# EDGAR Filing Document

**Accession Number:** 0000094344
**File Stem:** 0001104659-25-070021
**Filing Date:** 2025-7
**Character Count:** 33655
**Document Hash:** ef2fd718ae6a3fdda86186f3c84e095e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-070021.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001104659-25-070021

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250723

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STEWART INFORMATION SERVICES CORP
- **CENTRAL INDEX KEY:** 0000094344
- **STANDARD INDUSTRIAL CLASSIFICATION:** TITLE INSURANCE [6361]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 741677330
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02658
- **FILM NUMBER:** 251143364

**BUSINESS ADDRESS:**
- **STREET 1:** 1360 POST OAK BLVD
- **STREET 2:** SUITE 100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 7136258100

**MAIL ADDRESS:**
- **STREET 1:** 1360 POST OAK BLVD
- **STREET 2:** SUITE 100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): July 23, 2025**

**STEWART INFORMATION SERVICES CORPORATION**

**(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-02658** | **74-1677330** |
| **(STATE OR OTHER<br> JURISDICTION)** | **(COMMISSION FILE NO.)** | **(I.R.S. EMPLOYER<br> IDENTIFICATION NO.)** |

---

**1360 Post Oak Blvd, Suite 100, Houston, Texas 77056**

**(Address Of Principal Executive Offices) (Zip Code)**

**Registrant's Telephone Number, Including Area Code: (713) 625-8100** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $1 par value | STC | New York Stock Exchange (NYSE) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 provided pursuant to Section 13(a) of the Exchange Act. ◻

**ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

A press release issued by Stewart Information Services Corporation on July 23, 2025, regarding financial results for the three months ended June 30, 2025, is attached hereto as Exhibit 99.1, and is incorporated herein by reference. This information is not deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference in any filing under the Securities Act of 1933, as amended.

**ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) EXHIBITS

---

| | |
|:---|:---|
| <u>Exhibit No</u>. | Description |
| [99.1](tm2521561d1_ex99-1.htm) | [Press release of Stewart Information Services Corporation dated July 23, 2025, reporting financial results for the three months ended June 30, 2025.](tm2521561d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

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.

---

| | |
|:---|:---|
| STEWART INFORMATION SERVICES CORPORATION<br> (Registrant) | STEWART INFORMATION SERVICES CORPORATION<br> (Registrant) |
| By: | /s/ David C. Hisey |
| David C. Hisey, | David C. Hisey, |
| Chief Financial Officer and Treasurer | Chief Financial Officer and Treasurer |

---

Date: July 23, 2025

## Exhibit 99.1

**Exhibit 99.1**

![](tm2521561d1_ex99-1img001.jpg)

NEWS RELEASE

---

| | |
|:---|:---|
| **STEWART INFORMATION SERVICES CORP.**<br> P.O. Box 2029<br> Houston, Texas 77252-2029<br> <u>www.stewart.com</u> | **CONTACT**<br> Kathryn Bass / Brian Glaze<br> Investor Relations<br> (713) 625-8633 |

---

**Stewart Reports Second Quarter 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;· **Total revenues of $722.2 million ($721.5 million on an adjusted basis) compared to $602.2 million ($602.7 million on an adjusted basis) in the prior year quarter** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income of $31.9 million ($38.0 million on an adjusted basis) compared to net income of $17.3 million ($25.4 million on an adjusted basis) in the prior year quarter** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Diluted EPS of $1.13 ($1.34 on an adjusted basis) compared to prior year quarter diluted EPS of $0.62 ($0.91 on an adjusted basis)** 

HOUSTON, July 23, 2025 - Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $31.9 million ($1.13 per diluted share) for the second quarter 2025, compared to net income attributable to Stewart of $17.3 million ($0.62 per diluted share) for the second quarter 2024. On an adjusted basis, net income for the second quarter 2025 was $38.0 million ($1.34 per diluted share) compared to net income of $25.4 million ($0.91 per diluted share) in the second quarter 2024. Pretax income before noncontrolling interests for the second quarter 2025 was $46.8 million ($54.9 million on an adjusted basis) compared to $29.0 million ($39.6 million on an adjusted basis) for the second quarter 2024.

