Stewart Reports First Quarter 2025 Results

— Total revenues of $612.0 million ($608.9 million on an adjusted basis) compared to $554.3 million ($547.3 million on an adjusted basis) in the prior year quarter

— Net income of $3.1 million ($7.0 million on an adjusted basis) compared to net income of $3.1 million ($4.6 million on an adjusted basis) in the prior year quarter

— Diluted EPS of $0.11 ($0.25 on an adjusted basis) compared to prior year quarter diluted EPS of $0.11 ($0.17 on an adjusted basis)

Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $3.1 million ($0.11 per diluted share) for the first quarter 2025, compared to net income attributable to Stewart of $3.1 million ($0.11 per diluted share) for the first quarter 2024. On an adjusted basis, net income for the first quarter 2025 was $7.0 million ($0.25 per diluted share) compared to net income of $4.6 million ($0.17 per diluted share) in the first quarter 2024. Pretax income before noncontrolling interests for the first quarter 2025 was $5.9 million ($11.2 million on an adjusted basis) compared to $7.1 million ($9.1 million on an adjusted basis) for the first quarter 2024.

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First quarters 2025 and 2024 results included $3.1 million and $7.0 million, respectively, of total pretax net realized and unrealized gains, both primarily related to net gains from fair value changes of equity securities investments recorded in the title segment.

“I'm proud of our first quarter 2025 performance as we delivered strong revenue results across all our segments, growing our total revenues compared to the first quarter of last year,” commented Fred Eppinger, chief executive officer. “We are pleased with our performance as we were able to deliver these results while navigating a historically challenging macro environment. We remain focused on managing our operations well, growing the company thoughtfully and relentlessly serving 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 March 31, 2025 2024Total revenues 612.0 554.3Pretax income before noncontrolling interests 5.9 7.1Income tax expense (0.5) (0.9)Net income attributable to noncontrolling interests (2.3) (3.1)Net income attributable to Stewart 3.1 3.1Non-GAAP adjustments, after taxes* 3.9 1.5Adjusted net income attributable to Stewart* 7.0 4.6Pretax margin 1.0% 1.3%Adjusted pretax margin* 1.8% 1.7%Net income per diluted Stewart share 0.11 0.11Adjusted net income per diluted Stewart share* 0.25 0.17*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 March 31, 2025 2024 % ChangeOperating revenues 499.2 451.4 11%Investment income 12.6 12.9 (2%)Net realized and unrealized gains 3.1 7.1 (57%)Pretax income 11.8 10.2 16%Non-GAAP adjustments to pretax income* (0.3) (3.7)Adjusted pretax income* 11.5 6.5 77%Pretax margin 2.3% 2.2%Adjusted pretax margin* 2.2% 1.4%* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. SeeAppendix A for explanation and reconciliation of non-GAAP adjustments.

Title segment operating revenues in the first quarter 2025 increased $47.8 million (11 percent), as revenues from both our direct and agency title operations improved, while total segment operating expenses increased $41.9 million (9 percent) compared to the first quarter 2024. Agency retention expenses in the first quarter 2025 increased $21.4 million (11 percent), consistent with the gross agency revenue increase of $26.7 million (11 percent) compared to the prior year quarter.

Title segment combined employee costs and other operating expenses for the first quarter 2025 increased $20.3 million (9 percent), compared to the first quarter 2024, primarily due to increased incentive compensation expenses related to higher title revenues, and higher outside search and service expenses resulting from higher commercial revenues. As a percentage of operating revenues, total title employee costs and other operating expenses improved to 51.1 percent in the first quarter 2025 compared to 52.0 percent in the prior year quarter.

Title loss expense in the first quarter 2025 was $17.7 million compared to $17.4 million in the first quarter 2024. As a percentage of title operating revenues, first quarter 2025 title loss expense improved to 3.5 percent, compared to 3.9 percent in the prior year quarter, primarily driven by our overall favorable claims experience. In addition to the net realized and unrealized gains presented above (which were primarily related to fair value changes of equity securities investments), non-GAAP adjustments to the title segment's pretax income for the first quarters 2025 and 2024 of $2.8 million and $3.4 million, respectively, were primarily related to acquisition intangible asset amortization and related expenses (refer to Appendix A for details).

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

Quarter Ended March 31, 2025 2024 % Change Non-commercial: Domestic 134.4 135.3 (1%) International 22.2 19.2 16% 156.6 154.5 1% Commercial: Domestic 69.3 49.7 39% International 5.8 6.4 (9%) 75.1 56.1 34% Total direct title revenues 231.7 210.6 10%

Domestic commercial revenues in the first quarter 2025 improved $19.6 million (39 percent), driven by a 13 percent higher average transaction size and a 23 percent increase in commercial closed transactions compared to the prior year quarter. Domestic non-commercial revenues in the first quarter 2025 were slightly lower compared to the prior year quarter, primarily due to lower total non-commercial domestic transactions, partially offset by a 13 percent higher fee per file during first quarter 2025. First quarter 2025 average domestic commercial fee per file was $15,800, compared to $13,900 from the first quarter 2024, while average domestic residential fee per file was $3,300, compared to $2,900 from the prior year quarter. Total international revenues improved $2.4 million (9 percent) in the first quarter 2025, primarily driven by increased volumes from our Canadian operations 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 March 31, 2025 2024 % ChangeOperating revenues 97.1 83.0 17%Pretax income 4.1 6.7 (40%)Non-GAAP adjustments to pretax income* 5.5 5.6Adjusted pretax income* 9.6 12.3 (22%)Pretax margin 4.2% 8.1%Adjusted pretax margin* 9.9% 14.8%* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. SeeAppendix A for an explanation and reconciliation of non-GAAP adjustments.

