[10-Q] STEWART INFORMATION SERVICES CORP Quarterly Earnings Report

Rhea-AI Filing Summary

Stewart Information Services delivered sharply stronger results for the quarter ended March 31, 2026. Operating revenues rose to $764.6M from $596.3M, driven by growth in both title and real estate solutions. Net income attributable to Stewart increased to $17.0M, or $0.55 per diluted share, versus $3.1M and $0.11 a year earlier.

Title segment operating revenues increased 21% to $603.2M, with domestic commercial fees up 35% and non‑commercial revenues up 8%. Pretax income in title more than doubled to $25.0M, helped by a lower title loss ratio of 3.1% versus 3.5%. Real estate solutions revenues grew 66% to $161.4M, boosted by credit information services and the Mortgage Contracting Services acquisition, lifting segment pretax income to $11.0M.

Cash and cash equivalents ended at $271.2M, down from $321.8M as operating, investing and financing activities used cash, while total debt remained about $646.7M. Book value per share was $53.84 with 30.4M shares outstanding. Management reports adequate liquidity and no material changes in risk factors or controls.

Insights

Equity analyst – financial performance

Stewart posted strong revenue and earnings growth with healthier margins across core segments.

Stewart Information Services showed a notable turnaround in profitability. Operating revenues increased from $596.3M to $764.6M, while net income attributable to Stewart rose from $3.1M to $17.0M. Diluted EPS improved to $0.55, indicating much stronger earnings leverage on higher volumes.

Title segment pretax income grew to $25.0M with pretax margin expanding to 4.0% from 2.3%, supported by a lower title loss ratio and better cost efficiency. Real estate solutions revenues climbed 66% to $161.4M, and pretax income nearly tripled to $11.0M, even while absorbing higher amortization and integration costs linked to the MCS acquisition.

On the balance sheet, cash declined to $271.2M as total cash flows from operating, investing and financing activities were negative in the quarter, but total cash and investments remained around $920.0M. Debt of $646.7M kept leverage broadly stable, and book value per share stayed above $53. The filing highlights growing exposure to real estate solutions and continued reliance on regulated insurance subsidiaries for liquidity, but management characterizes capital and reserves as adequate under current conditions.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 10-Q

(Mark One)

☑    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 001-02658

 STEWART INFORMATION SERVICES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware									74-1677330
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer 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

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 per share			STC			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 (§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

☐

Non-accelerated filer

☐

Emerging growth company

☐

Accelerated filer

☐

Smaller reporting 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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐  No ☑

On April 29, 2026, there were 30,427,083 outstanding shares of the issuer's Common Stock.

FORM 10-Q QUARTERLY REPORT

QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS

Item						Page
			PART I – FINANCIAL INFORMATION
1.			Financial Statements			3
2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			17
3.			Quantitative and Qualitative Disclosures About Market Risk			27
4.			Controls and Procedures			27
			PART II – OTHER INFORMATION
1.			Legal Proceedings			28
1A.			Risk Factors			28
2.			Unregistered Sales of Equity Securities and Use of Proceeds			28
5.			Other Information			28
6.			Exhibits			29
			Signature			29

As used in this report, “we,” “us,” “our,” "Registrant," the “Company” and “Stewart” mean Stewart Information Services Corporation and our subsidiaries, unless the context indicates otherwise.

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

									Three Months Ended   March 31,
															2026						2025
															(in $'000, except per share)
Revenues
Direct title revenues															270,177						231,680
Agency title revenues															333,006						267,518
Real estate solutions															161,371						97,077
Operating revenues															764,554						596,275
Investment income															13,851						12,656
Net realized and unrealized gains															2,902						3,053
															781,307						611,984
Expenses
Amounts retained by agencies															276,142						221,377
Employee costs															221,098						185,811
Other operating expenses															217,517						160,911
Title losses and related claims															18,442						17,702
Depreciation and amortization															16,855						15,322
Interest															7,628						4,961
															757,682						606,084
Income before taxes and noncontrolling interests															23,625						5,900
Income tax expense															(4,556)						(484)
Net income															19,069						5,416
Less net income attributable to noncontrolling interests															2,105						2,339
Net income attributable to Stewart															16,964						3,077
Net income															19,069						5,416
Other comprehensive (loss) income, net of taxes
Foreign currency translation adjustments															(2,641)						979
Change in net unrealized gains and losses on investments															(2,819)						5,356
Reclassification adjustments for realized gains and losses on investments															9						36
Other comprehensive (loss) income, net of taxes															(5,451)						6,371
Comprehensive income															13,618						11,787
Less net income attributable to noncontrolling interests															2,105						2,339
Comprehensive income attributable to Stewart															11,513						9,448
Basic average shares outstanding (000)															30,297						27,828
Basic earnings per share attributable to Stewart															0.56						0.11
Diluted average shares outstanding (000)															30,809						28,341
Diluted earnings per share attributable to Stewart															0.55						0.11

See notes to condensed consolidated financial statements.

3

CONDENSED CONSOLIDATED BALANCE SHEETS

			March 31, 2026 (Unaudited)						December 31, 2025
			(in $'000, except share amounts)
Assets
Cash and cash equivalents			271,235						321,775
Short-term investments			46,250						47,899
Investments, at fair value:
Debt securities (amortized cost of $554,775 and $558,544)			551,161						558,488
Equity securities			51,324						47,682
			602,485						606,170
Receivables:
Premiums from agencies			35,473						38,286
Trade and other			145,605						116,626
Income taxes			5,149						3,145
Notes			39,136						39,812
Allowance for uncollectible amounts			(9,160)						(7,805)
			216,203						190,064
Property and equipment:
Land			1,597						1,597
Buildings and improvements			16,303						16,231
Furniture and equipment			271,545						259,581
Accumulated depreciation			(197,553)						(192,079)
			91,892						85,330
Operating lease assets			107,988						106,034
Title plants, at cost			81,711						81,670
Goodwill			1,276,164						1,271,958
Intangible assets, net of amortization			316,097						325,135
Deferred tax assets			7,738						7,656
Other assets			220,224						209,114
			3,237,987						3,252,805
Liabilities
Notes payable			646,748						646,606
Accounts payable and accrued liabilities			251,949						255,852
Operating lease liabilities			123,859						122,153
Estimated title losses			516,776						524,473
Deferred tax liabilities			52,991						53,323
			1,592,323						1,602,407
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital			521,984						520,243
Retained earnings			1,146,038						1,145,415
Accumulated other comprehensive loss:
Foreign currency translation adjustments			(24,505)						(21,864)
Net unrealized losses on debt securities investments			(2,854)						(44)
Treasury stock – 352,161 common shares, at cost			(2,666)						(2,666)
Stockholders’ equity attributable to Stewart			1,637,997						1,641,084
Noncontrolling interests			7,667						9,314
Total stockholders’ equity (30,424,694 and 30,223,311 shares outstanding)			1,645,664						1,650,398
			3,237,987						3,252,805

See notes to condensed consolidated financial statements.

