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Third Quarter 2026 ResultsOctober 26, 2026
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BROWN & BROWN | 1 This presentation and the statements made during our earnings call may contain certain statements relating to future results which are “forward-looking statements” within the meaning of Section27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. You can identify thesestatements by forward-looking words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan” and “continue” or similar words. We have based these statements onour current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this presentation are based upon reasonableassumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements,whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could causeour actual results to differ, possibly materially from the forward-looking statements in this presentation include but are not limited to the following items: the Company’s determination as it finalizesits financial results for the third quarter of 2026 that its financial results differ from the current preliminary unaudited numbers set forth herein; risks with respect to the acquisition of RSC Topco, Inc.(“Accession”) (the “Transaction”); the possibility that the anticipated benefits, including any anticipated cost savings and strategies, of the Transaction are not realized when expected or at all; risksrelated to the financing of the Transaction, including that financing the Transaction resulted in an increase in the Company’s indebtedness; risks relating to the financial information related toAccession; the risk that certain assumptions the Company has made relating to the Transaction prove to be materially inaccurate; risks related to Accession’s business, including underwriting riskin connection with certain captive insurance companies; the inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees; acybersecurity attack or any other interruption in information technology and/or data security that may impact our operations or the operations of third parties that support us; acquisition-related risksthat could negatively affect the success of our growth strategy, including the possibility that we may not be able to successfully identify suitable acquisition candidates, complete acquisitions,successfully integrate acquired businesses into our operations and expand into new markets; risks related to our international operations, which may result in additional risks or require moremanagement time and expense than our domestic operations to achieve or maintain profitability; the requirement for additional resources and time to adequately respond to dynamics resultingfrom rapid technological change, including the increasing use of artificial intelligence and robotic processing automation; the loss of or significant change to any of our insurance company orintermediary relationships, which could result in loss of capacity to write business, additional expense, loss of market share or material decrease in our commissions; the effect of natural disasterson our Contingents, insurer capacity or claims expenses within our capitalized captive insurance facilities; adverse economic conditions, political conditions, outbreaks of war, disasters, orregulatory changes in states or countries where we have a concentration of our business; the inability to maintain our culture or a significant change in management, management philosophy or ourbusiness strategy; fluctuations in our commission revenue as a result of factors outside of our control; the effects of significant or sustained inflation or higher interest rates; claims expense resultingfrom the limited underwriting risk associated with our participation in captive insurance facilities; risks associated with our automobile and recreational vehicle finance and incentives dealer services(“F&I”) businesses; changes in, or the termination of, certain programs administered by the U.S. federal government from which we derive revenues; the limitations of our system of disclosure andinternal controls and procedures in preventing errors or fraud, or in informing management of all material information in a timely manner; our reliance on vendors and other third parties to performkey functions of our business operations and provide services to our customers; the significant control certain shareholders have; changes in data privacy and protection laws and regulations orany failure to comply with such laws and regulations; improper disclosure of confidential information; our ability to comply with non-U.S. laws, regulations and policies; the potential adverse effect ofcertain actual or potential claims, regulatory actions or proceedings on our businesses, results of operations, financial condition or liquidity; uncertainty in our business practices and compensationarrangements with insurance carriers due to potential changes in regulations; regulatory changes that could reduce our profitability or growth by increasing compliance costs, technologycompliance, restricting the products or services we may sell, the markets we may enter, the methods by which we may sell our products and services, or the prices we may charge for our servicesand the form of compensation we may accept from our customers, carriers and third parties; increasing scrutiny and changing laws or competing expectations from regulators, investors andcustomers with respect to our environmental, social and governance practices and disclosure; a decrease in demand for liability insurance as a result of tort reform legislation; our failure to complywith any covenants contained in our debt agreements; the possibility that covenants in our debt agreements could prevent us from engaging in certain potentially beneficial activities; fluctuations inforeign currency exchange rates; a downgrade to our corporate credit rating, the credit ratings of our outstanding debt or other market speculation; future sales or other dilution of our equity couldadversely affect the market price of our common stock; changes in the U.S.