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 as we are considered the principal in these transactions. In the discussion and analysis of results of operations which follows, we do not include a gross up of 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 statements of operations. Unless noted in the following discussion and analysis, revenue amounts exclude reimbursements for out-of-pocket expenses.

Our segment results are impacted by changes in foreign exchange rates. We believe that a non-GAAP discussion and analysis of segment revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate, is helpful in understanding the results of our segment operations.

**Segment Expenses**

Our discussion and analysis of segment operating expenses is comprised of two components: "Direct Compensation, Fringe Benefits & Non-Employee Labor" and "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor."

"Direct Compensation, Fringe Benefits & Non-Employee Labor" includes direct compensation, payroll taxes, and benefits provided to the employees of each segment, as well as payments to outsourced service providers that augment our staff in each segment. As a service company, these costs represent our most significant and variable operating expenses.

Costs of administrative functions, including direct compensation, payroll taxes, and benefits, are managed centrally and considered indirect costs. The allocated indirect costs of our shared-services infrastructure are allocated to each segment based on usage and reflected within "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor" of each segment.

In addition to allocated corporate and shared costs, "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor" includes travel and entertainment, office rent and occupancy costs, automobile expenses, office operating expenses, data processing costs, cost of risk, professional fees, and amortization and depreciation expense other than amortization of acquisition-related intangible assets.

Unless noted in the following discussion and analysis, revenue amounts exclude reimbursements for out-of-pocket expenses and expense amounts exclude reimbursed out-of-pocket expenses.

**Segment Performance Indicators**

We typically earn our revenues on an individual fee-per-claim basis for claims management services we provide to carriers, brokers and corporates. Accordingly, the volume of claim referrals to us is a key driver of our revenues. We believe that a discussion and analysis of the segment unit volumes, as measured by cases received, is helpful in understanding the results of our operations.

------

Operating results for our U.S. Property & Casualty, Broadspire, and International Operations segments reconciled to net income before income taxes and net income attributable to shareholders of Crawford & Company were follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands, except percentages)* | **March 31,<br>2026** | March 31,<br>2025 |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Property & Casualty | $**72885** | $82190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **104758** | 103672 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **131882** | 126170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues before reimbursements** | **309525** | 312032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **10601** | 11307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | $**320126** | $323339 |
| **Direct Compensation, Fringe Benefits & Non-Employee Labor:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Property & Casualty | $**45633** | $50788 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | ***62.6***<br>*%*** | *61.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **60381** | 58343 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | ***57.6***<br>*%*** | *56.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **90357** | 86467 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | ***68.5***<br>*%*** | *68.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**196371** | $195598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% of Revenues before reimbursements* | ***63.4***<br>*%*** | *62.7%* |
| **Expenses Other than Direct Compensation, Fringe Benefits & Non-Employee Labor:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Property & Casualty | $**19636** | $21622 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | ***26.9***<br>*%*** | *26.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **33521** | 33352 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | ***32.0***<br>*%*** | 32.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **37528** | 37483 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | ***28.5***<br>*%*** | 29.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total before reimbursements** | **90685** | 92457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% of Revenues before reimbursements* | ***29.3***<br>*%*** | *29.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **10601** | 11307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**101286** | $103764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% of Revenues* | ***31.6***<br>*%*** | *32.1%* |
| **Segment Operating Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Property & Casualty | $**7616** | $9780 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | ***10.4***<br>*%*** | *11.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **10856** | 11977 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | ***10.4***<br>*%*** | *11.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **3997** | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | ***3.0***<br>*%*** | *1.8%* |
| **(Deduct) Add:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Unallocated corporate and shared costs, net** | **(8771)** | (6133) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net corporate interest expense** | **(2645)** | (3944) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Stock option expense** | **(186)** | (184) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Amortization of acquisition-related intangible assets** | **(1784)** | (1800) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Contingent earnout adjustments** | **180** | (363) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Non-service pension costs** | **(1976)** | (2333) |
| **Income before income taxes** | **7287** | 9220 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Provision for income taxes** | **(2375)** | (2480) |
| **Net income** | **4912** | 6740 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income attributable to noncontrolling interests** | **(7)** | (56) |
| **Net income attributable to shareholders of Crawford & Company** | $**4905** | $6684 |

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------

**U.S. PROPERTY & CASUALTY SEGMENT**

Operating earnings in our U.S. Property & Casualty segment totaled $7.6 million, or 10.4% of revenues before reimbursements, for the three months ended March 31, 2026, compared with 2025 operating earnings of $9.8 million, or 11.9% of revenues before reimbursements. The decrease in operating earnings in the 2026 first quarter was driven by a decline in revenues within the Catastrophe Services, Claims Solutions, and Contractor Connection service lines, offsetting benefits from improved operating efficiency within Global Technical Services.

