Slides
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Marsh Investor Presentation Results through fourth quarter 2025
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Forward - Looking Statements This presentation contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would". Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things: the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars and global conflicts, social unrest, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates; the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business’ ability to execute timely trades; the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information; the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations; our ability to attract, retain and develop industry leading talent; our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence; our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests; our ability to fully realize the opportunities and efficiencies from the Thrive program, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency; the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams; and the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment. The factors identified above are not exhaustive. Marsh and its subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made. Further information concerning the Company, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K. Explanation of Non - GAAP Measures The Company reports its financial results in accordance with accounting principles generally accepted in the United States (referred to in this release as in accordance with "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G and item 10(e) Regulation S-K in accordance with the Securities Exchange Act of 1934. These measures are: non-GAAP revenue, adjusted operating income (loss), adjusted operating margin, adjusted income, net of tax and adjusted earnings per share (EPS). The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP in the following tables. The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the Company’s performance across periods. Management also uses these measures internally to assess the operating performance of its businesses and to decide how to allocate resources. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non- GAAP measures include adjustments that reflect how management views its businesses, and may differ from similarly titled non-GAAP measures presented by other companies. In the first quarter of 2025, the Company changed its methodology to report adjusted operating income (loss), adjusted income, net of tax and adjusted EPS to exclude the impact of intangible amortization and other net benefit credits. Prior year results are presented using the new methodology for comparative purposes.
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3© 2026 Marsh 3© 2026 Marsh Clients in 130 countries 95,000+ colleagues globally $27bn of revenue1 $692bn AUM2 ~$193bn annual premiums placed Marsh is a global leader in risk, reinsurance and capital, people and investments, and management consulting A compelling investment • Strong recurring revenue base and client retention • Capital-light business with substantial free cash flow generation • Sustained track record of top-line growth, margin expansion, adjusted EPS growth • Proven capabilities as a disciplined acquirer $16.2tn+ Assets Under Advisement3 We build the confidence to thrive through the power of perspective Our purpose 1 For trailing twelve months ended December 31, 2025. 2 As of December 31, 2025. 3 As of June 30, 2025. World-class businesses
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4© 2026 Marsh A unique collection of capabilities across market - leading businesses Our Reinsurance and Capital business: Reinsurance and capital expertise for complex risks Our Management Consulting business: Strategy (Oliver Wyman), economic (NERA) and brand consulting (Lippincott) Our People and Investments business: Consulting solutions in health and benefits, investments, retirement, and career • #1 insurance broker1 • $14.6 billion revenue2 • ~$120 billion in annual P&C premiums placed • Top-2 reinsurance broker1 • $2.6 billion revenue2 • $73 billion+ in annual global premiums placed • Leading international management consulting firm • $3.6 billion revenue2 • #1 health & benefits broker1 • #1 Outsourced CIO3 • $6.2 billion revenue2 • $692 billion of AUM4 • $16.2 trillion+ in assets under advisement5 1 Source: Business Insurance. 2 For trailing twelve months ended December 31, 2025. Marsh’s risk business and Guy Carpenter revenue include fiduciary interest income. 3 Source: Pensions & Investments, based on AUM as of March 31, 2025. 4 As of December 31, 2025. 5 As of June 30, 2025. We provide comprehensive expertise across a range of topics focused on risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries Our Risk business: Data- driven risk advisory and insurance placement solutions for resilient growth Marsh Management ConsultingMarsh Risk
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5© 2026 Marsh 2025 marked the 5th consecutive year of 9%+ growth Adjusted EPS Growth 13% Compelling investment with sustained exceptional performance CAGR 2010-2025 2025 extended the best stretch of growth in two decades Total Revenue Growth 8% CAGR 2019-2025 18 consecutive years of reported margin expansion +1,360 bps 2010-2025 Adjusted Net Operating Income (NOI) Margin $5bn of free cash flow in 2025 Free Cash Flow 17% CAGR 2010-2025 Compared to 619% for the S&P 500 over same period Total Shareholder Return (TSR) 810% Since YE 20101 Note: Reconciliation of Non-GAAP measures included in Appendix. 1 TSR through December 31, 2025, per Bloomberg.