-based credit markets that might adversely affect our business, results of operations and financial condition; changes incurrent U.S. or global economic conditions, including an extended slowdown in the markets in which we operate; disintermediation within the insurance industry, including increased competitionfrom insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets; conditions that result in reduced insurer capacity;quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production; intangible asset risk, including the possibilitythat our goodwill may become impaired in the future; changes in our accounting estimates and assumptions; other risks and uncertainties as may be detailed from time to time in our publicannouncements and Securities and Exchange Commission (“SEC”) filings; and other factors that the Company may not have currently identified or quantified. Assumptions as to any of theforegoing, and all statements, are not based upon historical fact, but rather reflect our current expectations concerning future results and events. Forward-looking statements that we make or thatare made by others on our behalf are based upon a knowledge of our business and the environment in which we operate, but because of the factors listed above, among others, actual results maydiffer from those in the forward-looking statements. Consequently, these cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the resultsor developments anticipated by us will be realized, or even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business orour operations in the way we expect. We caution readers not to place undue reliance on these forward-looking statements. All forward-looking statements made herein are made only as of the dateof this presentation, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur orof which the Company hereafter becomes aware. Information Regarding Forward-Looking Statements
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BROWN & BROWN | 2 This presentation contains references to "non-GAAP financial measures" as defined in SEC Regulation G, consisting of Organic Revenue, Organic Revenue withContingents, EBITDAC, EBITDAC Margin, EBITDAC - Adjusted, EBITDAC Margin - Adjusted, Income Before Income Taxes - Adjusted, Income Before IncomeTaxes Margin - Adjusted, Net Income Attributable to the Company - Adjusted and Diluted Net Income Per Share - Adjusted. We present these measures becausewe believe such information is of interest to the investment community and because we believe they provide additional meaningful methods to evaluate theCompany’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis due to the impact of certain items thathave a high degree of variability, that we believe are not indicative of ongoing performance and that are not easily comparable from period to period. This non-GAAPfinancial information should be considered in addition to, not in lieu of, GAAP information as of the relevant date. Consistent with Regulation G, a description of suchinformation is provided below and tabular reconciliations of such items to our most directly comparable GAAP information can be found within this presentation aswell as in our periodic filings with the SEC.We view Organic Revenue and Organic Revenue growth (including Organic Revenue with Contingents and its growth) as important indicators when assessing andevaluating our performance on a consolidated basis and for each of our two segments, because they allow us to determine a comparable, but non-GAAP,measurement of revenue growth that is associated with the revenue sources that were a part of our business in both the current and prior year and that are expectedto continue in the future. In addition, we believe Net Income Attributable to the Company - Adjusted and Diluted Net Income Per Share - Adjusted provide ameaningful representation of our operating performance and improves the comparability of our results between periods by excluding the impact of the change inestimated acquisition earn-out payables, the impact of amortization of intangible assets and certain other non-recurring or infrequently occurring items. We also viewEBITDAC, EBITDAC - Adjusted, EBITDAC Margin, EBITDAC Margin - Adjusted, Income Before Income Taxes - Adjusted and Income Before Income Taxes Margin -Adjusted as important indicators when assessing and evaluating our performance, as they present more comparable measurements of our operating margins in ameaningful and consistent manner. As disclosed in our most recent proxy statement, we use Organic Revenue growth, Diluted Net Income Per Share - Adjusted andEBITDAC Margin - Adjusted as key performance metrics for our short-term and long-term incentive compensation plans for executive officers and other keyemployees.We do not provide a reconciliation of forward-looking non-GAAP measures, where we believe such a reconciliation would imply a degree of precision and certaintythat could be misleading and is unable to reasonably predict certain items contained in the corresponding GAAP measures without unreasonable efforts. This is dueto the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of our control, or cannot be reasonably predicted.For these reasons, we are also unable to address the probable significance of the unavailable information. Information Regarding Non-GAAP Measures