Excluding centralized indirect support costs, gross profit decreased from $23.1 million, or 28.1% of revenues before reimbursements in 2025, to $20.6 million, or 28.3% of revenues before reimbursements, in the three months ended March 31, 2026, primarily due to revenue declines within the Claims Solutions and Contractor Connection service line, partially offset by improvements in operational efficiencies within Global Technical Services.

Operating results for our U.S. Property & Casualty segment, including gross profit, for the three months ended March 31, 2026 and 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Three Months Ended March 31,** | **2026** | 2025 | Variance |
| Revenues | $**72885** | $82190 | (11.3)% |
| Direct expenses | **52278** | 59095 | (11.5)% |
| Gross profit | **20607** | 23095 | (10.8)% |
| Indirect expenses | **12991** | 13315 | (2.4)% |
| **Total U.S. Property & Casualty Operating Earnings** | $**7616** | $9780 | (22.1)% |
| Gross profit margin | **28.3%** | 28.1% | 0.2% |
| Operating margin | **10.4%** | 11.9% | (1.5)% |

---

**Revenues before Reimbursements**

U.S. Property & Casualty segment revenues are primarily derived from the property and casualty insurance company markets within the U.S. Revenues before reimbursements by service line for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(in thousands, except percentages)* | **March 31,<br>2026** | March 31,<br>2025 | Variance |
| Global Technical Services | $**26569** | $26776 | (0.8)% |
| Claims Solutions | **28628** | 31188 | (8.2)% |
| Contractor Connection | **14941** | 16901 | (11.6)% |
| Catastrophe Services | **2747** | 7325 | (62.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Property & Casualty Revenues before Reimbursements** | $**72885** | $82190 | (11.3)% |

---

Revenues before reimbursements from our U.S. Property & Casualty segment totaled $72.9 million in the three months ended March 31, 2026, compared with $82.2 million in the 2025 period. This decrease was primarily driven by a continued decrease in weather-driven services within our Claims Solutions and Catastrophe Services businesses. There was a decrease in segment unit volume, measured principally by cases received, of (16.9)% for the three months ended March 31, 2026, compared with the 2025 period. This includes a decrease in low value inspection services cases, of 10,800 or (11.1)%. The decrease in revenues from weather-driven activity in our Catastrophe Services business resulted in a decrease in revenues of $4.0 million, or (4.9)%, for which there are minimal cases related. Changes in product mix and in the rates charged for those services accounted for a (0.6)% revenue decrease for the three months ended March 31, 2026 compared with the same period in 2025.

Revenue variance components for our U.S. Property & Casualty segment, for the three months ended March 31, 2026 are summarized as follows:

---

| | |
|:---|:---|
| **2026 Period compared to 2025 Period Ending:** | **For the Three Months<br>Ended March 31,** |
| Decrease in cases received | **(16.9)%** |
| Decrease in low value inspection services cases | **11.1%** |
| Decrease in revenues from catastrophe related activity with no related cases | **(4.9)%** |
| Change in product mix and rates | **(0.6)%** |
| **Decrease in Revenues before Reimbursements** | **(11.3)%** |

---

------

**Reimbursed Expenses included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our U.S. Property & Casualty segment, which are included in total Company revenues, were $1.8 million for each of the three months ended March 31, 2026 and 2025.

**Case Volume Analysis**

U.S. Property & Casualty segment unit volumes by service line, measured by cases received, for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(whole numbers, except percentages)* | **March 31,<br>2026** | March 31,<br>2025 | Variance |
| Global Technical Services | **7529** | 8680 | (13.3)% |
| Claims Solutions | **45089** | 56926 | (20.8)% |
| Contractor Connection | **27583** | 27465 | 0.4% |
| Catastrophe Services | **900** | 4553 | (80.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Property & Casualty Cases Received** | **81101** | 97624 | (16.9)% |

---

Overall, there was a decrease in cases of (16.9)% in the three months ended March 31, 2026, compared to the same period in 2025. The decrease in Claims Solutions volumes in the 2026 first quarter was primarily due to the decrease in low value inspection services of 10,800 cases. There was a decrease in Catastrophe Services in the 2026 first quarter primarily due to less weather-driven activity, as compared with the 2025 period.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our U.S. Property & Casualty segment is the compensation of employees, including related payroll taxes and fringe benefits, and the payments to outsourced service providers that augment the functions performed by our employees. As a percentage of revenues before reimbursements, these expenses were 62.6% for the three months ended March 31, 2026 compared with 61.8% for the 2025 period. The total dollar amount of these expenses decreased to $45.6 million for the three months ended March 31, 2026 from $50.8 million for the comparable 2025 period. The first quarter decrease was primarily in line with the reduction of revenues, driven by the reduction of costs affiliated with Catastrophe Services, as well as a reduction of claims within Claims Solution and Global Technical Services. There was an average of 1,637 full-time equivalent employees in this segment in the three months ended March 31, 2026 compared with an average of 1,811 in the 2025 period.