Segment operating revenues improved $14.1 million (17 percent) in the first quarter 2025, primarily driven by increased revenues from our credit information services operations compared to the first quarter 2024. Combined employee costs and other operating expenses increased $16.6 million (24 percent), primarily due to higher costs of services related to credit information and increased 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 $9.9 million in the first quarter 2025, compared to $9.7 million in the prior year quarter.

Expenses Consolidated employee costs in the first quarter 2025 increased $13.4 million (8 percent) compared to the first quarter 2024, primarily due to higher incentive compensation on overall improved revenues and increased salaries primarily due to slightly higher employee counts in our title and real estate solutions businesses. As a percentage of total operating revenues, consolidated employee costs in the first quarter 2025 improved to 31.2 percent from 32.3 percent in the prior year quarter.

Consolidated other operating expenses in the first quarter 2025 increased $24.0 million (18 percent), primarily due to higher real estate solutions service expenses and commercial title outside search fees driven by higher related revenues compared to the first quarter 2024. As a percentage of total operating revenues, first quarter 2025 consolidated other operating expenses increased to 27.0 percent compared to 25.6 percent from the prior year quarter, primarily due to increased real estate solutions service expenses.

Other Net cash used by operations in the first quarter 2025 was $29.9 million, which was comparable to net cash used of $29.6 million in the first quarter 2024.

First Quarter Earnings Call Stewart will hold a conference call to discuss the first quarter 2025 earnings at 8:30 a.m. Eastern Time on Thursday, April 24, 2025. To participate, dial 800-267-6316 (USA) or 203-518-9783 (International) – access code STCQ125. Additionally, participants can listen to the conference call through Stewart's Investor Relations website at https://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on April 24, 2025 until midnight on May 1, 2025 by dialing (800) 938-0998 (USA) or (402) 220-1550 (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 CORPORATIONCONDENSED STATEMENTS OF INCOME(In thousands of dollars, except per share amounts and except where noted) Quarter Ended March 31, 2025 2024Revenues:Title revenues:Direct operations 231,680 210,588Agency operations 267,518 240,772Real estate solutions 97,077 83,016Total operating revenues 596,275 534,376Investment income 12,656 12,901Net realized and unrealized gains 3,053 7,038 611,984 554,315Expenses:Amounts retained by agencies 221,377 199,976Employee costs 185,811 172,417Other operating expenses 160,911 136,951Title losses and related claims 17,702 17,383Depreciation and amortization 15,322 15,384Interest 4,961 5,058 606,084 547,169Income before taxes and noncontrolling interests 5,900 7,146Income tax expense (484) (936)Net income 5,416 6,210Less net income attributable to noncontrolling interests 2,339 3,080Net income attributable to Stewart 3,077 3,130Net earnings per diluted share attributable to Stewart 0.11 0.11Diluted average shares outstanding (000) 28,341 28,027Selected financial information:Net cash used by operations (29,927) (29,588)Other comprehensive income (loss) 6,371 (6,596)First Quarter Domestic Order Counts:Opened Orders 2025: Jan Feb Mar Total Closed Orders 2025: Jan Feb Mar TotalCommercial 1,336 1,364 1,628 4,328 Commercial 1,394 1,376 1,620 4,390Purchase 14,110 14,406 17,734 46,250 Purchase 7,784 8,562 10,434 26,780Refinancing 5,481 5,655 6,426 17,562 Refinancing 3,142 3,074 3,682 9,898Other 3,370 4,784 2,649 10,803 Other 1,413 1,507 1,685 4,605Total 24,297 26,209 28,437 78,943 Total 13,733 14,519 17,421 45,673Opened Orders 2024: Jan Feb Mar Total Closed Orders 2024: Jan Feb Mar TotalCommercial 1,142 1,359 1,192 3,693 Commercial 1,065 1,186 1,317 3,568Purchase 14,867 15,920 17,237 48,024 Purchase 8,941 9,843 10,960 29,744Refinancing 5,419 5,391 5,561 16,371 Refinancing 2,935 3,108 3,310 9,353Other 3,983 3,836 3,428 11,247 Other 2,618 2,566 2,610 7,794Total 25,411 26,506 27,418 79,335 Total 15,559 16,703 18,197 50,459STEWART INFORMATION SERVICES CORPORATIONCONDENSED BALANCE SHEETS(In thousands of dollars) March 31, 2025 December 31, 2024Assets:Cash and cash equivalents 148,510 216,298Short-term investments 45,716 41,199Investments in debt and equity securities, at fair value 674,842 669,098Receivables – premiums from agencies 35,984 36,753Receivables – other 129,607 111,735Allowance for uncollectible amounts (8,407) (7,725)Property and equipment, net 84,638 87,613Operating lease assets, net 99,458 102,210Title plants 74,955 74,862Goodwill 1,092,747 1,084,139Intangible assets, net of amortization 165,156 173,075Deferred tax assets 4,401 4,827Other assets 159,489 136,061 2,707,096 2,730,145Liabilities:Notes payable 445,860 445,841Accounts payable and accrued liabilities 198,554 214,580Operating lease liabilities 114,323 118,835Estimated title losses 510,790 511,534Deferred tax liabilities 29,706 28,266 1,299,233 1,319,056Stockholders' equity:Common Stock and additional paid-in capital 361,741 358,721Retained earnings 1,078,378 1,089,484Accumulated other comprehensive loss (37,026) (43,397)Treasury stock (2,666) (2,666)Stockholders' equity attributable to Stewart 1,400,427 1,402,142Noncontrolling interests 7,436 8,947Total stockholders' equity 1,407,863 1,411,089 2,707,096 2,730,145Number of shares outstanding (000) 27,919 27,764Book value per share 50.16 50.50STEWART INFORMATION SERVICES CORPORATIONSEGMENT INFORMATION(In thousands of dollars)Quarter Ended: March 31, 2025 March 31, 2024 Title Real Corporate Total Title Real Corporate Total Estate Estate Solutions SolutionsRevenues:Operating revenues 499,198 97,077 – 596,275 451,360 83,016 – 534,376Investment income 12,621 35 – 12,656 12,876 25 – 12,901Net realized and unrealized gains (losses) 3,055 – (2) 3,053 7,116 – (78) 7,038 514,874 97,112 (2) 611,984 471,352 83,041 (78) 554,315Expenses:Amounts retained by agencies 221,377 – – 221,377 199,976 – – 199,976Employee costs 168,487 13,736 3,588 185,811 156,803 12,217 3,397 172,417Other operating expenses 86,505 72,943 1,463 160,911 77,901 57,817 1,234 136,952Title losses and related claims 17,702 – – 17,702 17,383 – – 17,383Depreciation and amortization 8,614 6,372 336 15,322 8,729 6,275 380 15,384Interest 422 2 4,537 4,961 379 – 4,679 5,058 503,107 93,053 9,924 606,084 461,171 76,309 9,690 547,170Income (loss) before taxes 11,767 4,059 (9,926) 5,900 10,181 6,732 (9,768) 7,145

