Stewart Reports Second Quarter 2025 Results

— 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

— 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

— 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)

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.

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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 Six Months Ended June 30, June 30, 2025 2024 2025 2024Total revenues 722.2 602.2 1,334.2 1,156.5Pretax income before noncontrolling interests 46.8 29.0 52.7 36.2Income 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 35.0 20.5Non-GAAP adjustments, after taxes* 6.0 8.1 9.9 9.6Adjusted net income attributable to Stewart* 38.0 25.4 44.9 30.0Pretax 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 0.73Adjusted 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, 2025 2024 % ChangeOperating 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 5.0Adjusted 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, 2025 2024 % Change Non-commercial: Domestic 179.6 169.4 6% International 29.7 28.1 6% 209.3 197.5 6% Commercial: Domestic 74.6 51.0 46% 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, 2025 2024 % ChangeOperating revenues 112.7 92.2 22%Pretax income 6.7 5.1 32%Non-GAAP adjustments to pretax income* 5.5 5.5Adjusted 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 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 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 CORPORATIONCONDENSED STATEMENTS OF INCOME(In thousands of dollars, except per share amounts and except where noted) Quarter Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024Revenues:Title revenues:Direct title 291,262 255,480 522,924 466,068Agency title 301,285 240,760 568,803 481,532Real estate solutions 112,650 92,198 209,727 175,214Total operating revenues 705,197 588,438 1,301,472 1,122,814Investment income 16,257 14,306 28,913 27,207Net realized and unrealized gains (losses) 727 (514) 3,780 6,524 722,181 602,230 1,334,165 1,156,545Expenses:Amounts retained by agencies 252,112 200,126 473,489 400,102Employee costs 208,209 179,708 394,019 352,125Other operating expenses 173,527 152,291 334,439 289,244Title losses and related claims 21,454 21,090 39,156 38,472Depreciation and amortization 15,150 15,198 30,472 30,582Interest 4,953 4,812 9,914 9,869 675,405 573,225 1,281,489 1,120,394Income before taxes and noncontrolling interests 46,776 29,005 52,676 36,151Income tax expense (11,141) (7,940) (11,625) (8,876)Net income 35,635 21,065 41,051 27,275Less net income attributable to noncontrolling interests 3,713 3,722 6,052 6,802Net income attributable to Stewart 31,922 17,343 34,999 20,473Net earnings per diluted share attributable to Stewart 1.13 0.62 1.24 0.73Diluted average shares outstanding (000) 28,330 28,013 28,337 28,011Selected financial information:Net cash provided (used) by operations 53,428 21,123 23,501 (8,465)Other comprehensive income (loss) 14,454 (752) 20,825 (7,348)Second Quarter Domestic Order Counts:Opened Orders 2025: Apr May June Total Closed Orders 2025: Apr May June TotalCommercial 1,612 1,326 1,588 4,526 Commercial 1,472 1,444 1,499 4,415Purchase 18,050 17,785 16,958 52,793 Purchase 11,491 12,156 12,239 35,886Refinancing 7,010 6,188 6,538 19,736 Refinancing 4,424 3,989 3,752 12,165Other 5,232 4,666 2,693 12,591 Other 5,729 6,503 1,896 14,128Total 31,904 29,965 27,777 89,646 Total 23,116 24,092 19,386 66,594Opened Orders 2024: Apr May June Total Closed Orders 2024: Apr May June TotalCommercial 1,232 1,249 1,045 3,526 Commercial 1,288 1,314 1,185 3,787Purchase 19,273 18,493 17,291 55,057 Purchase 12,247 13,610 11,975 37,832Refinancing 5,782 5,976 4,973 16,731 Refinancing 3,530 3,547 2,901 9,978Other 3,664 4,810 2,933 11,407 Other 3,272 2,526 2,104 7,902Total 29,951 30,528 26,242 86,721 Total 20,337 20,997 18,165 59,499STEWART INFORMATION SERVICES CORPORATIONCONDENSED BALANCE SHEETS(In thousands of dollars) June 30, 2025 December 31, 2024Assets:Cash and cash equivalents 178,101 216,298Short-term investments 45,731 41,199Investments in debt and equity securities, at fair value 689,743 669,098Receivables – premiums from agencies 39,166 36,753Receivables – other 135,791 111,735Allowance for uncollectible amounts (8,890) (7,725)Property and equipment, net 83,167 87,613Operating lease assets, net 113,615 102,210Title plants 74,955 74,862Goodwill 1,092,747 1,084,139Intangible assets, net of amortization 158,348 173,075Deferred tax assets 4,795 4,827Other assets 173,888 136,061 2,781,157 2,730,145Liabilities:Notes payable 446,000 445,841Accounts payable and accrued liabilities 203,903 214,580Operating lease liabilities 129,787 118,835Estimated title losses 523,085 511,534Deferred tax liabilities 32,100 28,266 1,334,875 1,319,056Stockholders' equity:Common Stock and additional paid-in capital 366,966 358,721Retained earnings 1,096,023 1,089,484Accumulated other comprehensive loss (22,572) (43,397)Treasury stock (2,666) (2,666)Stockholders' equity attributable to Stewart 1,437,751 1,402,142Noncontrolling interests 8,531 8,947Total stockholders' equity 1,446,282 1,411,089 2,781,157 2,730,145Number of shares outstanding (000) 27,940 27,764Book value per share 51.46 50.50STEWART INFORMATION SERVICES CORPORATIONSEGMENT INFORMATION(In thousands of dollars)Quarter Ended: June 30, 2025 June 30, 2024 Title Real Corporate Total Title Real Corporate Total Estate and Other Estate and Other Solutions SolutionsRevenues:Operating revenues 592,547 112,650 – 705,197 496,240 92,198 – 588,438Investment income 16,233 24 – 16,257 14,282 24 – 14,306Net realized and unrealized gains (losses) 768 – (41) 727 (487) – (27) (514) 609,548 112,674 (41) 722,181 510,035 92,222 (27) 602,230Expenses:Amounts retained by agencies 252,112 – – 252,112 200,126 – – 200,126Employee costs 189,549 15,437 3,223 208,209 162,916 13,583 3,209 179,708Other operating expenses 88,252 84,072 1,203 173,527 83,616 67,252 1,423 152,291Title losses and related claims 21,454 – – 21,454 21,090 – – 21,090Depreciation and amortization 8,443 6,424 283 15,150 8,536 6,264 398 15,198Interest 424 – 4,529 4,953 380 7 4,425 4,812 560,234 105,933 9,238 675,405 476,664 87,106 9,455 573,225Income (loss) before taxes 49,314 6,741 (9,279) 46,776 33,371 5,116 (9,482) 29,005Six Months Ended: June 30, 2025 June 30, 2024 Title Real Corporate Total Title Real Corporate Total Estate and Other Estate and Other Solutions SolutionsRevenues:Operating revenues 1,091,745 209,727 – 1,301,472 947,600 175,214 – 1,122,814Investment income 28,855 58 – 28,913 27,158 49 – 27,207Net realized and unrealized gains (losses) 3,823 – (43) 3,780 6,629 – (105) 6,524 1,124,423 209,785 (43) 1,334,165 981,387 175,263 (105) 1,156,545Expenses:Amounts retained by agencies 473,489 – – 473,489 400,102 – – 400,102Employee costs 358,036 29,172 6,811 394,019 319,718 25,801 6,606 352,125Other operating expenses 174,759 157,015 2,665 334,439 161,516 125,070 2,658 289,244Title losses and related claims 39,156 – – 39,156 38,472 – – 38,472Depreciation and amortization 17,057 12,796 619 30,472 17,266 12,538 778 30,582Interest 846 2 9,066 9,914 759 7 9,103 9,869 1,063,343 198,985 19,161 1,281,489 937,833 163,416 19,145 1,120,394Income (loss) before taxes 61,080 10,800 (19,204) 52,676 43,554 11,847 (19,250) 36,151