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

U.S. Property & Casualty expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor were $19.6 million for the three months ended March 31, 2026 compared with $21.6 million for the 2025 period. As a percentage of revenues before reimbursements, these expenses were 26.9% for the three months ended March 31, 2026 compared with 26.3% for the 2025 period. The decrease in the 2026 first quarter expenses was due to reduction in the allowance for credit losses and a reduction in centralized indirect support costs as compared to the 2025 period. The increase in costs as a percentage of revenues was due to the reduction in revenues.

**BROADSPIRE SEGMENT**

Our Broadspire segment reported operating earnings of $10.9 million, or 10.4% of revenues before reimbursements, for the three months ended March 31, 2026 as compared with $12.0 million, or 11.6% of revenues before reimbursements, for the first quarter of 2025. The decrease in the 2026 first quarter was due to a shift in product mix and an increase in employees and average wages.

Excluding centralized indirect support costs, first quarter gross profit decreased from $32.6 million, or 31.5% of revenues before reimbursements, in 2025 to $31.4 million, or 29.9% of revenues before reimbursements in 2026. This decrease was due to an increase in employees and average wages related to the increase in revenues, as well as product mix changes

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Operating results for our Broadspire segment, including gross profit, for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Three Months Ended March 31,** | **2026** | 2025 | Variance |
| Revenues | $**104758** | $103672 | 1.0% |
| Direct expenses | **73406** | 71027 | 3.3% |
| Gross profit | **31352** | 32645 | (4.0)% |
| Indirect expenses | **20496** | 20668 | (0.8)% |
| **Total Broadspire Operating Earnings** | $**10856** | $11977 | (9.4)% |
| Gross profit margin | **29.9%** | 31.5% | (1.6)% |
| Operating margin | **10.4%** | 11.6% | (1.2)% |

---

**Revenues before Reimbursements**

Broadspire revenues are derived from the property, casualty and disability insurance and self-insured markets in the U.S. Revenues before reimbursements by service line for the three months ended March 31, 2026 and 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(in thousands, except percentages)* | **March 31,<br>2026** | March 31,<br>2025 | Variance |
| Claims Management | $**50404** | $49654 | 1.5% |
| Medical Management | **47379** | 46730 | 1.4% |
| Subrogation | **6975** | 7288 | (4.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Broadspire Revenues before Reimbursements** | $**104758** | $**103672** | 1.0% |

---

Revenues before reimbursements from our Broadspire segment totaled $104.8 million in the three months ended March 31, 2026 compared with $103.7 million in the 2025 period. This increase was primarily due to an increase in cases in the Claims Management and Medical Management service lines. There was an increase in segment unit volume, measured principally by cases received, of 8.7% for the three months ended March 31, 2026 compared with the same period of 2025. This was primarily due to an increase high-frequency, low-severity claims within our Claims Management service line of 14,900, or 10.2%, primarily related to new disability clients. Revenues were negatively impacted by a $(1.0) million decrease in revenues within our Claims Management service line related to income earned which offsets the costs of managing the funds maintained to administer claims for our customers, for which no cases are received, or (0.9)% decrease in revenues. There was also a $0.3 million increase in revenues within our Medical Management service line for which no cases are received, or a 0.2% increase in revenues. Changes in product mix and in the rates charged for those services accounted for a 3.2% revenue increase for the 2026 first quarter compared with the 2025 period.

Revenue variance components for our Broadspire segment, for the three months ended March 31, 2026 are summarized as follows:

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| | |
|:---|:---|
| **2026 Period compared to 2025 Period Ending:** | **For the Three Months<br>Ended March 31,** |
| Increase in cases received | **8.7%** |
| Decrease in claims management revenues with no cases received | **(0.9)%** |
| Increase in medical management revenues with no cases received | **0.2%** |
| Increase in high-frequency, low-severity disability cases received | **(10.2)%** |
| Change in product mix and rates | **3.2%** |
| **Increase in Revenues before Reimbursements** | **1.0%** |

---

**Reimbursed Expenses included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our Broadspire segment were $0.7 million and $0.8 million for the three months ended March 31, 2026 and 2025, respectively.

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**Case Volume Analysis**

Broadspire unit volumes by service line, as measured by cases received, for the three months ended March 31, 2026 and 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(whole numbers, except percentages)* | **March 31,<br>2026** | March 31,<br>2025 | Variance |
| Claims Management | **108332** | 99251 | 9.1% |
| Medical Management | **43323** | 38212 | 13.4% |
| Subrogation | **7990** | 9468 | (15.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Broadspire Cases Received** | **159645** | 146931 | 8.7% |

---

Overall case volumes increased 8.7% for the three months ended March 31, 2026 due primarily to an increase in new disability clients within our Claims Management service line, increases in physician review services and utilization management claims within Medical Management, partially offset by a decrease in Subrogation cases due to the loss of a customer.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our Broadspire segment is the compensation of employees, including related payroll taxes and fringe benefits, and the payments to outsourced service providers that augment the functions performed by our employees. These expenses totaled $60.4 million for the three months ended March 31, 2026, compared to $58.3 million for the 2025 period. As a percent of the related revenues before reimbursements, these expenses increased from 56.3% in the 2025 first quarter to 57.6% in 2026 first quarter. The increase in cost and as a percentage of revenues before reimbursements for the 2026 first quarter was primarily due to increased employees and average wages related to the increase in revenues, as well as product mix changes. Average full-time equivalent employees in this segment totaled 2,935 in the three months ended March 31, 2026, compared with 2,841 in the 2025 period.