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6© 2026 Marsh Exceptional track record of value creation $ billions 27.1%$27.0GAAP Revenue Adjusted Operating Margin $9.75Adjusted EPS 6% CAGR +1,360 bps 13% CAGR Note: Reconciliation of Non-GAAP measures included in Appendix.
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7© 2026 Marsh Consistent track record of positive operating leverage 24.4% 19.2% 2015 2025 Consistent Operating Leverage Over Time • 2025 marked our 18th consecutive year of adjusted operating margin expansion • We consistently deliver revenue growth that outpaces expense growth, fueling margin expansion • Significant opportunities for further margin expansion through enhanced efficiency, including through our Thrive Program: ‒ Further optimization of our global operating model, with more use of global capability centers ‒ Further leverage horizontal capabilities ‒ Increased use of technology and automation -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 2008 2010 2012 2014 2016 2018 2020 2022 2024 Underlying Adjusted Expense Growth Underlying Revenue Growth Significant Efficiencies in Other Operating Expense Ratio 520 bps of improvement Note: Reconciliation of Non-GAAP measures included in Appendix. Periods prior to 03/31/2019 exclude JLT. Adjusted operating margin for 2017 and prior periods is adjusted to reflect the impact of the pension standard. Underlying revenue and underlying adjusted expense growth measure changes in revenue and expenses using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as acquisitions, dispositions and transfers among businesses. Underlying revenue growth and underlying adjusted expense growth are as originally reported and exclude the impact of the pension standard. 2025
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8© 2026 Marsh $0.2tn $1.2tn 2001 2024 $15.3tn $63.1tn 2001 2024 $1.2tn $4.6tn 2001 2024 Vast addressable markets provide significant and sustainable drivers for growth Significant addressable market opportunity 1 Source: Swiss Re Institute. 2 Source: S&P Capital IQ. 3 Source: Pension Markets in Focus 2025 (Data only includes countries in the OECD). 6% CAGR 8% CAGR 6% CAGR Global Non-Life Insurance Premiums1 US Health Direct Written Premiums2 Global Retirement Assets3
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9© 2026 Marsh Strong underpinnings for continued growth across cycles Solid demand for our advice and solutions, driven by macro complexity and an increase in risk awareness, including around natural catastrophe losses, cyber, supply chain, geopolitics, and technology Innovating to serve clients in new and emerging areas of focus, including data & analytics, digital solutions, and specialty capabilities Favorable business mix shift towards higher growth areas, including middle market, international, and outsourced chief investment officer (OCIO) Further upside from collaboration by design across businesses to bring the best of the firm to help address our clients’ most pressing opportunities and challenges Consistent investments in talent, adding productive capacity while enhancing efficiency
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10© 2026 Marsh Marsh is well positioned in the digital infrastructure field 10 Trusted by over 75% of the top 25 global data center owner/operators Extensive experience with energy providers across grid, nuclear, and renewables Partner to 10 of the largest global technology companies by revenue Deep relationships with contractors, REITs, private equity firms, and technology suppliers Proven supply chain resilience strategies Innovative capital solutions freeing up hundreds of millions in liquidity The world’s largest insurance broker offering clients unique access to dedicated Nimbus capacity – our market-leading, large-scale data center construction insurance facility 103GW 115GW 130GW 150GW 173GW 200GW 2025 2026E 2027E 2028E 2029E 2030E 14% CAGR Global Data Center Capacity (GW)1 1 Source: JLL Research
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11© 2026 Marsh $5bn 4% 12% 8% 8% 14% 12% 13% 11% 14% 12% 18% 16% 14% 17% 16% 19% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Free Cash Flow (FCF) FCF as % of Revenue Free Cash Flow CAGR of 17%1 Capital - light business model with substantial free cash flow generation • $5 billion of free cash flow in 2025, translating to a strong FCF margin of 19% • 17% CAGR in free cash flow from 2010 to 2025 • Robust free cash flow generation supports our disciplined and balanced capital management strategy • Capital deployment priorities include shareholder dividend, M&A, and share buybacks Note: Reconciliation of Non-GAAP measures included in Appendix. 1 From 2010 to 2025.
