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wtwco.com Earnings Release Supplemental Materials 2026 Third Quarter Financial Results October 29, 2026 © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation.
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wtwco.com WTW Forward-Looking Statements We have included in this document ‘forward-looking statements’ within the meaning of Section 27A 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. These forward-looking statements include information about possible or assumed future results of our operations or certain considerations relating to our future results. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; the impact of macroeconomic trends, including inflation, changes in interest rates, trade policies and other geopolitical risks; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies, including with respect to our reinsurance joint-venture investment with Bain Capital; our indebtedness; our ability to execute strategic transactions, including both acquisitions and dispositions, including our ability to receive adequate consideration or any earnout proceeds in return for any dispositions or integrate or manage acquired busi nesses (such as our recent acquisitions of Newfront Insurance Holdings, Inc. and Cushon) or effect internal reorganizations; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives or investments in technology; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and tec hnology changes, including investments in improving systems and processes; our ability to implement and realize anticipated bene fits of any cost-savings or investment initiatives including our newly launched artificial intelligence acceleration plan (the ‘Plan’); our cybersecurity and privac y processes; our application of artificial intelligence technologies throughout our business and our ability to compete with artificial intelligence technologies offered by new or existing competitors; our ability to protect our intellectual property; our compliance with laws and regulations; risks associated with being an Irish-incorporated company; our recognition of future impairment charges; and plans and references to future su ccesses, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net income, adjusted operating margin and adjusted earnings per share, are forward -looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature. There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, including with respect to our cash flow generation, the timing with respect to such achievement and how such achievement may be impacted by any of the risks or uncertainties set forth herein or elsewhere; the risks related to changes in general economic conditions, business and political conditions, changes in the financial market s, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine war and conflict in the Middle East, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; significant competition that we face and the potential for loss of market s hare and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; material int erruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related ris ks of cybersecurity breaches or incidents; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; our ability to effectively apply artificial intelligence and other technology, data and analytics solu tions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; the effect of competitive products (including those incorporating artificial intelligence) and pricing in cluding the level of success of new product developments and related global expansion; the risk of increased liability or new le gal claims arising from or relating to our operations, products and/or services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; compliance with extensive government regulation; the risk of regulatory claims, government inquiries or investigations or the potential for regulatory action in various jurisdictions where we operate around the world; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage organizational changes, including as a result of our investments in improving systems and processes or other initiatives, and in connection with our acquisition and divestiture activities; the risks relating to the implementation of the Plan; disasters or business continuity problems; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; our ability to increase free cash flow through enhanced billing, collection and other working capital efforts; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; our ability to hire key employees and maintain an appropriate number of employees; our ability to maintain our corporate culture; doing busi ness internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; the risk of sanctions imposed by governments, or changes to associated sanction regulations and related counter-sanctions; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or opera tional conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; risks relating to our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disc losure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to applicable U.S. state, federal and/or foreign laws, rules and regulations, recent judicial decisions and case law developments, and any other relevant policy changes and legislative actions, including the ‘Act to provide for reconciliation pursuant to title II of H. Con. Res. 14’ (‘H.R. 1’) signed into law on July 4, 2025, on our business, operations or results; the impact of recent or potential changes in state, federal, and/or foreign tax laws and regulations, including those that may impose additional excise taxes or impact our effective tax rate, including H.R. 1; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that market downturns can have a significant impact on investments made across our portfo lios; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries. The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements. 2© 2026 WTW. All rights reserved.
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wtwco.com WTW Non-GAAP Measures In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s ma nagement uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/M argin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin. The Company believes that those measures are relevant and provide pertinent information widely used by analysts, investors an d other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results. Reconciliations of these measures are included in the accompanying appendix of these earnings release supplemental materials. The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to v ariability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency i mpacts necessary for a quantitative reconciliation of these forward -looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasona ble efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non -GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non -GAAP measures. 3© 2026 WTW. All rights reserved.
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wtwco.com Maintained commitment to return capital to shareholders, with share repurchases of $220 million and dividends of $89 million in Q3 2026 Continued disciplined execution to enhance efficiency, drive operating leverage and margin expansion, and improve free cash flow Generated Organic revenue growth1 of 4%, Adjusted Operating Margin1 expansion of +150bps and Adjusted Diluted EPS1 growth of 18% in Q3 2026 Began implementing Propel, WTW’s AI Acceleration Plan announced in July, targeting ~30% Adjusted Operating Margin1 in 2028 while positioning the Company for future growth © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Key Takeaways Sustained market and new business momentum, driven by specialization, data and analytics, smart connections and technology investments 4 1 Signifies Non-GAAP financial measures. See Appendix I for Non -GAAP reconciliations.