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).

Quarter Ended June 30, Six Months Ended June 30, 2025 2024 % Chg 2025 2024 % ChgTotal revenues 722.2 602.2 20% 1,334.2 1,156.5 15%Non-GAAP revenue adjustment:Net realized and unrealized (gains) losses (0.7) 0.5 (3.8) (6.5)Adjusted total revenues 721.5 602.7 20% 1,330.4 1,150.0 16%Net realized and unrealized gains (losses):  Net unrealized gains (losses) on equity securities fair value changes 2.4 (0.5) 5.6 6.7  Net losses from acquisition liability adjustments (1.2) – (1.0) -  Net losses on sale of securities investments (0.1) – (0.4) (0.1)  Other items, net (0.4) – (0.4) (0.1)  Total 0.7 (0.5) 3.8 6.5Pretax income 46.8 29.0 61% 52.7 36.2 46%Non-GAAP pretax adjustments:Net realized and unrealized (gains) losses (0.7) 0.5 (3.8) (6.5)Acquired intangible asset amortization 8.3 8.3 16.6 16.8Office closure and severance expenses 0.6 1.8 0.6 2.3Adjusted 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% 35.0 20.5 71%Non-GAAP pretax adjustments:Net realized and unrealized (gains) losses (0.7) 0.5 (3.8) (6.5)Acquired intangible asset amortization 8.3 8.3 16.6 16.8Office closure and severance expenses 0.6 1.8 0.6 2.3Net tax effects of non-GAAP adjustments (2.1) (2.5) (3.5) (3.0)Non-GAAP adjustments, after taxes 6.0 8.1 9.9 9.6Adjusted net income attributable to Stewart 38.0 25.4 50% 44.9 30.0 50%Diluted average shares outstanding (000) 28,330 28,013 28,337 28,011GAAP net income per share 1.13 0.62 1.24 0.73Adjusted net income per share 1.34 0.91 1.59 1.07 Quarter Ended June 30, Six Months Ended June 30, 2025 2024 % Chg 2025 2024 % ChgTitle Segment:Revenues 609.5 510.0 20% 1,124.4 981.4 15%Net realized and unrealized (gains) losses (0.8) 0.5 (3.8) (6.6)Adjusted revenues 608.8 510.5 19% 1,120.6 974.8 15%Pretax income 49.3 33.4 48% 61.1 43.6 40%Non-GAAP pretax adjustments:Net realized and unrealized (gains) losses (0.8) 0.5 (3.8) (6.6)Acquired intangible asset amortization 2.8 2.8 5.6 5.7Office closure and severance expenses 0.6 1.8 0.6 2.3Adjusted 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:Acquired intangible asset amortization 5.5 5.5 11.0 11.1Adjusted 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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