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

Broadspire segment expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor as a percent of revenues before reimbursements decreased slightly to 32.0% for the three months ended March 31, 2026, from 32.2% in the 2025 period. The amount of these expenses increased slightly from $33.4 million for the three months ended March 31, 2025 to $33.5 million in 2026. The slight decrease in the 2026 first quarter expenses as a percentage of revenues before reimbursements was due to improved operating leverage.

**INTERNATIONAL OPERATIONS SEGMENT**

Operating earnings in our International Operations segment were $4.0 million, or 3.0% of revenues before reimbursements, for the three months ended March 31, 2026, compared with $2.2 million, or 1.8% of revenues before reimbursements, in the 2025 period. The increase in operating earnings in the 2026 period was primarily due to improved operating results in Canada, Australia, and Asia, partially offset by a reduction in operating earnings within the U.K. and Latin America.

Excluding centralized indirect support costs, gross profit increased slightly from $22.3 million, or 17.7% of revenues before reimbursements in 2025, to $22.5 million, or 17.1% of revenues before reimbursements, in the three months ended March 31, 2026. The slight increase in gross profit in the 2026 period was primarily due to improved operating results in Canada, Australia, and Asia, partially offset by an reduction in earnings within the U.K. and Latin America.

Operating results for our International Operations segment, including gross profit, for the three months ended March 31, 2026 and 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for March 31. 2025** | **Based on exchange rates<br>for March 31. 2025** |
| **Three Months Ended March 31,** | **2026** | 2025 | Variance | **2026** | **Variance** |
| Revenues | $**131882** | $126170 | 4.5% | $**124045** | (1.7)% |
| Direct expenses | **109372** | 103852 | 5.3% | **102818** | (1.0)% |
| Gross profit | **22510** | 22318 | 0.9% | **21227** | (4.9)% |
| Indirect expenses | **18513** | 20098 | (7.9)% | **17347** | (13.7)% |
| **Total International Operations Operating Earnings** | $**3997** | $2220 | 80.0% | $**3880** | 74.8% |
| Gross profit margin | **17.1%** | 17.7% | (0.6)% | **17.1%** | (0.6)% |
| Operating margin | **3.0%** | 1.8% | 1.2% | **3.1%** | 1.3% |

---

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**Revenues before Reimbursements**

International Operations segment revenues are primarily derived from the global property and casualty insurance company markets in the U.K, Europe, Australia, Canada, Asia and Latin America. Revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate, for the three months ended March 31, 2026 and 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for March 31. 2025** | **Based on exchange rates<br>for March 31. 2025** |
| *(in thousands, except percentages)* | **March 31,<br>2026** | March 31,<br>2025 | Variance | **March 31,<br>2026** | Variance |
| U.K. | $**43163** | $44342 | (2.7)% | $**40639** | (8.4)% |
| Europe | **27279** | 26184 | 4.2% | **24733** | (5.5)% |
| Australia | **20745** | 19048 | 8.9% | **19864** | 4.3% |
| Canada | **23732** | 21776 | 9.0% | **22677** | 4.1% |
| Asia | **9121** | 6167 | 47.9% | **8744** | 41.8% |
| Latin America | **7842** | 8653 | (9.4)% | **7388** | (14.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total International Operations Revenues before Reimbursements** | $**131882** | $**126170** | 4.5% | $**124045** | (1.7)% |

---

Revenues before reimbursements from our International Operations segment totaled $131.9 million in the three months ended March 31, 2026, compared with $126.2 million in the 2025 period. The change in exchange rates increased our International Operations segment revenues by approximately 6.2%, or $7.8 million, for the three months ended March 31, 2026 as compared with the 2025 period. Absent foreign exchange rate fluctuations, International Operations segment revenues would have been $124.0 million for the three months ended March 31, 2026. There was an increase in segment unit volume, measured principally by cases received, of 4.9% for the three months ended March 31, 2026, compared with the 2025 period. There was a net increase in high-frequency, low-severity cases of 3,500, or 2.5%, primarily in Spain and Finland, offset by a decrease in Brazil. In addition, revenues decreased by $3.2 million or 2.5% in the current year within Australia and the U.K. within our legal services business. In the Middle East, revenue was $1.5 million or 1.2% lower due to revenues related to weather activity recorded in 2025 for cases received at the end of 2024. Changes in product mix and in the rates charged for those services accounted for a 3.3% revenue increase for the three months ended March 31, 2026 compared with the same period in 2025.