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BROWN & BROWN | 3 Non-GAAP Revenue Measures•Organic Revenueis our core commissions and fees less: (i) the core commissions and fees earned for the first twelve months by newly acquired operations; (ii)divested business (core commissions and fees generated from offices, books of business or niches sold or terminated during the comparable period); (iii) ForeignCurrency Translation (as defined below) and (iv) the Litigation-Related Impact. The term “core commissions and fees” excludes profit-sharing contingentcommissions (“Contingents”); and therefore, represents the revenues earned directly from specific insurance policies sold and specific fee-based servicesrendered. Growth of Organic Revenue can be expressed as a dollar amount or a percentage rate.•Organic Revenue with Contingentsis Organic Revenue plus Organic Contingents (as defined below). Growth of Organic Revenue with Contingents can beexpressed as a dollar amount or a percentage rate.Non-GAAP Earnings Measures•EBITDACis defined as income before interest, income taxes, depreciation, amortization and the change in estimated acquisition earn-out payables.•EBITDAC Marginis defined as EBITDAC divided by total revenues.•EBITDAC - Adjustedis defined as EBITDAC, excluding (i) (gain)/loss on disposal (as defined below), (ii) Acquisition/Integration Costs (as defined below) and (iii)mark-to-market of escrow liability (as defined below).•EBITDAC Margin - Adjustedis defined as EBITDAC - Adjusted divided by total revenues.•Income Before Income Taxes - Adjustedis defined as income before income taxes, excluding the pre-tax (i) change in estimated acquisition earn-outpayables, (ii) (gain)/loss on disposal (as defined below), (iii) Acquisition/Integration Costs (as defined below), (iv) amortization and (v) mark-to-market of escrowliability (as defined below).•Income Before Income Taxes Margin - Adjustedis defined as Income Before Income Taxes - Adjusted divided by total revenues.•Net Income Attributable to the Company - Adjustedis defined as net income attributable to the Company, excluding the after-tax (i) change in estimatedacquisition earn-out payables, (ii) (gain)/loss on disposal (as defined below), (iii) Acquisition/Integration Costs (as defined below), (iv) amortization and (v) mark-to-market of escrow liability (as defined below).•Diluted Net Income Per Share - Adjustedis defined as diluted net income per share, excluding the after-tax impact of (i) the change in estimated acquisitionearn-out payables, (ii) (gain)/loss on disposal, (as defined below), (iii) Acquisition/Integration Costs (as defined below), (iv) mark-to-market of escrow liability (asdefined below) in periods wherein the effect of mark-to-market of escrow liability is not dilutive to the Company's earnings and, therefore, not already excludedfrom the calculation of diluted net income per share in accordance withAccounting Standards Codification Topic 260 — Earnings Per Share (“ASC 260”), and (v)amortization. Information Regarding Non-GAAP Measures - Continued
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BROWN & BROWN | 4 Definitions Related to Certain Components of Non-GAAP Measures•“Acquisition/Integration Costs” means the acquisition and integration costs (e.g., costs associated with regulatory filings; costs for third-party professional services, including legal, accounting, consulting, financial advisory and due diligence; costs and fees associated with entry into the bridge financing commitment; costs of integrating or streamlining processes and information technology systems, including data migration and system integration; costs associated with optimizing vendor agreements and leased office space, including exit costs related to location combinations; and employment-related costs, including severance payments, costs associated with the transition of certain legacy compensation programs, retention-related compensation expenses, and incentive payments) arising out of our acquisition of Accession and acquisitions previously completed by Accession, which are not considered to be normal, recurring or part of ongoing operations.•“Foreign Currency Translation”means the period-over-period impact of foreign currency translation, which is calculated by applying current-year foreignexchange rates to the various functional currencies in our business to our reporting currency of US dollars for the same period in the prior year.•“(Gain)/loss on disposal”is a caption on our consolidated statements of income which reflects net proceeds received as compared to the net book valuerelated to sales of books of business and other divestiture transactions.•“Mark-to-market of escrow liability”is a caption on our consolidated statements of income which reflects the non-cash change in the fair value associated withcertain shares of the Company’s common stock held in escrow. The change is driven by fluctuations in our stock price between the beginning of the period andthe end of the period. These escrowed shares represent a portion of the merger consideration payable in connection with our acquisition of Accession. Theescrowed shares secure certain indemnification obligations of the Accession equity holders related to businesses that are in run-off or discontinued.