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12© 2026 Marsh Balanced and disciplined capital management is a core part of our strategy 1 Balance efficiency and flexibility of capital structure 2 Drive growth through organic investment 3 Target raising dividend, reducing share count each year 4 Favor deploying capital to grow through acquisitions 5 Return excess capital through share repurchases Focus is on delivering exceptional results today, while investing for the future
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13© 2026 Marsh 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative Current Year ~$28bn1 Significant value creation through acquisitions in key growth areas 13 • Geographic expansion • Specialty investment capabilities • Expanding in OCIO • Marsh McLennan Agency • Mid-market international • Expanding in the fast- growing middle market • Geographic expansion • Specialty capabilities • Building out market- leading services and solutions • Geographic expansion • Complementary capabilities • Specialties $ billions Cumulative deal count1: >300 Re Solutions (US OCIO) 1 Through December 31, 2025. Includes acquisitions and minority investments. 13© 2026 Marsh <$1bn 2025 built on Marsh’s track record of successful acquisitions
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14© 2026 Marsh 14© 2026 Marsh Marsh McLennan Agency has been central to our M&A strategy 14 0.3 0.6 0.9 1.7 2.0 2.0+ 2.5 3.0 3.5 ~$5bn 9 35 56 75 83 94 109 115 130 - 1.0 2.0 3.0 4.0 5.0 6.0 2009 2010 2013 2016 2019 2020 2021 2022 2023 2024 2024 Pro Forma Revenue ($ billions) Cumulative Acquisitions Marsh launches MMA strategy 1 As of December 31, 2024. 2 Revenue represents latest disclosed annualized run-rate as of 2Q24. 3 Includes McGriff. • Marsh McLennan Agency has been a key part of our expansion in the middle market, both at Marsh’s risk business and Mercer • The middle market is an attractive segment of the market with strong growth momentum • Marsh can bring significant scale benefits and unique capabilities to middle market clients • With the addition of McGriff in 2024, Marsh McLennan Agency now accounts for ~$5 billion of revenue 1 2 31 2 3
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15© 2026 Marsh Consistent return of capital to shareholders through dividends and buybacks <$1 $1 $2 $3 $4 $5 $5 $6 $6 $7 $9 $10 $11 $13 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative Current Year $0.90 $0.96 $1.06 $1.18 $1.30 $1.43 $1.58 $1.74 $1.84 $2.00 $2.25 $2.60 $3.05 $3.43 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 11% CAGR Cumulative Share Repurchases ($bn) Dividends Per Share
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16© 2026 Marsh Our Thrive program aims to deliver greater value to clients, accelerate growth, and improve efficiency Business and Client Services (BCS) BCS will help our businesses extract valuable insights through AI and analytics Thrive Program Savings The new Marsh makes it simpler for clients to access the full value of our capabilities across risk, strategy and people Our stock ticker symbol changed from MMC to MRSH Automation and workforce actions will optimize our scale and specialization A New, Unified Marsh Brand BCS creates a data and technology ecosystem to enhance client outcomes and deliver operational excellence and efficiency We already have >19k colleagues in cost- effective locations ~$400 million in savings expected over the next three years, with a portion being reinvested for growth These savings are expected to deliver further margin expansion
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17© 2026 Marsh Innovative and impactful data & analytics capabilities address our clients’ most pressing needs AI-powered supply chain risk management platform enables clients to: • Map supply chains • Validate suppliers • Calculate risk scores by site • Optimize risk mitigation and transfer Marsh Blue[i] Next-generation analytics suite of digital solutions Proprietary data and advanced modeling, combined with data-driven decision support enables clients to optimize risk exposure, financing, and allocation decisions Workforce Insights AI-powered platform that helps organizations gain a comprehensive view of their talent landscape and workforce dynamics Allows ability to benchmark compensation, headcount ratio and payroll cost to performance and diversity metrics across: 100+ countries, 20,000+ companies and 2bn individual pieces of data Sentrisk
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18© 2026 Marsh A differentiated colleague value proposition: colleagues can be at their best at Marsh Impact Create solutions that have impact Leadership Develop as a leader Culture Thrive in a vibrant and inclusive culture Career Learn without limits Rewards Experience rewards that work for you Thoughtfully and strategically investing in our talent organic colleague adds since year-end 20201 ~13k improvement in revenue per colleague since 20202 23 % 18© 2026 Marsh1 Through December 31, 2025. 2 For trailing twelve months ended December 31, 2025.