Based on constant foreign exchange rates, revenues decreased by $2.1 million. Excluding foreign currencies, revenues decreased in the U.K. for the 2026 first quarter due a reduction in higher-value third-party administration claims as well as a reduction in legal services as compared to the prior year first quarter. There was a decrease in revenues in Europe in the 2026 period, compared with 2025, due to a reduction in flood related revenues in the Middle East. There was an increase in Australia in the 2026 first quarter, compared with 2025, due to increased weather-related activity, partially offset by the sale of the legal services division. Canada increased in the 2026 first quarter, compared with 2025, related to a new client in third-party administration. There was an increase in revenues in Asia in the 2026 first quarter, compared with 2025, due to earthquakes in Thailand in 2025 that continue to generate revenues in the current year, as well as increases in Hong Kong and Taiwan. The decrease in revenues in Latin America in the 2026 period was primarily driven by a reduction in weather-related cases in Chile.

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Revenue variance components for our International Operations segment, for the three months ended March 31, 2026 are summarized as follows:

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| | |
|:---|:---|
| **2026 Period compared to 2025 Period Ending:** | **For the Three Months<br>Ended March 31,** |
| Increase in cases received | **4.9%** |
| Increase due to foreign currency exchange rates | **6.2%** |
| Decrease in U.K. revenues related to higher-value third-party administration claims | **(1.3)%** |
| Change in high-frequency, low-severity cases received, primarily within Spain, Brazil, and Finland | **(2.5)%** |
| Storm related cases received in Australia in 2026 with additional revenues to be recorded in future quarters | **(2.4)%** |
| Revenues recorded in the Middle East in the prior year first quarter related to storms with claims occurring in the preceding year | **(1.2)%** |
| Reduction in legal services revenues within Australia and U.K | **(2.5)%** |
| Change in product mix and rates | **3.3%** |
| **Increase in Revenues before Reimbursements** | **4.5%** |

---

**Reimbursed Expenses included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our International Operations segment, which are included in total Company revenues, were $8.4 million and $8.6 million for the three months ended March 31, 2026 and 2025, respectively.

**Case Volume Analysis**

International Operations segment unit volumes by geographic region, measured by cases received, for the three months ended March 31, 2026 and 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(whole numbers, except percentages)* | **March 31,<br>2026** | March 31,<br>2025 | Variance |
| U.K. | **29315** | 31081 | (5.7)% |
| Europe | **59258** | 47163 | 25.6% |
| Australia | **11604** | 8496 | 36.6% |
| Canada | **25989** | 23659 | 9.8% |
| Asia | **8549** | 7097 | 20.5% |
| Latin America | **13140** | 23468 | (44.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total International Operations Cases Received** | **147855** | 140964 | 4.9% |

---

Overall, there was an increase in cases received of 4.9% for the three months ended March 31, 2026, compared with the 2025 period. The increases were primarily related to high-frequency, low-severity cases within Europe, where Spain had an increase of 10,000 cases and Finland increased by 1,600 cases. In addition, Australia volume improved by 3,100 cases. These increases were offset by Latin America where high-frequency, low-value cases received in Brazil decreased by 8,100 cases from the 2025 period.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our International Operations segment is the compensation of employees, including related payroll taxes and fringe benefits, and the payments to outsourced service providers that augment the functions performed by our employees. As a percentage of revenues before reimbursements, these expenses were 68.5% for each of the three months ended March 31, 2026 and 2025. The total dollar amount of these expenses was $90.4 million for the three months ended March 31, 2026, compared to $86.5 million for the 2025 period. The increase in cost was due to an increase in compensation expense, related to the increase in revenues, including incentive compensation, partially offset by a decrease in non-employee labor. There was an average of 4,219 full-time equivalent employees in this segment in the three months ended March 31, 2026, compared with an average of 4,430 in the comparable 2025 period.

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**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

International Operations expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor were $37.5 million for each of the three months ended March 31, 2026 and 2025. As a percentage of revenues before reimbursements, these expenses were 28.5% for the three months ended March 31, 2026 compared with 29.7% for the 2025 period. The decrease in the expense as a percentage of revenues before reimbursements for the 2026 first quarter was due to the increase in revenues while costs remained consistent with the 2025 period.

**EXPENSES AND CREDITS EXCLUDED FROM SEGMENT OPERATING EARNINGS**

**Income Taxes**

The Company's consolidated effective income tax rate may change periodically due to changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, changes in permanent reinvestment assertions, and changes in unrecognized tax benefits. We estimate that our effective income tax rate for 2026 will be approximately 33% to 35% after considering known discrete items as of March 31, 2026.