Second quarter 2025 results included $0.7 million of pretax net realized and unrealized gains, primarily resulting from $2.4 million of net unrealized gains on fair value changes of equity securities investments, partially offset by a $1.2 million acquisition liability adjustment loss in the title segment. Second quarter 2024 results included $0.5 million of pretax net realized and unrealized losses primarily driven by net unrealized losses on fair value changes of equity securities investments in the title segment.

"I am pleased with our performance this quarter as our top line results demonstrate our progress in growing each of our business lines," commented Fred Eppinger, chief executive officer. "We have also been thoughtful in our operational management and were able to deliver solid bottom-line results for the second quarter. Although the housing market continues to pose headwinds, we are dedicated to growing each of our businesses, managing our operations and being a partner of choice for our customers."

**Selected Financial Information**

Summary results of operations are as follows (dollars in millions, except per share amounts, pretax margin and adjusted pretax margin, and amounts may not add as presented due to rounding):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quarter Ended<br> June 30, | Quarter Ended<br> June 30, | Six Months Ended<br> June 30, | Six Months Ended<br> June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Total revenues | 722.2 | 602.2 | 1334.2 | 1156.5 |
| Pretax income before noncontrolling interests | 46.8 | 29 | 52.7 | 36.2 |
| Income tax expense | (11.1) | (7.9) | (11.6) | (8.9) |
| Net income attributable to noncontrolling interests | (3.7) | (3.7) | (6.1) | (6.8) |
| Net income attributable to Stewart | 31.9 | 17.3 | 35 | 20.5 |
| Non-GAAP adjustments, after taxes\* | 6 | 8.1 | 9.9 | 9.6 |
| Adjusted net income attributable to Stewart\* | 38 | 25.4 | 44.9 | 30 |
| Pretax margin | 6.5% | 4.8% | 3.9% | 3.1% |
| Adjusted pretax margin\* | 7.6% | 6.6% | 5.0% | 4.2% |
| Net income per diluted Stewart share | 1.13 | 0.62 | 1.24 | 0.73 |
| Adjusted net income per diluted Stewart share\* | 1.34 | 0.91 | 1.59 | 1.07 |

---

\*Adjusted net income, adjusted pretax margin and adjusted net income per diluted share are non-GAAP measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments.

**Title Segment**

Summary results of the title segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):

---

| | | | |
|:---|:---|:---|:---|
|  | Quarter Ended June 30, | Quarter Ended June 30, | Quarter Ended June 30, |
|  | 2025 | 2024 | % Change |
| Operating revenues | 592.5 | 496.2 | 19% |
| Investment income | 16.2 | 14.3 | 14% |
| Net realized and unrealized gains | 0.8 | (0.5) | 258% |
| Pretax income | 49.3 | 33.4 | 48% |
| Non-GAAP adjustments to pretax income\* | 2.6 | 5.0 |  |
| Adjusted pretax income\* | 51.9 | 38.4 | 35% |
| Pretax margin | 8.1% | 6.5% |  |
| Adjusted pretax margin\* | 8.5% | 7.5% |  |

---

\* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments.

Title segment operating revenues in the second quarter 2025 grew $96.3 million (19 percent), with improved revenues from both our direct and agency title operations compared to the second quarter 2024, while investment income improved by $2.0 million (14 percent) compared to the prior year quarter, primarily driven by higher interest and dividend income in the second quarter 2025.

Total segment operating expenses increased $83.6 million (18 percent), with agency retention expenses increasing $52.0 million (26 percent) in line with the gross agency revenue increase of $60.5 million (25 percent) compared to the prior year quarter. Combined employee costs and other operating expenses increased $31.3 million (13 percent) in the second quarter 2025 compared to the prior year quarter, primarily due to increased incentive compensation and outside search and service expenses consistent with higher title revenues, and higher salaries expense related to increased employee count. As a percentage of operating revenues, total employee costs and other operating expenses for the title segment improved to 47 percent in the second quarter 2025 from 50 percent in the second quarter 2024, primarily due to increased title operating revenues.