4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Three Months Ended   March 31,
			2026						2025
			(in $'000)
Reconciliation of net income to cash used by operating activities:
Net income			19,069						5,416
Add (deduct):
Depreciation and amortization			16,855						15,322
Adjustments for bad debt provisions			1,846						922
Net realized and unrealized gains			(2,902)						(3,053)
Amortization of net discount on debt securities investments			(405)						(527)
Payments for title losses in excess of provisions			(6,023)						(1,337)
Increase in receivables – net			(25,086)						(15,226)
Increase in other assets – net			(9,710)						(16,619)
Decrease in accounts payable and other liabilities – net			(4,025)						(18,737)
Change in net deferred income taxes			1,230						(24)
Net income from equity method investments			(249)						(269)
Dividends received from equity method investments			559						585
Stock-based compensation expense			4,171						3,488
Other – net			180						132
Cash used by operating activities			(4,490)						(29,927)
Investing activities:
Proceeds from sales of investments in securities			1,006						16,009
Proceeds from matured investments in debt securities			13,855						11,864
Purchases of investments in securities			(18,805)						(22,377)
Net sales (purchases) of short-term investments			135						(4,275)
Purchases of property and equipment and other long-lived assets			(16,442)						(12,314)
Proceeds from sale of property and equipment and other assets			53						1,537
Cash paid for acquisition of businesses and related assets			(1,905)						(7,424)
Increase in notes receivable			—						(2,500)
Purchases of cost-basis and other investments			(71)						(909)
Other – net			319						382
Cash used by investing activities			(21,855)						(20,007)
Financing activities:
Proceeds from notes payable			2,564						995
Payments on notes payable			(2,503)						(1,115)
Distributions to noncontrolling interests			(3,948)						(3,850)
Contributions from noncontrolling interests			112						—
Repurchases of Common Stock			(5,233)						(3,365)
Proceeds from stock option and employee stock purchase plan exercises			2,803						2,897
Cash dividends paid			(16,341)						(13,942)
Payment of contingent consideration related to acquisitions			(316)						(265)
Cash used by financing activities			(22,862)						(18,645)
Effects of changes in foreign currency exchange rates			(1,333)						791
Change in cash and cash equivalents			(50,540)						(67,788)
Cash and cash equivalents at beginning of period			321,775						216,298
Cash and cash equivalents at end of period			271,235						148,510

See notes to condensed consolidated financial statements.

5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

			Common Stock						Additional paid-in capital						Retained earnings						Accumulated other comprehensive loss						Treasury stock						Noncontrolling interests						Total
			(in $'000)
Three Months Ended March 31, 2026
Balance at December 31, 2025			30,577						489,666						1,145,415						(21,908)						(2,666)						9,314						1,650,398
Net income attributable to Stewart			—						—						16,964						—						—						—						16,964
Dividends on Common Stock ($0.53 per share)			—						—						(16,341)						—						—						—						(16,341)
Stock-based compensation			235						3,936						—						—						—						—						4,171
Stock repurchases			(82)						(5,151)						—						—						—						—						(5,233)
Stock option and employee stock purchase plan exercises			49						2,754						—						—						—						—						2,803
Change in net unrealized gains and losses on investments, net of taxes			—						—						—						(2,819)						—						—						(2,819)
Reclassification adjustment for realized gains and losses on investments, net of taxes			—						—						—						9						—						—						9
Foreign currency translation adjustments, net of taxes			—						—						—						(2,641)						—						—						(2,641)
Net income attributable to noncontrolling interests			—						—						—						—						—						2,105						2,105
Distributions to noncontrolling interests			—						—						—						—						—						(3,948)						(3,948)
Net effect of other changes in ownership			—						—						—						—						—						196						196
Balance at March 31, 2026			30,779						491,205						1,146,038						(27,359)						(2,666)						7,667						1,645,664
Three Months Ended March 31, 2025
Balance at December 31, 2024			28,117						330,604						1,089,484						(43,397)						(2,666)						8,947						1,411,089
Net income attributable to Stewart			—						—						3,077						—						—						—						3,077
Dividends on Common Stock ($0.50 per share)			—						—						(14,183)						—						—						—						(14,183)
Stock-based compensation			150						3,338						—						—						—						—						3,488
Stock repurchases			(48)						(3,317)						—						—						—						—						(3,365)
Stock option and employee stock purchase plan exercises			54						2,843						—						—						—						—						2,897
Change in net unrealized gains and losses on investments, net of taxes			—						—						—						5,356						—						—						5,356
Reclassification adjustment for realized gains and losses on investments, net of taxes			—						—						—						36						—						—						36
Foreign currency translation adjustments, net of taxes			—						—						—						979						—						—						979
Net income attributable to noncontrolling interests			—						—						—						—						—						2,339						2,339
Distributions to noncontrolling interests			—						—						—						—						—						(3,850)						(3,850)
Balance at March 31, 2025			28,273						333,468						1,078,378						(37,026)						(2,666)						7,436						1,407,863

See notes to condensed consolidated financial statements.

6

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1

Interim financial statements. The financial information contained in this report for the three months ended March 31, 2026 and 2025, and as of March 31, 2026, is unaudited. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 27, 2026 (2025 Form 10-K).

A. Management’s responsibility. The accompanying interim financial statements were prepared by management, which is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.

B. Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% to 50% of the voting stock, are accounted for using the equity method.

C. Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements in the states of domicile of our underwriters for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $494.4 million and $492.0 million at March 31, 2026 and December 31, 2025, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $3.8 million and $4.4 million at March 31, 2026 and December 31, 2025, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.

NOTE 2

Revenues. The Company's operating revenues, summarized by type, are as follows:

									Three Months Ended   March 31,
															2026						2025
															(in $ thousands)
Title insurance premiums:
Direct															192,716						162,824
Agency															333,006						267,518
Escrow fees															39,090						34,478
Real estate solutions and abstract fees															177,538						113,466
Other revenues															22,204						17,989
															764,554						596,275

7

NOTE 3

Investments in debt and equity securities. As of March 31, 2026 and December 31, 2025, the net unrealized investment gains relating to investments in equity securities held were $18.1 million and $14.8 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:

			March 31, 2026												December 31, 2025
			Amortized costs						Fair values						Amortized costs						Fair values
			(in $ thousands)
Municipal			9,878						9,870						12,292						12,274
Corporate			145,789						143,285						144,571						143,621
Foreign			340,382						339,350						347,588						348,084
U.S. Treasury Bonds			58,726						58,656						54,093						54,509
			554,775						551,161						558,544						558,488

Foreign debt securities consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:

			March 31, 2026												December 31, 2025
			Gains						Losses						Gains						Losses
			(in $ thousands)
Municipal			6						14						5						23
Corporate			833						3,337						1,646						2,596
Foreign			2,814						3,846						3,645						3,149
U.S. Treasury Bonds			260						330						543						127
			3,913						7,527						5,839						5,895

Debt securities as of March 31, 2026 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

			Amortized costs						Fair values
			(in $ thousands)
In one year or less			74,177						74,065
After one year through five years			280,783						279,233
After five years through ten years			186,074						185,330
After ten years			13,741						12,533
			554,775						551,161

8

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026, were:

			Less than 12 months												More than 12 months												Total
			Losses						Fair values						Losses						Fair values						Losses						Fair values
			(in $ thousands)
Municipal			3						2,432						11						2,499						14						4,931
Corporate			243						25,258						3,094						70,236						3,337						95,494
Foreign			901						89,000						2,945						113,451						3,846						202,451
U.S. Treasury Bonds			216						29,526						114						5,808						330						35,334
			1,363						146,216						6,164						191,994						7,527						338,210

The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2026 was 205. Of these securities, 101 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses increased at March 31, 2026 compared to December 31, 2025, primarily due to higher interest rates in 2026. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025, were:

			Less than 12 months												More than 12 months												Total
			Losses						Fair values						Losses						Fair values						Losses						Fair values
			(in $ thousands)
Municipal			4						2,621						19						5,918						23						8,539
Corporate			9						10,284						2,587						71,989						2,596						82,273
Foreign			364						43,539						2,785						119,970						3,149						163,509
U.S. Treasury Bonds			36						8,720						91						6,425						127						15,145
			413						65,164						5,482						204,302						5,895						269,466

NOTE 4

Fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal, or most advantageous, market for the asset or liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, there is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible.

The three levels of inputs used to measure fair value are as follows:

•Level 1 – quoted prices in active markets for identical assets or liabilities;

•Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

•Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

9

As of March 31, 2026, financial instruments measured at fair value on a recurring basis are summarized below:

			Level 1						Level 2						Fair value measurements
			(in $ thousands)
Investments in securities:
Debt securities:
Municipal			—						9,870						9,870
Corporate			—						143,285						143,285
Foreign			—						339,350						339,350
U.S. Treasury Bonds			—						58,656						58,656
Equity securities			51,324						—						51,324
			51,324						551,161						602,485

As of December 31, 2025, financial instruments measured at fair value on a recurring basis are summarized below:

			Level 1						Level 2						Fair value measurements
			(in $ thousands)
Investments in securities:
Debt securities:
Municipal			—						12,274						12,274
Corporate			—						143,621						143,621
Foreign			—						348,084						348,084
U.S. Treasury Bonds			—						54,509						54,509
Equity securities			47,682						—						47,682
			47,682						558,488						606,170

As of March 31, 2026 and December 31, 2025, Level 1 financial instruments consist of equity securities. Level 2 financial instruments consist of municipal, governmental, and corporate bonds, both U.S. and foreign. In accordance with the Company’s policies and guidelines which incorporate relevant statutory requirements, the Company’s third-party registered investment manager invests only in securities rated as investment grade or higher by the major rating services, where observable valuation inputs are significant. The fair value of the Company's investments in debt and equity securities is primarily determined using a third-party pricing service provider. The third-party pricing service provider calculates the fair values using both market approach and model valuation methods, as well as pricing information obtained from brokers, dealers and custodians. Management ensures the reasonableness of the third-party service valuations by comparing them with pricing information from the Company's investment manager.

10

NOTE 5

Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:

									Three Months Ended   March 31,
															2026						2025
															(in $ thousands)
Realized gains															2						556
Realized losses															(446)						(678)
Net unrealized investment gains recognized on equity securities still held															3,346						3,175
															2,902						3,053

Investment gains and losses recognized related to investments in equity securities are as follows:

									Three Months Ended   March 31,
															2026						2025
															(in $ thousands)
Net investment gains recognized on equity securities during the period															3,345						2,854
Less: Net realized losses on equity securities sold during the period															(1)						(321)
Net unrealized investment gains recognized on equity securities still held															3,346						3,175

Proceeds from sales of investments in securities are as follows:

									Three Months Ended   March 31,
															2026						2025
															(in $ thousands)
Proceeds from sales of debt securities															939						12,544
Proceeds from sales of equity securities															67						3,465
Total proceeds from sales of investments in securities															1,006						16,009

NOTE 6

Goodwill. The summary of changes in goodwill is as follows:

			Title						Real Estate Solutions												Consolidated Total
			(in $ thousands)
Balances at December 31, 2025			728,553						543,405												1,271,958
Acquisitions			2,185						—												2,185
Purchase accounting adjustments			(117)						2,138												2,021
Balances at March 31, 2026			730,621						545,543												1,276,164

During the first quarter 2026, goodwill recorded was primarily related to an acquisition of a title office in the title segment and purchase accounting adjustments in the real estate solutions segment related to Mortgage Contracting Services (MCS), which was acquired in the fourth quarter 2025. Management expects to complete its purchase accounting for MCS within the one-year measurement period from acquisition date.

11

NOTE 7

Estimated title losses. A summary of estimated title losses for the three months ended March 31 is as follows:

			2026						2025
			(in $ thousands)
Balances at January 1			524,473						511,534
Provisions:
Current year			17,854						17,318
Previous policy years			588						384
Total provisions			18,442						17,702
Payments, net of recoveries:
Current year			(2,274)						(3,833)
Previous policy years			(22,191)						(15,206)
Total payments, net of recoveries			(24,465)						(19,039)
Effects of changes in foreign currency exchange rates			(1,674)						593
Balances at March 31			516,776						510,790
Loss ratios as a percentage of title operating revenues:
Current year provisions			3.0		%				3.5		%
Total provisions			3.1		%				3.5		%

NOTE 8

Share-based payments. As part of its incentive compensation program for executives and senior management employees, the Company provides share-based awards, which primarily include a combination of time-based restricted stock units and performance-based restricted stock units, and are typically granted annually during the first quarter of the year. Each restricted stock unit represents a contractual right to receive a share of the Company's Common Stock. The time-based units generally vest on each of the first three anniversaries of the grant date, while the performance-based units vest upon achievement of certain financial objectives and employee service requirements over a period of approximately three years. The Company has not granted stock options since 2021 and all outstanding stock option awards are already fully vested. The compensation expense associated with the share-based awards is calculated based on the fair value of the related award and recognized over the corresponding vesting period.

During the first three months of 2026 and 2025, the Company granted time-based and performance-based restricted stock units with aggregate grant-date fair values of $18.2 million (304,000 units with an average grant price per unit of $59.92) and $15.1 million (211,000 units with an average grant price per unit of $71.44), respectively.

12

NOTE 9

Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if restricted units were vested and issued and stock options were exercised. In periods of net losses, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS.

The calculation of the basic and diluted EPS is as follows:

									Three Months Ended   March 31,
															2026						2025
Numerator:
Net income attributable to Stewart (in $'000)															16,964						3,077
Denominator (in '000):
Basic average shares outstanding															30,297						27,828
Average number of dilutive shares relating to options															181						201
Average number of dilutive shares relating to restricted units															331						312
Diluted average shares outstanding															30,809						28,341
Basic earnings per share attributable to Stewart ($)															0.56						0.11
Diluted earnings per share attributable to Stewart ($)															0.55						0.11

NOTE 10

Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of March 31, 2026, the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related guarantees are not more than the Company’s future lease obligations, as presented on the condensed consolidated balance sheets, plus lease operating expenses. As of March 31, 2026, the Company also had unused letters of credit aggregating $4.9 million related to workers’ compensation and other insurance. The Company does not expect to make any payments on these guarantees.