The provision for income taxes on consolidated income before income tax totaled $2.4 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively. The overall effective tax rate increased to 32.6% for the three months ended March 31, 2026 compared with 26.9% for the 2025 period primarily due to changes in the mix of income and U.S. taxation of foreign subsidiary profits in the 2026 results.

**Net Corporate Interest Expense**

Net corporate interest expense consists of interest expense that we incur on our short- and long-term borrowings, partially offset by any interest income we earn on available cash balances and short-term investments. These amounts vary based on interest rates, borrowings outstanding and the amounts of invested cash. Corporate interest expense totaled $3.4 million and $4.8 million for the three months ended March 31, 2026 and 2025, respectively. Interest income was $0.8 million for each of the three months ended March 31, 2026 and 2025.

**Stock Option Expense**

Stock option expense, a component of stock-based compensation, is comprised of non-cash expenses related to stock options granted under our various stock option and employee stock purchase plans. Stock option expense is not allocated to our operating segments. Stock option expense totaled $0.2 million for each of the three months ended March 31, 2026 and 2025.

**Amortization of Acquisition-Related Intangible Assets**

Amortization of acquisition-related intangible assets represents the non-cash amortization expense for finite-lived customer-relationship and trade name intangible assets. Amortization expense associated with these intangible assets totaled $1.8 million for each of the three months ended March 31, 2026 and 2025. This amortization expense is included in "Selling, general, and administrative expenses" in our unaudited Condensed Consolidated Statements of Operations.

**Unallocated Corporate and Shared Costs, Net**

Certain unallocated corporate and shared costs are excluded from the determination of segment operating earnings. For the three months ended March 31, 2026 and 2025, unallocated corporate and shared costs and credits represented expenses for our chief executive officer and our Board of Directors, certain adjustments to our self-insured liabilities, certain unallocated legal costs and professional fees, and certain adjustments and recoveries to our allowances for estimated credit losses.

Unallocated corporate and shared costs were $8.8 million and $6.1 million for the three months ended March 31, 2026 and 2025, respectively. The increase in the 2026 first quarter was primarily due to an increase in administrative compensation expense and self-insurance reserves.

**Contingent Earnout Adjustments**

Contingent earnout expense represents the fair value adjustment of earnout liabilities arising from recent acquisitions. This resulted in a benefit of $0.2 million for the three months ended March 31, 2026, compared to expenses of $0.4 million for the three months ended March 31, 2025. The fair value adjustment is based on changes to projections of acquired entities over the respective earnout periods, which span multiple years.

**Non-Service Pension Costs** 

Non-service pension costs totaled $2.0 million for the three months ended March 31, 2026, compared to $2.3 million for the three months ended March 31, 2025. 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 is frozen and the U.K. plans are closed to new participants. The service cost component of the U.K. plans remains in compensation expense.

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**LIQUIDITY, CAPITAL RESOURCES, AND FINANCIAL CONDITION**

At March 31, 2026, our working capital balance (current assets less current liabilities) was approximately $45.1 million, an increase of $2.3 million from the working capital balance at December 31, 2025. Our cash and cash equivalents were $54.5 million at March 31, 2026, compared with $64.1 million at December 31, 2025.

Cash and cash equivalents as of March 31, 2026 consisted of $17.0 million held in the U.S. and $37.5 million held in our foreign subsidiaries. The Company generally does not provide for additional U.S. and foreign income taxes on undistributed earnings of foreign subsidiaries because they are considered to be indefinitely reinvested. The Company maintained its permanent reinvestment assertion on a portion of prior year undistributed earnings for certain foreign operations and accrued deferred taxes attributable to earnings that were not permanently reinvested. The majority of the remaining historical earnings and future foreign earnings are expected to remain permanently reinvested and will be used to provide working capital for these operations, fund defined benefit pension plan obligations, repay non-U.S. debt, fund capital improvements, and fund future acquisitions.

However, if at a future date or time funds that remain permanently reinvested are necessary for our operations in the U.S. or we otherwise believe it is in our best interests to repatriate all or a portion of such funds, we may be required to accrue and pay taxes to repatriate these funds. No assurances can be provided as to the amount or timing thereof, the tax consequences related thereto, or the ultimate impact any such action may have on our results of operations or financial condition.

**Cash Provided by (Used in) Operating Activities**

Cash provided by operating activities was $3.3 million for the three months ended March 31, 2026, compared with $13.9 million used in operating activities in the 2025 period. The increase in cash provided was primarily driven by timing of payments to vendors and increases in working capital accounts, partially offset by lower earnings compared to prior year.

**Cash Used in Investing Activities**

Cash used in investing activities was $7.9 million for the three months ended March 31, 2026, compared with $9.1 million used in the first three months of 2025. The decrease in cash used in 2025 was primarily due to decreases in capital expenditures in 2026 compared to 2025.