Title loss expense in the second quarter 2025 was $21.5 million, compared to $21.1 million in the second quarter 2024. As a percentage of title operating revenues, the title loss expense improved to 3.6 percent in the second quarter 2025, compared to 4.2 percent from the prior year quarter, primarily driven by our continued overall favorable claims experience.

In addition to the net realized and unrealized gains presented above, the title segment's adjusted pretax income included $3.4 million and $4.6 million of non-GAAP adjustments for the second quarters 2025 and 2024, respectively, primarily related to acquisition intangible asset amortization and related expenses and severance and office closure expenses (refer to Appendix A for details).

Direct title revenues information is presented below (dollars in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | Quarter Ended June 30, | Quarter Ended June 30, | Quarter Ended June 30, |
|  | 2025 | 2024 | % Change |
| Non-commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic | 179.6 | 169.4 | 6% |
| &nbsp;&nbsp;&nbsp;International | 29.7 | 28.1 | 6% |
|  | 209.3 | 197.5 | 6% |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic | 74.6 | 51.0 | 46% |
| &nbsp;&nbsp;&nbsp;International | 7.4 | 7.0 | 6% |
|  | 82.0 | 58.0 | 41% |
| Total direct title revenues | 291.3 | 255.5 | 14% |

---

Domestic commercial revenues increased $23.6 million (46 percent) in the second quarter 2025, primarily driven by improved average transaction size and a 17 percent increase in commercial closed transactions compared to the prior year quarter, while domestic non-commercial revenues improved $10.2 million (6 percent), primarily resulting from increased transactions related to residential refinancing and real estate investors. Second quarter 2025 average domestic commercial fee per file improved 25 percent to $16,900, compared to $13,500 from the prior year quarter, while average domestic residential fee per file was slightly lower at $2,900, compared to $3,000 from the prior year quarter, primarily due to a higher mix of refinancing and real estate investor orders during the second quarter 2025. Total international revenues improved by $2.0 million (6 percent) in the second quarter 2025, primarily driven by overall increased volumes compared to the prior year quarter.

**Real Estate Solutions Segment**

Summary results of the real estate solutions segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):

---

| | | | |
|:---|:---|:---|:---|
|  | Quarter Ended June 30, | Quarter Ended June 30, | Quarter Ended June 30, |
|  | 2025 | 2024 | % Change |
| Operating revenues | 112.7 | 92.2 | 22% |
| Pretax income | 6.7 | 5.1 | 32% |
| Non-GAAP adjustments to pretax income\* | 5.5 | 5.5 |  |
| Adjusted pretax income\* | 12.2 | 10.6 | 15% |
| Pretax margin | 6.0% | 5.5% |  |
| Adjusted pretax margin\* | 10.9% | 11.5% |  |

---

\* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for an explanation and reconciliation of non-GAAP adjustments.

Segment operating revenues increased $20.5 million (22 percent) in the second quarter 2025, primarily driven by higher revenues from our credit information and valuation services businesses compared to the second quarter 2024. Combined employee costs and other operating expenses increased $18.7 million (23 percent), primarily resulting from increased costs of services related to credit information and valuation services, and higher employee costs supporting revenue growth. Non-GAAP adjustments to pretax income shown in the schedule above were related to acquisition intangible asset amortization expenses (refer to Appendix A).

**Corporate Segment**

The segment's results primarily relate to net expenses attributable to corporate operations which totaled $9.2 million in the second quarter 2025, compared to $9.5 million in the second quarter 2024.

**Expenses**

Consolidated employee costs in the second quarter 2025 increased $28.5 million (16 percent) compared to the second quarter 2024, primarily driven by higher incentive compensation consistent with overall improved revenues and increased salaries and employee benefits expenses primarily resulting from a 5 percent higher average employee count. As a percentage of total operating revenues, consolidated employee costs in the second quarter 2025 improved to 29.5 percent compared to 30.5 percent in the prior year quarter.