NOTE 11

Regulatory and legal developments. The Company is subject to claims and lawsuits arising in the ordinary course of its business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiffs seek exemplary or treble damages in excess of policy limits. The Company does not expect that any of these ordinary course proceedings will have a material adverse effect on its consolidated financial condition or results of operations. The Company believes that it has adequate reserves for the various litigation matters and contingencies referred to in this paragraph and that the likely resolution of these matters will not materially affect its consolidated financial condition or results of operations.

13

The Company is subject to non-ordinary course of business claims or lawsuits from time to time. To the extent the Company is currently the subject of these types of lawsuits, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Additionally, the Company occasionally receives various inquiries from governmental regulators concerning practices in the insurance industry. Many of these practices do not concern title insurance. To the extent the Company is in receipt of such inquiries, it believes that, where appropriate, it has adequately reserved for these matters and does not anticipate that the outcome of these inquiries will materially affect its consolidated financial condition or results of operations.

The Company is subject to various other administrative actions, investigations and inquiries into its business conduct in certain of the states in which it operates. While the Company cannot predict the outcome of the various regulatory and administrative matters, it believes that it has adequately reserved for these matters and does not anticipate that the outcome of any of these matters will materially affect its consolidated financial condition or results of operations.

NOTE 12

Segment information. The Company's chief operating decision maker (CODM) is the chief executive officer, who evaluates the performance of and allocates resources to its three reportable segments: title insurance and related services (title), real estate solutions, and corporate. The Company uses revenues and pretax income in assessing segment performance and trends. The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, abstracting, examining, closing and insuring the condition of the title to the property. In addition, the title segment includes home and personal insurance services, Internal Revenue Code Section 1031 tax-deferred exchanges, and digital customer engagement platform services. The real estate solutions segment supports the real estate industry and primarily includes credit and real estate information services, property preservation and field services, valuation services, online notarization and closing solutions, and capital markets search services. The corporate segment is primarily comprised of the parent holding company and centralized support services departments.

Statement of income information related to these reportable segments, including major expense captions used to calculate pretax income, is as follows:

									Three Months Ended  March 31,
															2026						2025
									(in $ thousands)
Title:
Revenues															620,090						514,874
Expenses
Amounts retained by agencies															276,142						221,377
Employee costs															195,366						168,487
Other operating expenses															96,478						86,505
Title losses and related claims															18,442						17,702
Depreciation and amortization															8,239						8,614
Interest															456						422
															595,123						503,107
Pretax income															24,967						11,767

14

									Three Months Ended March 31,
															2026						2025
									(in $ thousands)
Real estate solutions:
Revenues															161,400						97,112
Expenses
Employee costs															22,360						13,736
Other operating expenses															119,653						72,943
Depreciation and amortization															8,358						6,372
Interest															4						2
															150,375						93,053
Pretax income															11,025						4,059

Corporate:
Revenues - net realized losses															(183)						(2)
Expenses
Employee costs															3,372						3,588
Other operating expenses															1,386						1,463
Depreciation and amortization															258						336
Interest															7,168						4,537
															12,184						9,924
Pretax loss															(12,367)						(9,926)

Consolidated Stewart:
Revenues															781,307						611,984
Expenses
Amounts retained by agencies															276,142						221,377
Employee costs															221,098						185,811
Other operating expenses															217,517						160,911
Title losses and related claims															18,442						17,702
Depreciation and amortization															16,855						15,322
Interest															7,628						4,961
															757,682						606,084
Pretax income															23,625						5,900

The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment.

Total revenues generated in the United States and all international operations are as follows:

									Three Months Ended   March 31,
															2026						2025
															(in $ thousands)
United States															747,797						581,575
International															33,510						30,409
															781,307						611,984

15

NOTE 13

Other comprehensive (loss) income. Changes in the balances of each component of other comprehensive (loss) income and the related tax effects are as follows:

			Three Months Ended   March 31, 2026												Three Months Ended   March 31, 2025
			Before-Tax Amount			Tax Expense (Benefit)			Net-of-Tax Amount						Before-Tax Amount			Tax Expense (Benefit)			Net-of-Tax Amount
			(in $ thousands)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments			(3,570)			(751)			(2,819)						6,779			1,423			5,356
Reclassification adjustments for realized gains and losses on investments			12			3			9						46			10			36
			(3,558)			(748)			(2,810)						6,825			1,433			5,392
Foreign currency translation adjustments			(3,537)			(896)			(2,641)						1,436			457			979
Other comprehensive (loss) income			(7,095)			(1,644)			(5,451)						8,261			1,890			6,371

16

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

MANAGEMENT’S OVERVIEW

First quarter 2026 overview. We reported net income attributable to Stewart of $17.0 million ($0.55 per diluted share) for the first quarter 2026, compared to net income attributable to Stewart of $3.1 million ($0.11 per diluted share) for the first quarter 2025. Pretax income before noncontrolling interests for the first quarter 2026 was $23.6 million compared to pretax income before noncontrolling interests of $5.9 million for the prior year quarter. First quarter 2026 and 2025 results included $2.9 million and $3.1 million, respectively, of pretax net realized and unrealized gains, both primarily driven by net gains from fair value changes of equity securities investments recorded in the title segment.

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

			For the Three Months Ended March 31,
			2026						2025						% Change
Operating revenues			603.2						499.2						21		%
Investment income			13.8						12.6						10		%
Net realized and unrealized gains			3.1						3.1						1		%
Pretax income			25.0						11.8						112		%
Pretax margin			4.0		%				2.3		%

Title segment operating revenues increased $104.0 million (21%) in the first quarter 2026 compared to the first quarter 2025, driven by strong results across both our direct and agency title operations despite the current market environment. Direct title revenues improved $38.5 million (17%), primarily reflecting consistent strong performance in our domestic commercial business and improved domestic residential results. Gross agency revenues increased $65.5 million (25%), while revenues, net of agency retention, increased $10.7 million (23%) compared to the first quarter 2025. The title segment's combined employee costs and other operating expenses increased $36.9 million (14%); however, as a percentage of operating revenues, these costs improved to 48.4% in the first quarter 2026 from 51.1% in the prior year quarter, primarily due to higher title operating revenues. Title loss expense, as a percentage of title operating revenues, improved to 3.1% in the first quarter 2026, compared to 3.5% in the prior year quarter, primarily due to our continued overall favorable claims experience.

Net realized and unrealized gains in the first quarters 2026 and 2025 were primarily related to net gains on fair value changes of equity securities investments. Investment income increased $1.2 million (10%) in the first quarter 2026, primarily driven by increased interest income resulting from increased cash balances compared to the first quarter 2025. Included in the title segment's pretax income in the first quarters 2026 and 2025 were acquisition intangible asset amortization expenses of $2.7 million and $2.8 million, respectively.