**Cash Provided by Financing Activities**

Cash provided by financing activities was $3.4 million for the three months ended March 31, 2026, compared with $25.0 million of cash provided in the 2025 period. During the first three months of 2026, there was an increase of $5.0 million in net borrowing from our revolving credit facility, compared with a net increase during the 2025 period of $28.5 million. The decrease in borrowing in the 2026 period was primarily related to the decrease in payments of our accounts payable and accrued liabilities. In addition, we added $9.3 million of fiduciary liabilities, due to the timing of fund transfers. We repurchased shares for $5.5 million in the 2026 period, compared with no share repurchases made in the 2025 period. We paid $3.7 million in dividends in the three months ended March 31, 2026 compared with $3.5 million in the 2025 period.

**Other Matters Concerning Liquidity and Capital Resources**

As a component of our Credit Facility with Bank of America (the "Credit Facility"), we maintain a letter of credit facility to satisfy certain contractual obligations. Including $8.5 million of undrawn letters of credit issued under the letter of credit facility, the available balance under our credit facility totaled $266.8 million at March 31, 2026. Our short-term debt obligations typically peak during the first half of each year due to the annual payment of incentive compensation, contributions to retirement plans, working capital fluctuations, and certain other recurring payments, and generally decline during the balance of the year. The balance of short-term borrowings represents amounts under our credit facility that we expect, but are not required, to repay in the next twelve months. Long- and short-term borrowings outstanding, including current installments and finance leases, totaled $194.1 million as of March 31, 2026 compared with $189.1 million at December 31, 2025.

Our liquidity is defined as cash on hand and borrowing capacity under our Credit Facility based on our trailing twelve month EBITDA, as defined in our Credit Facility. At March 31, 2026, this resulted in total liquidity of $329.9 million.

Additionally, the Company expects to make payments totaling $1.5 million in 2026 for contingent earnouts related to previous business acquisitions.

**Defined Benefit Pension Funding and Cost**

We sponsor a qualified defined benefit pension plan in the U.S. (the "U.S. Qualified Plan"), three defined benefit pension plans in the U.K., and defined benefit pension plans in the Netherlands, Norway, Germany, and the Philippines. Effective December 31, 2002, we froze our U.S. Qualified Plan. Our frozen U.S. Qualified Plan and U.K. plans were underfunded by $15.4 million and overfunded by $12.0 million, respectively, at December 31, 2025, based on accumulated benefit obligations of $233.4 million and $156.9 million for the U.S. Qualified Plan and the U.K. plans, respectively.

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For the three months ended March 31, 2026 we made no contributions to our U.S. defined benefit pension plan and $0.7 million to our U.K defined benefit pension plans, compared with no contributions to the U.S. plan and $0.8 million to the U.K. plans for the three months ended March 31, 2025. We expect to make discretionary contributions of $3.0 million to the U.S. Qualified Plan in 2026 to minimize future funding requirements. Anticipated funding for the other international plans is not significant.

**Dividend Payments**

Our Board of Directors makes dividend decisions from time to time based in part on an assessment of current and projected earnings and cash flows. During the three months ended March 31, 2026, we paid $3.7 million in dividends. Our ability to pay future dividends could be impacted by many factors including the funding requirements of our defined benefit pension plans, repayments of outstanding borrowings, levels of cash expected to be generated by our operating activities, and covenants and other restrictions contained in any credit facilities or other financing agreements.

**Financial Condition**

Other significant changes on our unaudited Condensed Consolidated Balance Sheets as of March 31, 2026, compared with our Condensed Consolidated Balance Sheets as of December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unbilled revenues increased $13.0 million excluding foreign exchange impacts. The increase is primarily attributable to Global Technical Services in the U.S. Property & Casualty segment and Australia and the U.K. in the International Operations segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accounts payable and accrued liabilities increased $3.4 million excluding foreign currency exchange impacts. The increase is primarily due to timing of vendor payments, offset by payments for employee incentive compensation earned in 2025.

At March 31, 2026, we were not a party to any off-balance sheet arrangements which we believe could materially impact our operations, financial condition, or cash flows.

As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, we have certain material obligations under operating lease agreements to which we are a party. The Company records operating lease-related assets and liabilities on our unaudited Condensed Consolidated Balance Sheets.

We also maintain funds in various trust accounts to administer claims for certain clients. These funds are not available for our general operating activities and, as such, have not been recorded in the accompanying unaudited Condensed Consolidated Balance Sheets. We have concluded that we do not have a material off-balance sheet risk related to these funds.

**APPLICATION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

There have been no material changes to our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

**New Accounting Standards Adopted**

Additional information related to the adoption of recently issued accounting standards is provided in Note 2 to the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q.

**Pending Adoption of New Accounting Standards**

Additional information related to the pending adoption of new accounting standards is provided in Note 2 to the accompanying unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

For a discussion of quantitative and qualitative disclosures about the Company's market risk, see Item 7A, "Quantitative and Qualitative Disclosures About Market Risk," of our Annual Report on Form 10-K for the year ended December 31, 2025. Our exposures to market risk have not changed materially since December 31, 2025.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

The Registrant maintains a set of disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act"), designed to ensure that information required to be disclosed by the Registrant in reports that it files or submits under the Exchange Act is recorded, processed, summarized or reported within the time periods specified in SEC rules and regulations.