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19© 2026 Marsh Governance Business Responsibility is a commitment to our shareholders, colleagues and communities Marsh’s unique capabilities enable clients to capitalize on business responsibility opportunities and navigate challenges effectively Environmental Social • Achieved certification as a CarbonNeutral® company • Received validation of our long- and short-term net zero targets by the Science Based Targets Initiative • Marsh, Guy Carpenter, Mercer and Oliver Wyman assist clients across a variety of climate-related initiatives • Empower our colleagues to be their best and make a difference for the clients and communities we serve • Build a vibrant and inclusive culture through resource groups and networks • Provide opportunities for colleagues to develop as leaders, advance their skills and grow their careers • Offer rewards that support well-being and recognize performance • Commitment to maintaining a Board with a diversity of skills, backgrounds, and experiences • Independent Chairman and directors • Annual election of all independent directors • Proxy access 19© 2026 Marsh
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20© 2026 Marsh Marsh had another great year in 2025 Marsh is well - positioned for continued outstanding performance Our focus on investing for sustained growth while delivering today is generating consistent results and advancing our competitive position We are investing in our talent, capabilities, technology and innovations that help our clients thrive M&A strengthens our client value proposition, expands on the scale and breadth of our businesses, and drives attractive economic returns; we seek to maintain flexibility for additional inorganic growth Our outlook contemplates continued revenue growth momentum and margin expansion, as we deliver operating efficiencies and invest for long-term growth Focus M&A Investments Growth
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Appendix
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22© 2026 Marsh Diversified Across Businesses and Geographies Revenue By Business Revenue By Geography Marsh Risk 54% Guy Carpenter 10% Mercer 23% Marsh Management Consulting 13% U.S. & Canada 53% EMEA 32% Asia Pacific 11% Latin America 4% 1 For trailing twelve months ended December 31, 2025. Segment revenues may not sum to total due to corporate / eliminations. Marsh 2025 Revenue: $27.0 billion1
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23© 2026 Marsh U.S. & Canada 58% EMEA 27% Asia Pacific 10% Latin America 5% Underlying Revenue Growth2 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3% 3% 3% 4% 4% 3% 11% 8% 8% 7% 4% Marsh’s risk business is the world’s leading insurance broker and risk advisor 130 countries served by Marsh worldwide We deliver industry-focused brokerage, consulting, and claims advocacy services that leverage data, technology, and analytics to lower our clients’ total cost of risk. Our expertise supports clients across more than 130 countries worldwide. • Marsh’s risk business – includes nearly three dozen specialty and industry practices • Marsh McLennan Agency (MMA) – focused on mid- market clients • Victor – among the largest underwriting managers $14.6 bn FY2025 Revenue1 150+ years of service 50k+ Global specialists 1 Total revenue includes fiduciary interest income. 2 Underlying growth excludes fiduciary interest income.
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24© 2026 Marsh U.S. & Canada 49% EMEA 40% Asia Pacific 7% Latin America 4% Underlying Revenue Growth2 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2% 2% 4% 7% 5% 6% 9% 9% 10% 8% 5% Leading global reinsurance broker $73bn+ in annual global premiums placed Guy Carpenter delivers a powerful combination of reinsurance broking expertise, capital solutions, and global analytics and strategic advisory. • Traditional Reinsurance Broking – treaty and facultative • Alternatives to Traditional Reinsurance – catastrophe bonds, industry loss warranties (ILW), sidecars and other capital markets solutions • Reinsurance-Related Services – actuarial, enterprise risk management, ratings consulting, portfolio analysis, and advice on the efficient use of capital, as well as M&A and capital raising $2.6 bn FY2025 Revenue1 100+ years in business 60+ offices worldwide 1 Total revenue includes fiduciary interest income. 2 Underlying growth excludes fiduciary interest income.
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25© 2026 Marsh U.S. & Canada 44% EMEA 36% Asia Pacific 17% Latin America 3% Underlying Revenue Growth 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4% 3% 2% 3% 2% -1% 5% 6% 7% 5% 4% Mercer is a global leader across health, wealth and career #1 health & benefits broker3 Mercer helps clients realize their investment objectives, shape the future of work, and enhance health and retirement outcomes of their people. • Health (37% of 2025 revenue) – empowers employers to manage health and benefit costs and improve the quality and cost of care; $4.5 billion of global health brokerage and consulting revenues1,2 • Wealth (45%) – investments and retirement consulting across a range of solutions, from research and advice to full investment outsourcing (OCIO) • Career (18%) – talent management strategy and workforce transformation solutions $6.2 bn FY2025 Revenue #1 OCIO4 $692 bn of AUM5 $16.2 tn+ of AUA6 1 For year ended December 31, 2025. 2 Includes both Marsh and Mercer. 3 Source: Business Insurance. 4 Source: Pensions & Investments, based on AUM as of March 31, 2025. 5 As of December 31, 2025. 6 As of June 30, 2025.