Consolidated other operating expenses increased $21.2 million (14 percent), primarily driven by increased real estate solutions service expenses and title outside search and premium tax expenses driven by overall revenue growth in the second quarter 2025 compared to the second quarter 2024. As a percentage of total operating revenues, second quarter 2025 consolidated other operating expenses improved to 24.6 percent compared to 25.9 percent from the prior year quarter.

**Other**

Net cash provided by operations improved to $53.4 million in the second quarter 2025, compared to $21.1 million in the second quarter 2024, primarily driven by the higher net income and lower claims payments in the second quarter 2025.

**Second Quarter Earnings Call**

Stewart will hold a conference call to discuss the second quarter 2025 earnings at 8:30 a.m. Eastern Time on Thursday, July 24, 2025. To participate, dial 800-245-3047 (USA) or 203-518-9765 (International) – access code STCQ225. Additionally, participants can listen to the conference call through Stewart's Investor Relations website at <u>https://investors.stewart.com/news-and-events/events/default.aspx</u>. The conference call replay will be available from 11:00 a.m. Eastern Time on July 24, 2025 until midnight on July 31, 2025 by dialing (800) 839-8320 (USA) or (402) 220-6072 (International).

**About Stewart**

Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.

**Cautionary statement regarding forward-looking statements.** Certain statements in this press release are "forward-looking statements", including statements related to Stewart's future business plans and expectations, including our plans to achieve market growth and pretax margin improvements. Forward-looking statements, by their nature, are subject to various risks and uncertainties that could cause our actual results to differ materially. Such risks and uncertainties include the volatility of general economic conditions, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions, and adverse changes in the level of real estate activity, as well as a number of other risk and uncertainties discussed in detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this press release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

ST-IR

**STEWART INFORMATION SERVICES CORPORATION**

**CONDENSED STATEMENTS OF INCOME**

**(In thousands of dollars, except per share amounts and except where noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quarter Ended June 30, | Quarter Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Title revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct title | 291262 | 255480 | 522924 | 466068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency title | 301285 | 240760 | 568803 | 481532 |
| &nbsp;&nbsp;&nbsp;Real estate solutions | 112650 | 92198 | 209727 | 175214 |
| &nbsp;&nbsp;&nbsp;Total operating revenues | 705197 | 588438 | 1301472 | 1122814 |
| &nbsp;&nbsp;&nbsp;Investment income | 16257 | 14306 | 28913 | 27207 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | 727 | (514) | 3780 | 6524 |
|  | 722181 | 602230 | 1334165 | 1156545 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amounts retained by agencies | 252112 | 200126 | 473489 | 400102 |
| &nbsp;&nbsp;&nbsp;Employee costs | 208209 | 179708 | 394019 | 352125 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 173527 | 152291 | 334439 | 289244 |
| &nbsp;&nbsp;&nbsp;Title losses and related claims | 21454 | 21090 | 39156 | 38472 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 15150 | 15198 | 30472 | 30582 |
| &nbsp;&nbsp;&nbsp;Interest | 4953 | 4812 | 9914 | 9869 |
|  | 675405 | 573225 | 1281489 | 1120394 |
| Income before taxes and noncontrolling interests | 46776 | 29005 | 52676 | 36151 |
| &nbsp;&nbsp;&nbsp;Income tax expense | (11141) | (7940) | (11625) | (8876) |
| Net income | 35635 | 21065 | 41051 | 27275 |
| &nbsp;&nbsp;&nbsp;Less net income attributable to noncontrolling interests | 3713 | 3722 | 6052 | 6802 |
| Net income attributable to Stewart | 31922 | 17343 | 34999 | 20473 |
| Net earnings per diluted share attributable to Stewart | 1.13 | 0.62 | 1.24 | 0.73 |
| Diluted average shares outstanding (000) | 28330 | 28013 | 28337 | 28011 |
| Selected financial information: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net cash provided (used) by operations | 53428 | 21123 | 23501 | (8465) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 14454 | (752) | 20825 | (7348) |