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

			For the Three Months Ended March 31,
			2026						2025						% Change
Operating revenues			161.4						97.1						66		%
Pretax income			11.0						4.1						172		%
Pretax margin			6.8		%				4.2		%

17

The real estate solutions segment's operating revenues improved by $64.3 million (66%) in the first quarter 2026 compared to the prior year quarter, primarily driven by higher credit information services revenues and our recently-acquired Mortgage Contracting Services (MCS) business. Combined segment employee costs and other operating expenses increased $55.3 million (64%) in the first quarter 2026, primarily due to increased costs of services associated with increased revenue levels. The segment's first quarter 2026 pretax income included acquisition intangible asset amortization expense of $6.7 million and integration costs related to MCS of $2.5 million, while first quarter 2025 pretax income included acquisition intangible asset amortization expense of $5.5 million.

In regard to the corporate segment, pretax results were driven by net expenses attributable to corporate operations, which increased to $12.2 million for the first quarter 2026, compared to $9.9 million in the first quarter 2025, primarily driven by higher interest expense on increased debt balances.

CRITICAL ACCOUNTING ESTIMATES

The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of certain assets, liabilities, revenues, expenses and related disclosures surrounding contingencies and commitments. Actual results can differ from our accounting estimates. While we do not anticipate significant changes in our estimates, there is a risk that such changes could have a material impact on our consolidated financial condition or results of operations for future periods. During the three months ended March 31, 2026, we made no material changes to our critical accounting estimates as previously disclosed in Management’s Discussion and Analysis in the 2025 Form 10-K.

Operations. Our primary business is title insurance and settlement-related services. We close transactions and issue title policies on homes, commercial and other real properties located in all 50 states, the District of Columbia and international markets through policy-issuing offices, agencies and centralized title services centers. Our real estate solutions operations include credit and real estate information services, valuation services, online notarization and closing services, and capital markets search services. The corporate segment includes our parent holding company and centralized support services departments.

Factors affecting revenues. The principal factors that contribute to changes in our operating revenues include:

•interest rates;

•availability of mortgage loans;

•number and average value of mortgage loan originations;

•ability of potential purchasers to qualify for loans;

•inventory of existing homes available for sale;

•ratio of purchase transactions compared with refinance transactions;

•ratio of closed orders to open orders;

•home prices;

•consumer confidence, including employment trends;

•demand by buyers;

•premium rates and related state regulations;

•foreign currency exchange rates;

•market share;

•ability to attract and retain highly productive sales associates;

•independent agency remittance rates;

•opening and integration of new offices and acquisitions;

•office closures;

•number and value of commercial transactions, which typically yield higher premiums;

•government or regulatory initiatives;

•acquisitions or divestitures of businesses;

•volume of distressed property transactions; and

•seasonality and/or weather.

18

Premiums are determined in part by the values of the transactions we handle. To the extent inflation or market conditions cause increases in the prices of homes and other real estate, premium revenues are also increased. Conversely, falling home prices cause premium revenues to decline. Home price changes may override the seasonal nature of the title insurance business. Historically, our first quarter is the least active in terms of title insurance revenues as home buying is generally depressed during winter months. Our second and third quarters are typically the most active as the summer is the traditional home buying season, and while commercial transaction closings are skewed to the end of the year, individually large commercial transactions can occur any time of the year. On average, title premium rates for refinance orders are lower compared to a similarly priced purchase transaction.

RESULTS OF OPERATIONS

Comparisons of our results of operations for the three months ended March 31, 2026 with the corresponding periods in the prior year are set forth below. Factors contributing to fluctuations in the results of operations are presented in the order of their monetary significance, and we have quantified, when necessary, significant changes. Segment results are included in the discussions and, when relevant, are discussed separately.

Our statements on home sales, interest rates and loan activity are based on published U.S. industry data from sources including Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR) and the U.S. Census Bureau as of March 31, 2026. We also use information from our direct operations.

Operating environment. According to NAR, March 2026 existing home sales (seasonally-adjusted basis) were approximately 3.98 million units, representing declines of 1% and 4% compared to last year and February 2026, respectively. The decreases were primarily attributed to lower consumer confidence and elevated mortgage interest rates. As a result of continued limited housing inventory, the median existing home price rose to $408,800 in March 2026, a new record high for the month and the 33rd consecutive month of year-over-year median price appreciation. In regard to residential construction activity in March 2026, U.S. housing starts (seasonally-adjusted) were 11% higher, while newly-issued building permits declined 7% compared to last year.

Based on averaged estimates by Fannie Mae and MBA, total U.S. single family mortgage originations increased 42% to $536 billion during the first quarter 2026 compared to the first quarter 2025. This increase was primarily driven by a 128% rise in refinancing originations, while purchase lending improved by 10%. The 30-year fixed mortgage interest rate, while still relatively elevated, averaged 6.1% during the first quarter 2026 compared to 6.8% in the prior year quarter. The 30-year fixed mortgage interest rate is expected to remain relatively stable for the remainder of the year. For the second quarter 2026, existing and new homes sales (seasonally-adjusted) are expected to increase 5% and 7%, respectively, compared to last year, while total purchase and refinancing originations are forecast to improve 1% and 63%, respectively, compared to the second quarter 2025.

Title revenues. Direct title revenues information is presented below:

			Three Months Ended March 31,
			2026						2025						Change			% Chg
			(in $ millions)
Non-commercial:
Domestic			145.6						134.4						11.2			8		%
International			24.1						22.2						1.9			9		%
			169.7						156.6						13.1			8		%
Commercial:
Domestic			93.9						69.3						24.6			35		%
International			6.6						5.8						0.8			14		%
			100.5						75.1						25.4			34		%
Total direct title revenues			270.2						231.7						38.5			17		%

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Domestic commercial revenues improved $24.6 million, or 35%, in the first quarter 2026 compared to the first quarter 2025, primarily driven by higher commercial transaction size and volume, primarily across energy, industrial, site development, data center and retail asset classes. The average domestic commercial fee per file in the first quarter 2026 was $21,100, which is a 33% improvement compared to $15,800 in the same period in 2025, while domestic commercial closed orders increased 2%.

Domestic non-commercial revenues increased $11.2 million, or 8%, in the first quarter 2026, primarily due to higher closed transaction volumes, driven by increased refinancing activity, compared to the first quarter 2025. The average residential fee per file was $3,300 in the first quarter 2026, consistent with the prior year quarter. Total international revenues improved $2.7 million, or 10%, in the first quarter 2026, primarily driven by improved residential volumes compared to the same period in 2025.

Orders information is as follows:

			Three Months Ended March 31,
			2026			2025			Change			% Chg
Opened Orders:
Commercial			5,350			4,328			1,022			24		%
Purchase			44,610			46,250			(1,640)			(4)		%
Refinance			23,321			17,562			5,759			33		%
Other*			11,427			10,803			624			6		%
Total			84,708			78,943			5,765			7		%
Closed Orders:
Commercial			4,459			4,390			69			2		%
Purchase			26,033			26,780			(747)			(3)		%
Refinance			13,385			9,898			3,487			35		%
Other*			4,750			4,605			145			3		%
Total			48,627			45,673			2,954			6		%

*Other orders are primarily related to real estate investor and reverse mortgage transactions.

Gross revenues from independent agency operations increased $65.5 million, or 25%, in the first quarter 2026, primarily due to improved volumes in our key agency states and increased commercial transactions compared to the same period in 2025. Agency revenues, net of retention, increased $10.7 million, or 23%, in the first quarter 2026, in line with the gross agency revenue increase. Refer further to the "Retention by agencies" discussion under Expenses below.