•“Litigation-Related Impact”means the core commissions and fees attributable to (i) the loss of specifically identified customer accounts and (ii) new businessgenerated in the prior year by certain former employees, in each case in connection with the conduct of a competitor that is the subject of pending litigation inmultiple jurisdictions.•“Organic Contingents”are Contingents, less (i) Contingents earned for the first twelve months by newly acquired stand-alone operations and (ii) Contingentsearned from divested stand-alone operations (Contingents generated from stand-alone operations sold or terminated during the comparable period).Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same orcomparable terminology and may not make identical adjustments and, therefore comparability may be limited. This supplemental non-GAAP financial informationshould be considered in addition to, and not in lieu of, the Company's condensed consolidated financial statements.Targeted synergies are not a guarantee of future performance and involve significant assumptions, risks and uncertainties that may not materialize or may differmaterially from those projected. Targeted synergies include anticipated cost savings as Accession is consolidated with the Company. These estimates assume thatthe consolidation can be achieved without disrupting the operations, quality or service levels of either company and that there are no unforeseen difficulties or delaysin implementing the consolidation plan. The targeted synergies are expected to be reflected in our consolidated results by the end of 2028, but there can be noassurance that this timeframe will be met or that the estimated synergies will be realized in full or at all. Investors should not place undue significance on the targetedsynergies as a measure of the value or profitability of the combined company or as an indication of the actual results that may be achieved by the combinedcompany. Information Regarding Non-GAAP Measures - Continued
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BROWN & BROWN | 5 $1.7B Third Quarter2026 Results(Unaudited) See important disclosures regarding non-GAAP measures on pages 2-4 and non-GAAP reconciliations on pages 14-17. Total revenue growth of 7.4% Organic Revenue increase1.2%Organic Revenuewith Contingents growth1.5% Adjusted EBITDAC Margin down 200 bps34.6% YTD cash flow from operations up 13.3%$1.14B Diluted Net IncomePer Share - Adjusted increased 1.9%$1.07 Total Revenues
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BROWN & BROWN | 6 Market & BusinessOverview – 3Q26 CAT property rates continued to decline, while E&S casualty rates continued to rise, both at a pace consistent with the first half of 2026.Economic growth remained consistent with first half 2026. Hiring is relatively flat to up slightly. Key areas being monitored and managed by companies are inflation, oil prices and interest rates.Rate changes for admitted markets moderated downward slightly as compared to first half 2026. Casualty and auto rate increases moderated slightly, with property and workers’ comp. down.Repurchased $250M of stock during the quarter, $750M year to date. Completed four acquisitions and continued to build pipeline.
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BROWN & BROWN | 7 3Q26Segment Organic Revenue Growth ( U N A U D I T E D )(0.8%)2.6%RetailSpecialty Distribution0.3%2.5%Organic Revenue without ContingentOrganic Revenue with ContingentsSee important disclosures regarding non-GAAP measures on pages 2-4 and non-GAAP reconciliations on pages 14-17.
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($ Millions, Except Per Share Data; Adjusted & Unaudited)2026 2025 $ Change % ChangeTotal Revenues $1,725 $1,606 $119 7.4%Organic Revenue $1,464 $1,447 $17 1.2%Organic Revenue with Contingents $1,543 $1,520 $23 1.5%Income Before Income Taxes - Adjusted $479 $473 $6 1.3% Income Before Income Taxes Margin - Adjusted 27.8% 29.5% (170bps)EBITDAC - Adjusted $597 $587 $10 1.7% EBITDAC Margin - Adjusted 34.6% 36.6% (200bps)Net Income Attributable to the Company - Adjusted $356 $354 $2 0.6%Diluted Net Income Per Share - Adjusted $1.07 $1.05 $0.02 1.9%Weighted average number of shares outstanding - diluted330 332 -2 -0.6%Dividends declared per share $0.165 $0.150 $0.015 10.0% Third QuarterConsolidated Financial Highlights - Adjusted See important disclosures regarding non-GAAP measures on pages 2-4 and non-GAAP reconciliations on pages 14-17.BROWN & BROWN | 8
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($ Millions; Unaudited)2026 2025 $ Change % ChangeTotal revenues $978 $883 $95 10.8% Organic Revenue $854 $832 $22 2.6%Organic Revenue with Contingents $871 $850 $21 2.5%EBITDAC - Adjusted $275 $247 $28 11.3% EBITDAC Margin - Adjusted 28.1% 28.0% 10bpsThird QuarterRetail Segment See important disclosures regarding non-GAAP measures on pages 2-4 and non-GAAP reconciliations on pages 14-17.BROWN & BROWN | 9B U S I N E S S & M A R K E T C O M M E N T A R YTotal revenues grew through a combination of acquisition activity and Organic Revenue. Organic Revenue growth driven by net new business, exposure unit expansion, partially offset by slightly moderating rates across many lines.Employee benefits rates increased 9%-11%. Rate increases for most commercial lines were relatively consistent as compared to 1H 2026. Standard property market rates were down 5% to flat. Casualty pricing continued to increase 2%-5%.EBITDAC - Adjusted grew more than total revenues due to disciplined expense management and synergy realization.