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, acquisition intangible asset amortization and other expenses (acquisition-related), 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 ended March 31, 2025 and 2024 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).

Quarter Ended March 31, 2025 2024 % ChgTotal revenues 612.0 554.3 10%Non-GAAP revenue adjustments:Net realized and unrealized gains (3.1) (7.0)Adjusted total revenues 608.9 547.3 11%Details of net realized and unrealized gains:Unrealized gains on equity securities fair value 3.2 7.2Gains on acquisition liability adjustments 0.2 -Net losses on sale of securities investments (0.3) (0.1)Other items, net – (0.1)Total net realized and unrealized gains 3.1 7.0Pretax income 5.9 7.1 (17%)Non-GAAP pretax adjustments:Net realized and unrealized gains (3.1) (7.0)Acquisition intangible asset amortization and other expenses 8.3 8.5Office closure and severance expenses – 0.5Adjusted pretax income 11.2 9.1 22%GAAP pretax margin 1.0% 1.3%Adjusted pretax margin 1.8% 1.7% Quarter Ended March 31, 2025 2024 % ChgNet income attributable to Stewart 3.1 3.1 0%Non-GAAP pretax adjustments:Net realized and unrealized gains (3.1) (7.0)Acquisition intangible asset amortization and other expenses 8.3 8.5Office closure and severance expenses – 0.5Net tax effects of non-GAAP adjustments (1.4) (0.5)Non-GAAP adjustments, after taxes 3.9 1.5Adjusted net income attributable to Stewart 7.0 4.6 51%Diluted average shares outstanding (000) 28,34128,027GAAP net income per share 0.11 0.11Adjusted net income per share 0.25 0.17 Quarter Ended March 31, 2025 2024 % ChgTitle Segment:Total revenues 514.9 471.4 9%Net realized and unrealized gains (3.1) (7.1)Adjusted total revenues 511.8 464.2 10%Pretax income 11.8 10.2 16%Non-GAAP revenue adjustments:Net realized and unrealized gains (3.1) (7.1)Acquisition intangible asset amortization and other expenses 2.8 2.9Office closure and severance expenses – 0.5Adjusted pretax income 11.5 6.5 77%GAAP pretax margin 2.3% 2.2%Adjusted pretax margin 2.2% 1.4%Real Estate Solutions Segment:Total revenues 97.1 83.0 17%Pretax income 4.1 6.7 (40%)Non-GAAP revenue adjustment:Acquisition intangible asset amortization 5.5 5.6Adjusted pretax income 9.6 12.3 (22%)GAAP pretax margin 4.2% 8.1%Adjusted pretax margin 9.9% 14.8%

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