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wtwco.com Key figures © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Q3 2026 GAAP Financial Results $USD million, except EPS and % Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Revenue % change $2,460 8% $2,288 $7,338 8% $6,772 Income from Operations % change $429 3% $418 $1,241 2% $1,218 Operating Margin % change, basis points 17.4% (90) bps 18.3% 16.9% (110) bps 18.0% Net Income % change $309 1% $306 $843 (4)% $877 Diluted EPS % change $3.24 4% $3.11 $8.76 0% $8.74 Net Cash From Operating Activities % change $1,213 21% $1,004 5
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wtwco.com© 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Q3 and YTD 2026 Key Figures Total Revenue $USD billions Adjusted Operating Margin1 % Free Cash Flow1 $USD millions Adjusted Diluted EPS1 $USD Including Non-GAAP Financial Results $7.3 $6.8 YTD 2026 YTD 2025 +4% YTD Organic1 growth 1. Signifies Non-GAAP financial measures. See Appendix I for Non -GAAP reconciliations. $2.5 $2.3 Q3-26 Q3-25 +4% Q3 Organic1 growth $10.70 $9.07 YTD 2026 YTD 2025 +18% YTD growth $3.63 $3.07 Q3-26 Q3-25 +18% Q3 growth YTD 2026 YTD 2025 21.2% 20.2% +100 bps YTD y/y margin Q3-26 Q3-25 21.9% 20.4% +150 bps Q3 y/y margin $1,064 $838 YTD 2026 YTD 2025 +$226M YTD y/y FCF 6
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wtwco.com Financial Review © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 7
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wtwco.com Q3 2026 Segment Highlights1 • For the quarter, HWC had organic revenue growth2 of 4% – Health delivered 6% organic revenue growth with positive contributions from all regions, driven by new business and strong renewals – Wealth generated 2% organic revenue growth supported by the strength of Retirement work outside of North America and new client wins – Career organic revenue growth of 9% was primarily driven by higher compensation survey sales and a return to typical timing for compensation survey delivery, along with increased communications project work – BD&O organic revenue declined by 2% with growth from new client wins, project work and regulatory-driven activity in Outsourcing being more than offset by lower commissions in Individual Marketplace • Operating income was $398 million in the quarter, an increase of 10% from the prior year • Operating margin increased 90 bps from the prior year primarily due to improved operating leverage and expense discipline Quarterly Segment Performance: Health, Wealth & Career © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. $1,350 $1,261 Q3-26 Q3-25 Revenue ($M) Segment Operating Margin1 Organic Revenue Growth2 Q3-26 Q3-25 Health 6% 7% Wealth 2% 5% Career 9% 2% Benefits Delivery & Outsourcing (BD&O) (2)% 2% Health, Wealth & Career 4% 4% 29.5% 28.6% Q3-26 Q3-25 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. 2 Signifies Non-GAAP financial measure. See Appendix I for Non -GAAP reconciliations. 8
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wtwco.com Q3 2026 Segment Highlights1 • For the quarter, R&B had organic revenue growth2 of 5% – CRB generated organic revenue growth of 5% driven by strong new business activity in North America and International, along with higher book-of-business settlement activity, partially offset by a strong prior-year comparable that included revenue recognized from multi-year project- based placements within the global specialty businesses – ICT organic revenue increased 2% for the quarter driven by strong software sales in the Technology practice, partially offset by lower Consulting revenue • Operating income was $216 million in the quarter, an increase of 14% from the prior year • Operating margin increased 100 bps driven primarily by higher book-of- business settlement activity alongside disciplined expense management Quarterly Segment Performance: Risk & Broking © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. $1,087 $1,007 Q3-26 Q3-25 Revenue ($M) Segment Operating Margin1 19.8% 18.8% Q3-26 Q3-25 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. 2 Signifies Non-GAAP financial measure. See Appendix I for Non -GAAP reconciliations. 9 Organic Revenue Growth2 Q3-26 Q3-25 Corporate Risk & Broking (CRB) 5% 6% Insurance Consulting & Technology (ICT) 2% 0% Risk & Broking 5% 6%
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wtwco.com Propel Update: Costs to Achieve and Run-Rate Savings 10 ($ millions) Q3-26 Cumulative From Inception Projected Cash1 7 7 ~625 Non-Cash2 14 14 ~25 Total Costs Incurred 21 21 ~650 Run-Rate Savings3 18 18 ~400 © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 Part of transaction and program expenses. 2 Part of restructuring costs. 3 Net of incremental AI run costs. • Incurred $7 million of cash costs and $14 million of non-cash charges during the third quarter; the non-cash charges relate to an asset impairment in R&B • Achieved $18 million of annualized run- rate savings from actions completed in the third quarter • Expect ~$625 million of cash costs and ~$25 million of non-cash charges through 2028 to generate ~$400 million of run-rate savings • After reinvesting ~$50 million to support growth, expect ~$350 million of run-rate savings net of reinvestment