Real estate solutions revenues. Real estate solutions revenues improved $64.3 million, or 66%, in the first quarter 2026 compared to the prior year quarter, primarily due to higher revenues from our credit information services business and contribution from our recently-acquired MCS business.

Investment income. Investment income increased $1.2 million, or 9%, in the first quarter 2026 compared to the prior year quarter, primarily driven by higher interest income resulting from increased cash balances in 2026.

Net realized and unrealized gains. Refer to Note 5 to the condensed consolidated financial statements.

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Expenses. An analysis of expenses is shown below:

			Three Months Ended March 31,
			2026						2025						Change*			% Chg
			(in $ millions)
Amounts retained by agencies			276.1						221.4						54.7			25		%
As a % of agency title revenues			82.9		%				82.8		%
Employee costs			221.1						185.8						35.3			19		%
As a % of operating revenues			28.9		%				31.2		%
Other operating expenses			217.5						160.9						56.6			35		%
As a % of operating revenues			28.4		%				27.0		%
Title losses and related claims			18.4						17.7						0.7			4		%
As a % of title revenues			3.1		%				3.5		%

*May not foot due to rounding.

Retention by agencies. Amounts retained by title agencies are based on agreements between agencies and our title underwriters. Amounts retained by independent agencies, as a percentage of revenues generated by them, averaged 82.9% in the first quarter 2026, which was comparable to 82.8% in the first quarter 2025. The average retention percentage may vary from period to period due to the geographical mix of agency operations, the volume of title revenues and, in some states, laws or regulations. Due to the variety of such laws or regulations, as well as competitive factors, the average retention rate can differ significantly from state to state. In addition, a high proportion of our independent agencies are in states with retention rates greater than 80%. We continue to focus on increasing profit margins in every state, increasing premium revenue in states where remittance rates are higher, and maintaining the quality of our agency network, which we believe to be the industry’s best, in order to mitigate claims risk and drive consistent future performance. While market share is important in our agency operations channel, it is not as important as margins, risk mitigation and profitability.

Employee costs. Consolidated employee costs increased $35.3 million, or 19%, in the first quarter 2026 compared to the same period in 2025, primarily driven by higher salaries and employee benefits expenses related to an increased average employee count, as well as higher incentive compensation consistent with improved operating results. Employee costs in the title segment increased $26.9 million, or 16%, while employee costs in the real estate solutions segment increased $8.6 million, or 63%, in the first quarter 2026, both primarily driven by volume growth and recent acquisitions.

Total employee costs, as a percentage of total operating revenues, improved to 28.9% in the first quarter 2026, compared to 31.2% in the first quarter 2025, primarily driven by higher 2026 operating revenues. During the first quarter 2026, we had an average of approximately 8,000 employees compared to 6,800 in the first quarter 2025, primarily driven by volume growth and acquisitions, while average cost per employee increased slightly by 2% compared to the prior year quarter.

Other operating expenses. Other operating expenses include costs that are primarily fixed in nature, costs that follow, to varying degrees, changes in transaction volumes and revenues (variable costs) and costs that fluctuate independently of revenues (independent costs). Costs that are primarily fixed in nature include rent and other occupancy expenses, equipment rental, insurance, repairs and maintenance, technology costs and telecommunications expenses. Variable costs include third-party service and appraiser expenses related to real estate solutions operations, title outside search fees, attorney fee splits, credit losses (on receivables), copy supplies, delivery fees, postage, premium taxes and title plant maintenance expenses. Independent costs include general supplies, litigation defense, business promotion and marketing, and travel.

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Consolidated other operating expenses increased $56.6 million, or 35%, in the first quarter 2026 compared to the first quarter 2025. Total variable costs in the first quarter 2026 increased $50.8 million, or 50%, primarily due to higher real estate solutions third-party service and appraiser expenses, as well as increased title outside search fees and premium taxes related to higher operating revenues. Total costs that are primarily fixed in nature increased slightly by $1.1 million, or 2%, while independent costs increased $4.7 million, or 36%, primarily driven by higher business promotion and marketing costs, travel expenses and bank fees. As a percentage of total operating revenues, consolidated other operating expenses in the first quarter 2026 increased to 28.4%, compared to 27.0% in the prior year quarter, primarily due to the increased size of our real estate solutions operations, which typically have higher other operating expenses.

Title losses. Provisions for title losses, as a percentage of title operating revenues, were 3.1% and 3.5% for the first quarter 2026 and 2025, respectively. Title loss expense in the first quarter 2026 increased by $0.7 million, or 4%, compared to the prior year quarter, primarily due to the effect of increased title revenues being partially offset by our continued overall favorable claims experience. The title loss ratio in any given quarter can be significantly influenced by changes in large claims incurred, escrow losses and adjustments to reserves for existing large claims.

The composition of title policy loss expense is as follows:

			Three Months Ended March 31,
			2026						2025			Change			% Chg
			(in $ millions)
Provisions – known claims:
Current year			1.8						2.3			(0.5)			(22)		%
Prior policy years			3.1						13.9			(10.8)			(78)		%
			4.9						16.2			(11.3)			(70)		%
Provisions – IBNR
Current year			16.0						15.0			1.0			7		%
Prior policy years			0.6						0.4			0.2			50		%
			16.6						15.4			1.2			8		%
Transferred from IBNR to known claims			(3.1)						(13.9)			10.8			78		%
Total provisions			18.4						17.7			0.7			4		%

Provisions for known claims arise primarily from prior policy years as claims are not typically reported until several years after policies are issued. Provisions - Incurred But Not Reported (IBNR) are estimates of claims expected to be incurred over the next 20 years; therefore, it is not unusual or unexpected to experience changes to those estimated provisions in both current and prior policy years as additional loss experience on policy years is obtained. This loss experience may result in changes to our estimate of total ultimate losses expected (i.e., the IBNR policy loss reserve). Current year provisions - IBNR are recorded on policies issued in the current year as a percentage of premiums earned (provisioning rate). As claims become known, provisions are reclassified from IBNR to known claims. Adjustments relating to large losses (those individually in excess of $1.0 million) may impact provisions either for known claims or for IBNR.

Total known claims provision decreased $11.3 million, or 70%, in the first quarter 2026 compared to the same period in 2025, primarily as a result of lower reported claims primarily relating to prior policy years. Current year IBNR provisions increased $1.0 million, or 7%, primarily due to increased title premiums. As a percentage of title operating revenues, provisions - IBNR for the current policy year were 2.7% and 3.0% for the first quarters 2026 and 2025, respectively.

Total claim payments increased $5.4 million, or 28%, in the first quarter 2026 compared to the prior year quarter, primarily due to higher payments on large claims relating to prior policy years. We continue to manage and resolve large claims prudently and in keeping with our commitments to our policyholders.