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26© 2026 Marsh U.S. & Canada 49% EMEA 45% Asia Pacific 5% Latin America 1% Underlying Revenue Growth 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7% 3% 7% 5% 6% -4% 21% 13% 8% 6% 6% Marsh is a global leader in management consulting 30+ countries Marsh offers advisory services across diverse industries and practices through three industry-leading operating units, helping clients address their most complex challenges and opportunities. • Oliver Wyman – combines deep industry knowledge with specialized expertise to help clients optimize their businesses, improve operations and accelerate performance • NERA Economic Consulting – economic analysis and advice • Lippincott – specialists in brand, experience and marketing $3.6 bn FY2025 Revenue 70+ cities 7,000+ professionals Marsh Management Consulting
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27© 2026 Marsh Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue 10,730 9,831 10,550 11,526 11,924 12,261 12,951 12,893 13,211 14,024 14,950 16,652 17,224 19,820 20,720 22,736 24,458 26,981 Operating Income as Reported 445 568 832 1,552 1,770 2,053 2,124 2,184 2,431 2,655 2,761 2,677 3,066 4,312 4,280 5,282 5,817 6,223 Restructuring Charges 328 243 141 51 78 22 12 28 44 40 161 447 340 163 427 301 276 222 Settlement, Legal & Regulatory 51 242 10 (21) (2) - - - - 15 - - - 62 30 (58) - - Adj. to Acquisition Related Accts. - - - (1) (35) 32 37 51 15 3 32 68 26 57 49 29 15 100 Other 89 39 393 (7) (6) (3) (1) (38) (15) 1 (16) 159 212 (304) (20) 9 63 203 Total noteworthy items 468 524 544 22 35 51 48 41 44 59 177 674 578 (22) 486 281 354 525 Identified intangible amort. exp. 31 26 50 66 72 77 86 109 130 169 183 314 351 365 338 343 377 549 Operating income adjustments 499 550 594 88 107 128 134 150 174 228 360 988 929 343 824 624 731 1,074 Operating Income as Adjusted 944 1,118 1,426 1,640 1,877 2,181 2,258 2,334 2,605 2,883 3,121 3,665 3,995 4,655 5,104 5,906 6,548 7,297 Operating Margin as Reported 4.1% 5.8% 7.9% 13.5% 14.8% 16.7% 16.4% 16.9% 18.4% 18.9% 18.5% 16.1% 17.8% 21.8% 20.7% 23.2% 23.8% 23.1% Operating Margin as Adjusted 8.8% 11.4% 13.5% 14.2% 15.7% 17.8% 17.4% 18.2% 19.7% 20.6% 20.9% 22.0% 23.2% 23.9% 24.7% 26.0% 26.8% 27.1% Periods prior to March 31, 2019 exclude JLT; 2017 and prior periods are adjusted to reflect the impact of the pension standard. 2024 and prior periods are adjusted to reflect the Company change of its methodology to report operating income as adjusted to exclude the impact of intangible amortization, starting with the first quarter of 2025. Other in 2010 includes $400 million net Alaska litigation settlement; 2018 - 2022 include JLT Acquisition related costs. 2018 - 2023 include disposal of businesses. 2020, 2021 and 2023 include JLT legacy E&O provision and 2021 includes $267 million gain from the fair value re-measurement of the Company’s previously held equity method investment in Marsh Risk India upon increase in ownership from 49% to 92%. 2022-2023 includes integration costs for Westpac superannuation fund transaction. 2024 includes McGriff acquisition and retention related costs and exit costs for the disposition of Mercer U.K. pension administration and U.S. health benefits businesses and one-time acquisition related retention costs, offset by net gain on the respective sales and gains on the sale of a business in Marsh Management Consulting. 2025 includes McGriff acquisition and retention related costs offset by gain on the sale of a business and a gain on the remeasurement of an investment. Adjusted operating income is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income. The above table identifies these noteworthy items and reconciles adjusted operating income to GAAP operating income on a consolidated basis. Adjusted operating margin is calculated by dividing the sum of adjusted operating income by Consolidated or Segment adjusted revenue. Marsh Reconciliation of Non-GAAP Measures ($ millions)