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wtwco.com Maintaining a Flexible Balance Sheet © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 Total Debt equals sum of current debt and long -term debt as shown on the Consolidated Balance Sheets. 2 Signifies Non-GAAP financial measure. See Appendix I for Non -GAAP reconciliations. Reinforcing our business fundamentals; safeguarding WTW’s financial strengths ($ millions) Sept 30, 2026 Dec 31, 2025 Cash and Cash Equivalents 1,946 3,132 Total Debt1 6,532 6,306 Total Equity 7,840 8,052 Debt to Adj. EBITDA2 Trailing 12-month 2.3x 2.4x Disciplined capital management strategy Provides WTW with the financial flexibility to reinvest in our businesses, capitalize on market growth opportunities and support significant value creation for shareholders • Our capital structure provides a solid foundation of business strength and reinforces our ability to capture long-term growth and create value for shareholders • History of effectively managing our leverage with a commitment to maintaining our investment grade credit rating • Committed to a disciplined approach to managing outstanding debt and our leverage profile 11
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wtwco.com© 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Executing Against a Balanced Capital Allocation Strategy CASH RETURNED TO SHAREHOLDERS $15.1 B FY2016 to Q3 2026 MEANINGFUL DIVIDEND GROWTH +7% Cash dividend growth 10 years CAGR 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 $0.48 $0.53 $0.65 $0.71 $0.80 $0.82 $0.84 $0.88 $0.92 $0.96 $0.60 +7% Quarterly cash dividend per share Capital Allocation Priorities • Reinvest in capabilities, businesses, and processes • Invest in innovation, technology, and new business • Return excess cash to shareholders through share repurchases and dividends to create long-term shareholder value • Strengthen balance sheet and liquidity • Business portfolio management • Pursue opportunistic M&A to strengthen capabilities Q3 2026 Highlights • Repurchased $220 million of shares during the quarter • Paid quarterly cash dividends of $89 million, $0.96 per common share 12 Allocating capital to opportunities with the potential for highest return $277 $306 $329 $346 $374 $369 $352 $354 $358 $267 $396 $709 $602 $150 $901 $970 $199 2016 2017 2018 2019 2020 $1,627 2021 $3,530 2022 $1,000 2023 2024 $1,650 2025 2026 $595 $986 $908 $479 $346 $2,001 $3,899 $1,352 $1,255 $2,008 $1,237 Share repurchases Dividends
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wtwco.com Business Overview © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 13
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wtwco.com© 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 14 WTW at a Glance Delivering superior advice, broking and solutions in the areas of people, risk and capital Segments1 Geographies1 Global reach, local expertise 140+ countries & markets served by 48,100 colleagues Global and diversified client base • 90% of the Fortune Global 500 • 89% of the U.S. Fortune 1000 • 96% of the FTSE 100 • Significant middle market presence Rich heritage Servicing clients since 1828 1 Presented as % of full year 2025 revenue 55% 45% Health, Wealth & Career Risk & Broking 49% 39% 12% North America Europe International
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wtwco.com +4% Organic Segment Overview: Health, Wealth & Career1,2 © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Health, Wealth & Career: World-class portfolio of leading businesses providing advisory and consulting services within human capital, employee benefits and retirement verticals Benefits Delivery & Outsourcing provides medical exchange and outsourcing services to active employees and retirees across the group and individual markets as well as pension outsourcing Health provides advice, broking, solutions and software for employee benefit plans, HR organizations and management teams of our clients Wealth provides advice and management for retirement and investment asset owners using a sophisticated framework for managing risk Career provides compensation advisory services, employee experience software and platforms, and other career-related consulting services to our clients 15 FY25 Revenue and Organic Growth3 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. Segment results prior to 2022 were recast to reflect the realignment effective January 1, 2022. 2 All figures are shown excluding TRANZACT. 3 Signifies Non-GAAP financial measure. See Appendix I for Non -GAAP reconciliations. HWC Segment Excluding TRANZACT USD millions / % $4,607 $4,545 $4,777 $4,992 $5,254 26.5% 2021 27.2% 2022 29.6% 2023 31.4% 2024 32.0% 2025 Total Revenue Operating Margin +3% Organic +4% Organic HWC +4% Organic +6% Organic