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In addition to title policy claims, we incur losses in our direct operations from escrow, closing and disbursement functions. These escrow losses typically relate to errors or other miscalculations of amounts to be paid at closing, including timing or amount of a mortgage payoff, payment of property or other taxes and payment of homeowners’ association fees, and wire fraud. In those cases, the title insurer incurs the loss under its obligation to ensure that an unencumbered title is conveyed and performs various recovery actions to offset or reduce the impact to the title insurer. These escrow losses are recognized as expenses (net of any recovery) when discovered or when contingencies associated with them (such as litigation) are resolved and are typically paid less than 12 months after the loss is recognized.

Total title policy loss reserve balances are as follows:

			March 31, 2026						December 31, 2025
			(in $ millions)
Known claims			65.3						84.8
IBNR			451.5						439.7
Total estimated title losses			516.8						524.5

The actual timing of estimated title loss payments may vary since claims, by their nature, are complex and paid over long periods of time. Based on historical payment patterns, the outstanding loss reserves are substantially paid out within eight years. As a result, the estimate of the ultimate amount to be paid on any claim may be modified over that time period. Due to the inherent uncertainty in predicting future title policy losses, significant judgment is required by both our management and our third party actuaries in estimating reserves. As a consequence, our ultimate liability may be materially greater or less than current reserves and/or our third party actuary’s calculated estimates.

Depreciation and amortization. Total depreciation and amortization expenses in the first quarter 2026 increased $1.5 million, or 10%, from the prior year quarter, primarily due to increased intangible amortization and depreciation expenses related to our recent MCS acquisition, partially offset by lower amortization expenses resulting from several assets becoming fully amortized in 2026.

Income taxes. Our effective tax rate (based on income before taxes and after deducting income attributable to noncontrolling interests) of 21.2% in the first quarter of 2026 was higher compared to 13.6% in the first quarter 2025, primarily due to the effect of discrete income tax benefits on a lower pretax income in the first quarter 2025.

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LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources reflect our ability to generate cash flow to meet our obligations to stockholders, customers (payments to satisfy claims on title policies), vendors, employees, lenders and others. As of March 31, 2026, our total cash and investments, including amounts reserved pursuant to statutory requirements, aggregated $920.0 million, of which $496.4 million ($292.1 million, net of statutory reserves) was held in the United States and the rest internationally (principally in Canada).

As a holding company, the parent company is funded principally by cash from its subsidiaries' earnings in the form of dividends, operating and other administrative expense reimbursements and pursuant to intercompany tax sharing agreements. Cash held at the parent company and its unregulated subsidiaries (which totaled $146.2 million at March 31, 2026) is available for funding the parent company's operating expenses, interest payments on debt and dividend payments to common stockholders. The parent company also receives distributions from Stewart Title Guaranty Company (Guaranty), its regulated title insurance underwriter, to meet cash requirements for acquisitions and other strategic investments.

A substantial majority of our consolidated cash and investments as of March 31, 2026 was held by Guaranty and its subsidiaries. The use and investment of these funds, dividends to the parent company, and cash transfers between Guaranty and its subsidiaries and the parent company are subject to certain legal and regulatory restrictions. In general, Guaranty uses its cash and investments in excess of its legally-mandated statutory premium reserve (established in accordance with requirements under Texas law) to fund its insurance operations, including claims payments. Guaranty may also, subject to certain limitations, provide funds to its subsidiaries (whose operations consist principally of field title offices and real estate solutions operations) for their operating and debt service needs.

We maintain investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $494.4 million and $492.0 million at March 31, 2026 and December 31, 2025, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $3.8 million and $4.4 million at March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, our known claims reserve totaled $65.3 million and our estimate of claims that may be reported in the future, under generally accepted accounting principles, totaled $451.5 million. In addition to this, we had cash and investments (at amortized cost and excluding equity method investments) of $203.1 million, which are available for underwriter operations, including claims payments, and acquisitions.

The ability of Guaranty to pay dividends to its parent is governed by Texas insurance law. The Texas Department of Insurance (TDI) must be notified of any dividend declared, and any dividend in excess of the greater of the statutory net operating income or 20% of surplus (which was approximately $165.4 million as of December 31, 2025) would be, by regulation, considered extraordinary and subject to pre-approval by the TDI. Also, the Texas Insurance Commissioner may raise an objection to a planned distribution during the notification period. Guaranty’s actual ability or intent to pay dividends to its parent may be constrained by business and regulatory considerations, such as the impact of dividends on surplus and liquidity, which could affect its ratings and competitive position, the amount of insurance it can write and its ability to pay future dividends. Guaranty did not pay any dividends to the parent company during the first quarter 2026 and 2025.

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As the parent company conducts no operations apart from its wholly-owned subsidiaries, the discussion below focuses on consolidated cash flows.

			Three Months Ended March 31,
			2026						2025
			(in $ millions)
Net cash used by operating activities			(4.5)						(29.9)
Net cash used by investing activities			(21.9)						(20.0)
Net cash used by financing activities			(22.9)						(18.6)

Operating activities. Our principal sources of cash from operations are premiums on title policies and revenue from title service-related transactions, real estate solutions and other operations. Our independent agencies remit cash to us net of their contractual retention. Our principal cash expenditures for operations are employee costs, operating costs and title claims payments.

Net cash used by operations improved $25.4 million to $4.5 million during the first quarter 2026, compared to $29.9 million of net cash used by operations during the same period in 2025, primarily driven by the higher net income and lower payments of liabilities in the first quarter 2026. Although our business is labor intensive, we are focused on a cost-effective, scalable business model which includes utilization of technology, centralized back and middle office functions and business process outsourcing. We are continuing our emphasis on cost management, especially in light of the current economic environment due to elevated mortgage interest rates, specifically focusing on lowering unit costs of production and improving operating margins in our direct title and real estate solutions operations. Our plans to improve margins include additional automation of manual processes, further consolidation of our various systems and production operations, and full integration of acquisitions. We continue to invest in the technology necessary to accomplish these goals.

Investing activities. Cash used and provided by investing activities is primarily related to proceeds from matured and sold investments, purchases of investments, capital expenditures and acquisition of businesses. During the first quarters 2026 and 2025, total proceeds from securities investments sold and matured were $14.9 million and $27.9 million, respectively, while cash used for purchases of securities investments was $18.8 million and $22.4 million, respectively. Additionally, during the first quarters 2026 and 2025, we used $16.4 million and $12.3 million, respectively, of cash for expenditures related to property and equipment and other long-lived assets, while we used net cash of $1.9 million and $7.4 million, respectively, for acquisitions of title businesses. We maintain investment in capital expenditures at a level that enables us to implement technologies for increasing our operational and back-office efficiencies and to pursue growth in key markets.

Financing activities and capital resources. Total debt and stockholders’ equity were $646.7 million and $1.65 billion, respectively, as of March 31, 2026. At March 31, 2026, our debt-to-equity and debt-to-capitalization ratios, excluding our Section 1031 tax-deferred property exchange notes, were approximately 39% and 28%, respectively, which were consistent with December 31, 2025.

As of March 31, 2026, the outstanding balance of our Senior Notes was $446.4 million, while our line of credit facility had an outstanding balance of $200.0 million, with a remaining borrowing capacity of $97.5 million and an option to increase the line of credit facility by up to $125.0 million. During the first quarters 2026 and 2025, payments on notes payable of $2.5 million and $1.1 million, respectively, and notes payable additions of $2.6 million and $1.0 million, respectively, were related to our Section 1031 business, which had an outstanding balance of $0.2 million as of March 31, 2026.