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28© 2026 Marsh Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue 5,466 5,284 5,557 6,079 6,350 6,596 6,931 6,869 7,143 7,630 8,228 9,599 10,337 12,085 12,645 14,089 15,395 17,265 Operating Income as Reported 280 637 871 1,125 1,272 1,385 1,389 1,366 1,581 1,731 1,864 1,833 2,346 3,080 3,089 3,945 4,365 4,636 Restructuring Charges 193 169 102 1 8 7 5 8 3 11 99 263 174 84 254 177 148 134 Settlement, Legal & Regulatory 51 12 10 (21) - - - - - 15 - - - 60 44 (58) - - Adj. to Acquisition Related Accts. - - - (1) (32) 31 37 56 12 - 22 65 25 63 44 27 9 79 Other 25 8 5 - (2) (1) - - (9) 1 (29) 118 62 (242) 58 2 83 189 Total noteworthy items 269 189 117 (21) (26) 37 42 64 6 27 92 446 261 (35) 400 148 240 402 Identified intangible amort. exp. 15 15 39 54 58 64 73 94 109 139 151 260 292 309 291 297 326 475 Operating income adjustments 284 204 156 33 32 101 115 158 115 166 243 706 553 274 691 445 566 877 Operating Income as Adjusted 564 841 1,027 1,158 1,304 1,486 1,504 1,524 1,696 1,897 2,107 2,539 2,899 3,354 3,780 4,390 4,931 5,513 Operating Margin as Reported 5.1% 12.1% 15.7% 18.5% 20.0% 21.0% 20.0% 19.9% 22.1% 22.7% 22.7% 19.1% 22.7% 25.5% 24.4% 28.0% 28.4% 26.8% Operating Margin as Adjusted 10.3% 15.9% 18.5% 19.0% 20.5% 22.5% 21.7% 22.2% 23.8% 24.9% 25.7% 26.3% 28.0% 28.5% 29.8% 31.3% 32.0% 32.0% Periods prior to 03/31/2019 exclude JLT; 2017 and prior periods are adjusted to reflect the impact of the pension standard. 2024 and prior periods are adjusted to reflect the Company change of its methodology to report operating income as adjusted to exclude the impact of intangible amortization, starting with the first quarter of 2025. Other for 2018 - 2022 includes JLT Acquisition related costs and disposal of businesses and 2021 includes $267 million gain from the fair value re-measurement of the Company’s previously held equity method investment in Marsh Risk business in India upon increase in ownership from 49% to 92%. 2024 and 2025 include McGriff acquisition and retention related costs. 2025 includes a gain on the sale of a business and a gain on the remeasurement of an investment. Adjusted operating income is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income. The above table identifies these noteworthy items and reconciles adjusted operating income to GAAP operating income on a segment basis. Adjusted operating margin is calculated by dividing the sum of adjusted operating income by Consolidated or Segment adjusted revenue. Risk & Insurance Services Reconciliation of Non-GAAP Measures ($ millions)
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29© 2026 Marsh Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue 5,196 4,609 5,042 5,487 5,613 5,701 6,059 6,064 6,112 6,444 6,779 7,143 6,976 7,789 8,139 8,709 9,133 9,794 Operating Income as Reported 501 351 117 601 688 845 934 1,014 1,038 1,110 1,099 1,210 994 1,504 1,553 1,666 1,770 1,896 Restructuring Charges 40 42 24 31 58 2 1 8 34 19 52 74 105 48 77 62 79 64 Adj. to Acquisition Related Accts. - - - - (3) 1 - (5) 3 3 10 3 (1) (3) 5 2 6 21 Other - 30 400 - - (1) - (37) (6) - 6 (12) 149 (63) (95) 6 (23) 10 Total noteworthy items 40 72 424 31 55 2 1 (34) 31 22 68 65 253 (18) (13) 70 62 95 Identified intangible amort. exp. 16 11 11 12 14 13 13 15 21 30 32 54 59 56 47 46 51 74 Operating income adjustments 56 83 435 43 69 15 14 (19) 52 52 100 119 312 38 34 116 113 169 Operating Income as Adjusted 557 434 552 644 757 860 948 995 1,090 1,162 1,199 1,329 1,306 1,542 1,587 1,782 1,883 2,065 Operating Margin as Reported 9.6% 7.6% 2.3% 11.0% 12.3% 14.8% 15.4% 16.7% 17.0% 17.2% 16.2% 16.9% 14.3% 19.3% 19.1% 19.1% 19.4% 19.4% Operating Margin as Adjusted 10.7% 9.4% 10.9% 11.7% 13.5% 15.1% 15.6% 16.5% 17.9% 18.0% 17.7% 18.6% 18.8% 19.8% 19.7% 20.4% 20.7% 21.1% Periods prior to March 31, 2019 exclude JLT; 2017 and prior periods are adjusted to reflect the impact of the pension standard. 