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Specialty Distribution Segment See important disclosures regarding non-GAAP measures on pages 2-4 and non-GAAP reconciliations on pages 14-17.BROWN & BROWN | 10B U S I N E S S & M A R K E T C O M M E N T A R YTotal revenues increased primarily due to acquisition activity and higher Organic Contingents, which were partially offset by the decline in Organic Revenue.Organic Revenue was negatively impacted by declining CAT/DIC property rates, a challenging environment in our wholesale business and the lack of significant flooding events. These were partially offset by good performance in our casualty programs.EBITDAC - Adjusted grew slightly slower than total revenues due to investments to increase our capabilities in Europe which offset underlying margin expansion. ($ Millions; Unaudited)2026 2025 $ Change % ChangeTotal revenues $739 $681 $58 8.5% Organic Revenue $610 $615 ($5) (0.8%)Organic Revenue with Contingents $672 $670 $2 0.3% EBITDAC - Adjusted $320 $299 $21 7.0% EBITDAC Margin - Adjusted 43.3% 43.9% (60bps)Third Quarter
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. BROW N & BROW N | 11 Accession – Year in ReviewA STRONG FIRST YEAR: RESULTS IN LINE AND SYNERGY OUTLOOK RAISEDF I R S T - Y E A R F I N A N C I A L P E R F O R M A N C E S Y N E R G Y O U T L O O KAdjusted & unauditedTotal RevenuesIn line with ~$1.7B estimated at announcement EBITDAC Margin - AdjustedIn line with expectations Diluted Net Income Per Share - AdjustedAccretion in line with expectationsF u l l Y e a r 2 0 2 6~$50M Estimated EBITDAC synergiesAbove our $30–$40M prior outlook$175MRun-rate synergies by the end of 2028Up from ~$150M$250 –$300MOne-time integration costs (Prior: $200–$250M)I N T E G R A T I O N M I L E S T O N E S A C H I E V E DEnterprise-Wide✔Culture integration✔Exceeded year-one synergy target✔Leadership structure and teammate retention✔Financial controls✔Financial and HR systems, including benefit harmonizationRetail✔Producer compensation alignment✔Go-to-market sales, service and carrier model✔Branding✔Operating model and office consolidations✔System integrationsSpecialty Distribution✔Operating model✔Brand alignment✔Wholesale integration✔Carrier engagement model✔Business consolidationsPrior 2026 synergy outlook of $30–$40M as provided on our Q4 2025 earnings call and reaffirmed in Q2 2026. Prior total run-rate synergies of ~$150M and one-time integration costs of $200–$250M as provided at announcement in June 2025.
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BROWN & BROWN | 12 Closing CommentsStable economic outlook. Potentially incremental conservatism due to inflation and rising interest rates. Expecting rate changes for most admitted lines to remain consistent, with the potential for some continued slight moderation for the remainder of 2026. E&S casualty rates are expected to continue increasing. CAT property rates should remain down in 4Q, monitoring end of year placements due to abundance of capital. Making good progress on our technology, data and analytics initiatives. Capital allocation philosophy remains biased towards talent growth, share repurchases, debt paydowns, and selective M&A.
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BROWN & BROWN | 13 T H I R D Q U AR T E R 2 0 2 6 R E S U LT SReconciliation of Non-GAAP Measures
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BROWN & BROWN | 14 GAAP to Adjusted Reconciliation($ Millions, Except Per Share Data; Unaudited)As ReportedChange in Estimated Acquisition Earn-Out Payables(Gain)/ Loss on DisposalAcquisition/Integration CostsAmortizationMark-To-Market of Escrow LiabilityAdjustedTotal revenues $1,725 - - - - - $1,725 Income before income taxes $320 $27 $0 $36 $110 ($14) $479 Income Before Income Taxes Margin118.6% 27.8%EBITDAC $575 - $0 $36 - ($14) $597 EBITDAC Margin 33.3% 34.6%Net income attributable to the Company $240 $20 $0 $27 $83 ($14) $356 Diluted net income per share $0.67 $0.06 - $0.09 $0.25 $0.00 $1.07 Third Quarter 2026 21 Income Before Income Taxes Margin is defined as income before income taxes divided by total revenues.2 The calculation of diluted net income per share for the three months ended September 30, 2026 (a) excludes the mark-to-market of escrow liability and (b) includes the escrowed shares within the Company’s diluted weighted average number of shares, in each case in accordance with Accounting Standards Codification Topic 260 — Earnings Per Share (“ASC 260”), which requires this treatment in periods where the combined effect of these adjustments is accretive to earnings.3No adjustment for the mark-to-market of escrow liability was made to Diluted Net Income Per Share - Adjusted for the three months ended September 30, 2026 as the calculation of diluted net income per share for these periods already excludes the mark-to-market of escrow liability in accordance with ASC 260.See important disclosures regarding non-GAAP measures on pages 2-4.3
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BROWN & BROWN | 15 GAAP to Adjusted Reconciliation($ Millions, Except Per Share Data; Unaudited)As ReportedChange in Estimated Acquisition Earn-Out Payables(Gain)/ Loss on DisposalAcquisition/Integration CostsAmortizationMark-To-Market of Escrow LiabilityAdjustedTotal revenues $1,606 - - - - - $1,606 Income before income taxes $311 $11 - $50 $93 $8 $473 Income Before Income Taxes Margin119.4% 29.5%EBITDAC $529 - - $50 - $8 $587 EBITDAC Margin 32.9% 36.6%Net income attributable to the Company$227 $7 - $43 $69 $8 $354 Diluted net income per share $0.68 $0.02 - $0.13 $0.20 $0.02 $1.05 Third Quarter 2025 See important disclosures regarding non-GAAP measures on pages 2-4.1Income Before Income Taxes Margin is defined as income before income taxes divided by total revenues.