---

**Second Quarter Domestic Order Counts:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Opened Orders<br> 2025:** | Apr | May | June | Total | **Closed Orders<br> 2025:** | Apr | May | June | Total |
| Commercial | 1612 | 1326 | 1588 | 4526 | Commercial | 1472 | 1444 | 1499 | 4415 |
| Purchase | 18050 | 17785 | 16958 | 52793 | Purchase | 11491 | 12156 | 12239 | 35886 |
| Refinancing | 7010 | 6188 | 6538 | 19736 | Refinancing | 4424 | 3989 | 3752 | 12165 |
| Other | 5232 | 4666 | 2693 | 12591 | Other | 5729 | 6503 | 1896 | 14128 |
| Total | 31904 | 29965 | 27777 | 89646 | Total | 23116 | 24092 | 19386 | 66594 |
| **Opened Orders<br> 2024:** | Apr | May | June | Total | **Closed Orders<br> 2024:** | Apr | May | June | Total |
| Commercial | 1232 | 1249 | 1045 | 3526 | Commercial | 1288 | 1314 | 1185 | 3787 |
| Purchase | 19273 | 18493 | 17291 | 55057 | Purchase | 12247 | 13610 | 11975 | 37832 |
| Refinancing | 5782 | 5976 | 4973 | 16731 | Refinancing | 3530 | 3547 | 2901 | 9978 |
| Other | 3664 | 4810 | 2933 | 11407 | Other | 3272 | 2526 | 2104 | 7902 |
| Total | 29951 | 30528 | 26242 | 86721 | Total | 20337 | 20997 | 18165 | 59499 |

---

**STEWART INFORMATION SERVICES CORPORATION**

**CONDENSED BALANCE SHEETS**

**(In thousands of dollars)**

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | December 31,<br> 2024 |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 178101 | 216298 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 45731 | 41199 |
| &nbsp;&nbsp;&nbsp;Investments in debt and equity securities, at fair value | 689743 | 669098 |
| &nbsp;&nbsp;&nbsp;Receivables – premiums from agencies | 39166 | 36753 |
| &nbsp;&nbsp;&nbsp;Receivables – other | 135791 | 111735 |
| &nbsp;&nbsp;&nbsp;Allowance for uncollectible amounts | (8890) | (7725) |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 83167 | 87613 |
| &nbsp;&nbsp;&nbsp;Operating lease assets, net | 113615 | 102210 |
| &nbsp;&nbsp;&nbsp;Title plants | 74955 | 74862 |
| &nbsp;&nbsp;&nbsp;Goodwill | 1092747 | 1084139 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net of amortization | 158348 | 173075 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 4795 | 4827 |
| &nbsp;&nbsp;&nbsp;Other assets | 173888 | 136061 |
|  | 2781157 | 2730145 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Notes payable | 446000 | 445841 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 203903 | 214580 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 129787 | 118835 |
| &nbsp;&nbsp;&nbsp;Estimated title losses | 523085 | 511534 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 32100 | 28266 |
|  | 1334875 | 1319056 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock and additional paid-in capital | 366966 | 358721 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1096023 | 1089484 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (22572) | (43397) |
| &nbsp;&nbsp;&nbsp;Treasury stock | (2666) | (2666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity attributable to Stewart | 1437751 | 1402142 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 8531 | 8947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1446282 | 1411089 |
|  | 2781157 | 2730145 |

---

Number of shares outstanding (000) 27,940 27,764 <br> Book value per share 51.46 50.50