------

Management necessarily applies its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding management's control objectives. The Company's management, including the Chief Executive Officer and the Chief Financial Officer, does not expect that its disclosure controls and procedures can prevent all possible errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. Judgments in decision-making can be faulty and breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of one or more persons. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and while the Company's disclosure controls and procedures are designed to be effective under circumstances where they should reasonably be expected to operate effectively, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of the inherent limitations in any control system, misstatements due to possible errors or fraud may occur and not be detected.

The Registrant's management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Registrant's disclosure controls and procedures as of March 31, 2026. Based on that evaluation, the Registrant's Chief Executive Officer and Chief Financial Officer concluded that the Registrant's disclosure controls and procedures were effective as of March 31, 2026.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II — OTHER INFORMATION**

**Item 1. Legal Proceedings**

See Item 1 of Part I, "Financial Statements — Note 11 — Commitments and Contingencies — Legal Proceedings."

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, the factors discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 could materially affect our business, financial condition, or results of operations. The risks described in this report and in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or results of operations.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

The Company's share repurchase authorization, approved on November 4, 2021 by the Company's Board of Directors, provided the Company with the ability to repurchase up to 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) through December 31, 2023 (the "2021 Repurchase Authorization"). On February 10, 2022, the Company's Board of Directors added 5,000,000 shares to this authorization. On October 30, 2025, the Company's Board of Directors added 2,000,000 shares to this authorization and amended this authorization to allow for repurchases through December 31, 2027. Under the 2021 Repurchase Authorization, repurchases may be made for cash, in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable contractual and regulatory restrictions. As of March 31, 2026 the Company was authorized to repurchase 1,594,021 shares under the 2021 Repurchase Authorization.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total<br>Number of<br>Shares<br>Purchased** | **Average Price<br>Paid<br>Per Share** | **Total Number<br>of Shares<br>Purchased as<br>Part of Publicly<br>Announced Plans<br>or Programs** | **Maximum Number<br>of Shares That<br>May be Purchased<br>Under the Plans<br>or Programs** |
| Balance as January 31, 2026 |  |  |  | 2121890 |
| January 1, 2026 - January 31, 2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRD-A | 131238 | $10.80 | 131238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRD-B | 8917 | $10.59 | 8917 |  |
| Totals of January 31, 2026 |  |  |  | 1981735 |
| February 1, 2026 - February 28, 2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRD-A | 143611 | $10.88 | 143611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRD-B | 20193 | $10.42 | 20193 |  |
| Totals of February 28, 2026 |  |  |  | 1817931 |
| March 1, 2026 - March 31, 2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRD-A | 193465 | $9.96 | 193465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRD-B | 30445 | $10.12 | 30445 |  |
| Totals as of March 31, 2026 | 527869 |  | 527869 | 1594021 |

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**Item 5. Other Information** 

*Rule 10b5-1 Trading Plans*

During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K.

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**Item 6. Exhibits**

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| | |
|:---|:---|
| **Exhibit** |  |
| **No.** | **Description** |
| 31.1 | [<u>Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](crda-ex31_1.htm) |
| 31.2 | [<u>Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](crda-ex31_2.htm) |
| 32.1# | [<u>Certification of principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](crda-ex32_1.htm) |
| 32.2# | [<u>Certification of principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](crda-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

# These certifications are deemed furnished and not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **Crawford & Company** |
|  |  | (Registrant)<br>|
| Date: | May 4, 2026<br>| /s/ W. Bruce Swain |
|  |  | W. Bruce Swain |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | May 4, 2026<br>| /s/ Holly B. Boudreau |
|  |  | Holly B. Boudreau |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, W. Bruce Swain, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Crawford & Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 4, 2026 | /s/ W. Bruce Swain |
|  |  | W. Bruce Swain |
|  |  | President and Chief Executive Officer<br>(Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Holly B. Boudreau, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Crawford & Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 4, 2026 | /s/ Holly B. Boudreau |
|  |  | Holly B. Boudreau |
|  |  | Executive Vice President and Chief<br>Financial Officer (Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Crawford & Company (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, W. Bruce Swain, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 780(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | May 4, 2026 | /s/ W. Bruce Swain |
|  |  | W. Bruce Swain |
|  |  | President and Chief Executive Officer  |
|  |  | (Principal Executive Officer) |

---

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Crawford & Company (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Holly B. Boudreau, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 780(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | May 4, 2026 | /s/ Holly B. Boudreau |
|  |  | Holly B. Boudreau |
|  |  | Executive Vice President and Chief Financial Officer  |
|  |  | (Principal Financial Officer) |

---

------