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BROWN & BROWN | 16 Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted($ Millions; Unaudited)2026 2025 2026 2025 2026 2025 2026 2025Total revenues $978 $883 $739 $681 $8 $42 $1,725 $1,606 Income before income taxes $147 $164 $243 $255 ($70) ($108) $320 $311 Income Before Income Taxes Margin15.0% 18.6% 32.9% 37.4% NMF NMF 18.6% 19.4%Amortization 65 66 45 27 - - 110 93 Depreciation 11 8 6 5 1 1 18 14 Interest 7 (11) 10 9 83 102 100 100 Change in estimated acquisition earn-out payables 18 10 9 1 - - 27 11 EBITDAC $248 $237 $313 $297 $14 ($5) $575 $529 EBITDAC Margin 25.4% 26.8% 42.4% 43.6% NMF NMF 33.3% 32.9%(Gain)/loss on disposal - - - - - - - - Acquisition/Integration Costs 27 10 7 2 2 38 36 50 Mark-to-market of escrow liability - - - - (14) 8 (14) 8 EBITDAC - Adjusted $275 $247 $320 $299 $2 $41 $597 $587 EBITDAC Margin - Adjusted 28.1% 28.0% 43.3% 43.9% NMF NMF 34.6% 36.6% Other TotalThird QuarterRetail Specialty Distribution See important disclosures regarding non-GAAP measures on pages 2-4.NMF = not a meaningful figure12025 amounts reflect the positive impact of approximately $29 million of interest income earned from the proceeds of the Company’s follow-on common stock offering and senior notes issuance in June 2025, held in preparation for the closing of the Company’s acquisition of RSC Topco, Inc. 1
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BROWN & BROWN | 17 Reconciliation of Commissions and Fees to Organic Revenue and Organic Revenue with Contingents($ Millions; Unaudited)2026 2025 2026 2025 2026 2025Commissions and fees $969 $877 $731 $673 $1,700 $1,550 Total change 92 58 150 Total growth % 10.5% 8.6% 9.7% Contingents (24) (18) (56) (55) (80) (73)Core commissions and fees(2)$945 $859 $675 $618 $1,620 $1,477 Acquisitions (91) (65) (156) Dispositions (10) (3) (13) Foreign Currency Translation (1) 0 (1) Litigation-Related Impact (16) (16)Organic Revenue $854 $832 $610 $615 $1,464 $1,447 Organic Revenue growth $22 ($5) $17 Organic Revenue growth % 2.6% (0.8%) 1.2% Organic Contingents 17 18 62 55 79 73 Organic Revenue with Contingents $871 $850 $672 $670 $1,543 $1,520 Organic Revenue with Contingents growth $21 $2 $23 Organic Revenue with Contingents growth % 2.5% 0.3% 1.5% TotalRetail(1)Specialty DistributionThird Quarter (1) The Retail Segment includes commissions and fees reported as “Other” in the Segment Information table in Note 12 to the Consolidated Financial Statements in our SEC filings, which includes corporate and consolidation items.(2) Core commissions and fees is defined as commissions and fees less Contingents.See important disclosures regarding non-GAAP measures on pages 2-4.
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Presented By:Brown & Brown Insurance Services, Inc. For additional information:Andrew WattsExecutive Vice President & Chief Financial Officer(386) 239-5770 | awatts@bbins.com