**STEWART INFORMATION SERVICES CORPORATION**

**SEGMENT INFORMATION**

**(In thousands of dollars)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Quarter Ended: | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
|  | Title | Real<br> Estate<br> Solutions | Corporate<br> and Other | Total | Title | Real<br> Estate<br> Solutions | Corporate<br> and Other | Total |
| Revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating revenues | 592547 | 112650 |  | 705197 | 496240 | 92198 |  | 588438 |
| &nbsp;&nbsp;&nbsp;Investment income | 16233 | 24 |  | 16257 | 14282 | 24 |  | 14306 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | 768 | - | (41) | 727 | (487) | - | (27) | (514) |
|  | 609548 | 112674 | (41) | 722181 | 510035 | 92222 | (27) | 602230 |
| Expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amounts retained by agencies | 252112 |  |  | 252112 | 200126 |  |  | 200126 |
| &nbsp;&nbsp;&nbsp;Employee costs | 189549 | 15437 | 3223 | 208209 | 162916 | 13583 | 3209 | 179708 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 88252 | 84072 | 1203 | 173527 | 83616 | 67252 | 1423 | 152291 |
| &nbsp;&nbsp;&nbsp;Title losses and related claims | 21454 |  |  | 21454 | 21090 |  |  | 21090 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 8443 | 6424 | 283 | 15150 | 8536 | 6264 | 398 | 15198 |
| &nbsp;&nbsp;&nbsp;Interest | 424 | - | 4529 | 4953 | 380 | 7 | 4425 | 4812 |
|  | 560234 | 105933 | 9238 | 675405 | 476664 | 87106 | 9455 | 573225 |
| Income (loss) before taxes | 49314 | 6741 | (9279) | 46776 | 33371 | 5116 | (9482) | 29005 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended: | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
|  | Title | Real <br> Estate<br> Solutions | Corporate <br> and Other | Total | Title | Real<br> Estate<br> Solutions | Corporate<br> and Other | Total |
| Revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating revenues | 1091745 | 209727 |  | 1301472 | 947600 | 175214 |  | 1122814 |
| &nbsp;&nbsp;&nbsp;Investment income | 28855 | 58 |  | 28913 | 27158 | 49 |  | 27207 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | 3823 | - | (43) | 3780 | 6629 | - | (105) | 6524 |
|  | 1124423 | 209785 | (43) | 1334165 | 981387 | 175263 | (105) | 1156545 |
| Expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amounts retained by agencies | 473489 |  |  | 473489 | 400102 |  |  | 400102 |
| &nbsp;&nbsp;&nbsp;Employee costs | 358036 | 29172 | 6811 | 394019 | 319718 | 25801 | 6606 | 352125 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 174759 | 157015 | 2665 | 334439 | 161516 | 125070 | 2658 | 289244 |
| &nbsp;&nbsp;&nbsp;Title losses and related claims | 39156 |  |  | 39156 | 38472 |  |  | 38472 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 17057 | 12796 | 619 | 30472 | 17266 | 12538 | 778 | 30582 |
| &nbsp;&nbsp;&nbsp;Interest | 846 | 2 | 9066 | 9914 | 759 | 7 | 9103 | 9869 |
|  | 1063343 | 198985 | 19161 | 1281489 | 937833 | 163416 | 19145 | 1120394 |
| Income (loss) before taxes | 61080 | 10800 | (19204) | 52676 | 43554 | 11847 | (19250) | 36151 |

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**Appendix A**

**Non-GAAP Adjustments**

Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, acquired intangible asset amortization, and office closure costs and severance expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Adjusted pretax margin is calculated using adjusted pretax income divided by adjusted total revenues. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.