2024 and prior periods are adjusted to reflect the Company change of its methodology to report operating income as adjusted to exclude the impact of intangible amortization, starting with the first quarter of 2025. Other in 2010 includes $400 million net Alaska litigation settlement; 2015 and 2016 reflect the gain on the disposal of Mercer’s U.S. defined contribution recordkeeping business; 2018 - 2023 include disposal of businesses; 2019 - 2022 includes JLT Acquisition related costs. 2020, 2021 and 2023 include JLT legacy E&O provision and 2022 includes JLT legacy legal claims. 2022-2023 includes integration costs for Westpac superannuation fund transaction. 2024 includes exit costs for the disposition of Mercer U.K. pension administration and U.S. health benefits businesses offset by net gain on the respective sales and gains on the sale of a business in Marsh Management Consulting. Adjusted operating income is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income. The above table identifies these noteworthy items and reconciles adjusted operating income to GAAP operating income on a segment basis. Adjusted operating margin is calculated by dividing the sum of adjusted operating income by Consolidated or Segment adjusted revenue. Consulting Reconciliation of Non-GAAP Measures ($ millions)
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30© 2026 Marsh Adjusted Earnings Per Share (EPS) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Diluted EPS, Continuing Operations $0.88 $0.70 $0.96 $1.00 $1.73 $2.13 $2.42 $2.61 $2.98 $3.38 $2.87 $3.23 $ 3.41 $ 3.94 $ 6.13 $6.04 $7.53 $8.18 $8.43 Adjustments, after tax 0.45 0.70 0.65 0.64 0.13 0.02 0.06 0.21 0.07 0.04 1.05 1.12 1.25 1.03 0.04 0.81 0.46 0.62 1.32 Diluted Adjusted EPS as previously reported $1.33 $1.40 $1.61 $1.64 $1.86 $2.15 $2.48 $2.82 $3.05 $3.42 $3.92 $4.35 $ 4.66 $ 4.97 $ 6.17 $6.85 $7.99 $8.80 Adjustments, after tax1 0.15 0.15 Diluted Adjusted EPS N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $8.14 $8.95 $9.75 Tax Benefit ($0.18) Normalized for Tax Benefit $1.43 Marsh Reconciliation of Non-GAAP Measures Periods prior to March 31, 2019 exclude JLT. 1 Starting with the first quarter of 2025, the Company changed its methodology to report adjusted EPS to exclude the impact of intangible amortization and other net benefit credits. Also provided for comparability 2023 & 2024. 2014 and 2011 adjusted EPS excludes expense of $0.15 and $0.09, respectively, related to early extinguishment of debt. Please see our fourth quarter 2025 earnings release furnished on Form 8-K for additional information regarding the adjustments for Adjusted EPS.
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31© 2026 Marsh Free Cash Flow Reconciliation of Non-GAAP Measures ($ millions) Free Cash Flow 20081 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net cash provided by operations 940 640 722 1,705 1,322 1,341 2,119 1,888 2,007 1,893 2,428 2,361 3,382 3,516 3,465 4,258 4,302 5,292 Less: Capital Expenditures (386) (305) (271) (280) (320) (401) (368) (325) (253) (302) (314) (421) (348) (406) (470) (416) (316) (291) Free Cash Flow 554 335 451 1,425 1,002 940 1,751 1,563 1,754 1,591 2,114 1,940 3,034 3,110 2,995 3,842 3,986 5,001 1 2008 and 2014 Net cash provided by operations as restated in 2009 and 2015 10Ks, respectively.
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