During the first quarter 2026, we paid total dividends of $16.3 million ($0.53 per common share), compared to total dividends paid of $13.9 million ($0.50 per common share) during the same period in 2025.

25

We believe we have sufficient liquidity and capital resources to meet the cash needs of our ongoing operations, including consideration of the current economic and real estate environment created by the elevated mortgage interest rates. However, we may determine that additional debt or equity funding is warranted to provide liquidity for achievement of strategic goals or acquisitions or for unforeseen circumstances. Other than scheduled maturities of debt, operating lease payments and anticipated claims payments, we have no material contractual commitments. We expect that cash flows from operations and cash available from our underwriters, subject to regulatory restrictions, will be sufficient to fund our operations, including title claims payments. However, to the extent that these funds are not sufficient, we may be required to borrow funds on terms less favorable than we currently have or seek funding from the equity market, which may not be successful or may be on terms that are dilutive to existing stockholders.

Contingent liabilities and commitments. See discussion of contingent liabilities and commitments in Note 10 to the condensed consolidated financial statements.

Other comprehensive (loss) income. Unrealized gains and losses on available-for-sale debt securities investments and changes in foreign currency exchange rates are reported net of deferred taxes in accumulated other comprehensive income (loss), a component of stockholders’ equity, until they are realized. During the first quarter 2026, net unrealized investment losses of $2.8 million, net of taxes, which increased our other comprehensive loss, were primarily related to net decreases in the fair values of our foreign and corporate bond securities investments which were influenced by higher interest rates. During the first quarter 2025, net unrealized investment gains of $5.4 million, net of taxes, which increased our other comprehensive income, were primarily related to net increases in the fair values of our foreign and corporate bond securities investments, primarily due to lower interest rates.

Changes in foreign currency spot exchange rates (primarily related to our Canadian and United Kingdom operations) resulted in other comprehensive loss, net of taxes, of $2.6 million in the first quarter 2026, primarily due to the depreciation of both the Canadian dollar and British pound relative to the U.S. dollar. In the first quarter 2025, both the Canadian dollar and the British pound appreciated relative to the U.S. dollar, primarily resulting in other comprehensive income, net of taxes, of $1.0 million.

Off-balance sheet arrangements. We do not have any material source of liquidity or financing that involves off-balance sheet arrangements. We also routinely hold funds in segregated escrow accounts pending the closing of real estate transactions and have qualified intermediaries in tax-deferred property exchanges for customers pursuant to Section 1031 of the Internal Revenue Code. The Company holds the proceeds from these transactions until a qualifying exchange can occur. In accordance with industry practice, these segregated accounts are not included on the balance sheet. See Note 15 in our 2025 Form 10-K.

Forward-looking statements. Certain statements in this report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as “may,” "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "foresee" or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the following:

•the volatility of economic conditions, including economic changes that may result from new or increased tariffs, trade restrictions, prolonged federal government shutdowns or geopolitical tensions;

•adverse changes in the level of real estate activity;

•changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing;

•our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems;

•the impact of unanticipated title losses or the need to strengthen our policy loss reserves;

•any effect of title losses on our cash flows and financial condition;

•the ability to attract and retain highly productive sales associates;

•the impact of vetting our agency operations for quality and profitability;

•independent agency remittance rates;

•changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products;

•regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees;

26

•our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services;

•our ability to realize anticipated benefits of our previous acquisitions;

•the outcome of pending litigation;

•our ability to manage risks associated with potential cybersecurity or other privacy or data security breaches;

•the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services;

•our dependence on our operating subsidiaries as a source of cash flow;

•our ability to access the equity and debt financing markets when and if needed;

•effects of seasonality and weather; and

•our ability to respond to the actions of our competitors.

The above risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including in Part I, Item 1A "Risk Factors" in our 2025 Form 10-K, and as may be further updated and supplemented from time to time in our future Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this report are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this report to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes during the three months ended March 31, 2026 in our investment strategies, types of financial instruments held or the risks associated with such instruments that would materially alter the market risk disclosures made in our 2025 Form 10-K.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures. Our principal executive officer and principal financial officer are responsible for establishing and maintaining disclosure controls and procedures. They evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2026, and have concluded that, as of such date, our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting. There was no change in our internal control over financial reporting during the quarter ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

27

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See discussion of legal proceedings in Note 11 to the condensed consolidated financial statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part II, Item 1, as well as Item 3. Legal Proceedings, in our 2025 Form 10-K.

Item 1A. Risk Factors

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A. “Risk Factors” in our 2025 Form 10-K. There have been no material changes to our risk factors since our 2025 Form 10-K.

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

There were no repurchases of our Common Stock during the three months ended March 31, 2026, except for repurchases of approximately 82,000 shares (aggregate purchase price of approximately $5.2 million) related to the statutory income tax withholding on the vesting of restricted unit grants to executives and senior management employees.

Item 5. Other Information

Book value per share. Our book value per share was $53.84 and $54.30 as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, our book value per share was based on approximately $1.64 billion of stockholders’ equity attributable to Stewart and 30,424,694 shares of Common Stock outstanding. As of December 31, 2025, our book value per share was based on approximately $1.64 billion of stockholders’ equity attributable to Stewart and 30,223,311 shares of Common Stock outstanding.

Trading plans. During the quarter ended March 31, 2026, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements, as defined under Item 408(a) of Regulation S-K.

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Item 6. Exhibits

Exhibit
3.1			—			Restated Certificate of Incorporation of the Registrant, dated April 28, 2016 (incorporated by reference in this report from Exhibit 3.1 of the Current Report on Form 8-K filed April 29, 2016)
3.2			—			Fifth Amended and Restated By-Laws of the Registrant, as of December 27, 2022 (incorporated by reference in this report from Exhibit 3.1 of the Current Report on Form 8-K filed December 30, 2022)
10.1†*			—			Form of 2026 Restricted Stock Unit Award Agreement, effective March 26, 2026, by and between the Registrant and its executive officers
10.2†*			—			Form of 2026 Restricted Performance Stock Unit Award Agreement, effective March 26, 2026, by and between the Registrant and its executive officers
10.3†*			—			Employment Agreement entered as of December 18, 2024 and effective as of January 1, 2025, by and between the Registrant and Ryan Swed
10.4†*			—			Employment Agreement entered as of December 18, 2024 and effective as of January 1, 2025, by and between the Registrant and Erin Sheckler
31.1*			—			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*			—			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*			—			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*			—			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*			—			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*			—			XBRL Taxonomy Extension Schema Document
101.CAL*			—			XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*			—			XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*			—			XBRL Taxonomy Extension Label Linkbase Document
101.PRE*			—			XBRL Taxonomy Extension Presentation Linkbase Document
104*			—			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith

† Management contract or compensatory plan

SIGNATURE

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

May 6, 2026

Date

						Stewart Information Services Corporation
						Registrant
By:						/s/ David C. Hisey
						David C. Hisey, Chief Financial Officer and Treasurer

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