Below are reconciliations of the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the quarter and six months ended June 30, 2025 and 2024 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **% Chg** | **2025** | **2024** | **% Chg** |
| Total revenues | 722.2 | 602.2 | 20% | 1334.2 | 1156.5 | 15% |
| Non-GAAP revenue adjustment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (gains) losses | (0.7) | 0.5 |  | (3.8) | (6.5) |  |
| Adjusted total revenues | 721.5 | 602.7 | 20% | 1330.4 | 1150 | 16% |
| Net realized and unrealized gains (losses): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on equity securities fair value changes | 2.4 | (0.5) |  | 5.6 | 6.7 |  |
| &nbsp;&nbsp;&nbsp;Net losses from acquisition liability adjustments | (1.2) |  |  | (1.0) |  |  |
| &nbsp;&nbsp;&nbsp;Net losses on sale of securities investments | (0.1) |  |  | (0.4) | (0.1) |  |
| &nbsp;&nbsp;&nbsp;Other items, net | (0.4) | - |  | (0.4) | (0.1) |  |
| &nbsp;&nbsp;&nbsp;Total | 0.7 | (0.5) |  | 3.8 | 6.5 |  |
| Pretax income | 46.8 | 29 | 61% | 52.7 | 36.2 | 46% |
| Non-GAAP pretax adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (gains) losses | (0.7) | 0.5 |  | (3.8) | (6.5) |  |
| &nbsp;&nbsp;&nbsp;Acquired intangible asset amortization | 8.3 | 8.3 |  | 16.6 | 16.8 |  |
| &nbsp;&nbsp;&nbsp;Office closure and severance expenses | 0.6 | 1.8 |  | 0.6 | 2.3 |  |
| Adjusted pretax income | 54.9 | 39.6 | 39% | 66.1 | 48.7 | 36% |
| GAAP pretax margin | 6.5% | 4.8% |  | 3.9% | 3.1% |  |
| Adjusted pretax margin | 7.6% | 6.6% |  | 5.0% | 4.2% |  |
| Net income attributable to Stewart | 31.9 | 17.3 | 84% | 35 | 20.5 | 71% |
| Non-GAAP pretax adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (gains) losses | (0.7) | 0.5 |  | (3.8) | (6.5) |  |
| &nbsp;&nbsp;&nbsp;Acquired intangible asset amortization | 8.3 | 8.3 |  | 16.6 | 16.8 |  |
| &nbsp;&nbsp;&nbsp;Office closure and severance expenses | 0.6 | 1.8 |  | 0.6 | 2.3 |  |
| &nbsp;&nbsp;&nbsp;Net tax effects of non-GAAP adjustments | (2.1) | (2.5) |  | (3.5) | (3.0) |  |
| Non-GAAP adjustments, after taxes | 6 | 8.1 |  | 9.9 | 9.6 |  |
| Adjusted net income attributable to Stewart | 38 | 25.4 | 50% | 44.9 | 30 | 50% |
| Diluted average shares outstanding (000) | 28330 | 28013 |  | 28337 | 28011 |  |
| GAAP net income per share | 1.13 | 0.62 |  | 1.24 | 0.73 |  |
| Adjusted net income per share | 1.34 | 0.91 |  | 1.59 | 1.07 |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **% Chg** | **2025** | **2024** | **% Chg** |
| **Title Segment:** |  |  |  |  |  |  |
| Revenues | 609.5 | 510.0 | 20% | 1124.4 | 981.4 | 15% |
| Net realized and unrealized (gains) losses | (0.8) | 0.5 |  | (3.8) | (6.6) |  |
| Adjusted revenues | 608.8 | 510.5 | 19% | 1120.6 | 974.8 | 15% |
| Pretax income | 49.3 | 33.4 | 48% | 61.1 | 43.6 | 40% |
| Non-GAAP pretax adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (gains) losses | (0.8) | 0.5 |  | (3.8) | (6.6) |  |
| &nbsp;&nbsp;&nbsp;Acquired intangible asset amortization | 2.8 | 2.8 |  | 5.6 | 5.7 |  |
| &nbsp;&nbsp;&nbsp;Office closure and severance expenses | 0.6 | 1.8 |  | 0.6 | 2.3 |  |
| Adjusted pretax income | 51.9 | 38.4 | 35% | 63.5 | 44.9 | 41% |
| GAAP pretax margin | 8.1% | 6.5% |  | 5.4% | 4.4% |  |
| Adjusted pretax margin | 8.5% | 7.5% |  | 5.7% | 4.6% |  |
| **Real Estate Solutions Segment:** |  |  |  |  |  |  |
| Revenues | 112.7 | 92.2 | 22% | 209.8 | 175.3 | 20% |
| Pretax income | 6.7 | 5.1 | 32% | 10.8 | 11.8 | (9)% |
| Non-GAAP pretax adjustment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquired intangible asset amortization | 5.5 | 5.5 |  | 11.0 | 11.1 |  |
| Adjusted pretax income | 12.2 | 10.6 | 15% | 21.8 | 23.0 | (5)% |
| GAAP pretax margin | 6.0% | 5.5% |  | 5.1% | 6.8% |  |
| Adjusted pretax margin | 10.9% | 11.5% |  | 10.4% | 13.1% |  |

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