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wtwco.com Insurance Consulting and Technology provides advice and technology solutions to the insurance industry to help clients measure and manage risk and capital and improve performance +7% Organic Segment Overview: Risk & Broking1 © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Risk & Broking: Risk advisory and solutions business delivering innovative, integrated solutions tailored to client needs and underpinned by cutting edge data and analytics, technology and experienced risk thinkers Corporate Risk & Broking provides a broad range of risk advice, insurance brokerage and consulting services to clients worldwide ranging from small businesses to multinational corporations 16 FY25 Revenue and Organic Growth2 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. Segment results prior to 2022 were recast to reflect the realignment effective January 1, 2022. 2 Signifies Non-GAAP financial measure. See Appendix I for Non -GAAP reconciliations. +1% Organic R&B Segment USD millions / % $3,564 $3,460 $3,735 $4,038 $4,334 23.4% 2021 21.2% 2022 21.8% 2023 23.7% 2024 24.7% 2025 Total Revenue Operating Margin R&B +6% Organic
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wtwco.com Strategy & Outlook © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 17
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wtwco.com Focused on Creating Long-Term Value for Shareholders © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Our successful rebuild and transformation has strengthened WTW’s position and results 18 Accelerating performance through innovation and expansion in attractive markets1 Enhancing efficiency to deliver continued adjusted operating margin expansion and FCF improvement Optimizing portfolio to elevate financial performance and strategic position Generating attractive shareholder returns through balanced capital allocation strategy 2 4 3
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wtwco.com 19 WTW Strategic & Financial Framework Accelerate Performance We will build on recent momentum to drive performance in our businesses Strategic Priorities Enhance Efficiency We will focus on enhancing operational efficiency to sustain margin and FCF improvement Optimize Portfolio We will invest strategically to optimize our portfolio and pursue scaled and high-growth broking businesses Financial Outlook Revenue Growth Mid-single digit organic growth1 plus opportunistic inorganic growth Adjusted Operating Margin Continued annual margin expansion, driven by improved efficiency and business mix Adjusted EPS Annual growth driven by margin expansion and disciplined capital management Free Cash Flow Improve FCF margin and grow FCF by evolving business mix, expanding operating margin and managing working capital © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 Signifies forward-looking Non-GAAP financial measures. See WTW Non-GAAP measures on page 3 for more.
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wtwco.com Accelerating performance and enhancing efficiency through AI, automation, data and technology Propel, WTW’s AI Acceleration Plan 20© 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Investment in Growth . Differentiated Client Experience Productivity & Efficiency Gains Create Capacity . Efficiency creates capacity to invest in growth and enhance shareholder value Reinvest created capacity in innovation, client solutions, data assets, talent and growth initiatives that strengthen WTW's competitive position Deliver better insights, differentiated solutions and improved client experiences that support growth and drive margin expansion Leverage AI, automation and capability centers to streamline work, reduce manual effort and increase productivity across the enterprise Efficiency gains create capacity that can be redeployed toward higher- value work, strategic priorities and client-facing activities Self-reinforcing growth engine
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wtwco.com Further Accelerating Performance and Enhancing Efficiency © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 21 Health, Wealth & Career • Scaling AI tools across data ingestion and analysis workflows, delivering enhanced insights • Automating high-volume workflows and deploying AI agents to support internal and external administrative processes • Driving less client administrative work, faster service, and more colleague time on high-value advice Risk & Broking • Continuing to implement Neuron, our AI-powered operating platform, across the entire placement lifecycle • Building auditable, agent-assisted workflows that simplify complex processes and reduce manual work • Equipping brokers with intelligent tools that improve speed, accuracy, and client service Enterprise Functions • Embedding AI across finance, legal, HR, sales & marketing, and IT to automate and streamline core processes • Improving speed and strengthening decision-making • Reducing operating costs and creating a more scalable, efficient organization aligned to strategic priorities Scaling AI and automation to drive the next wave of growth and productivity
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wtwco.com Propel Financial Outlook Expected Through 2028 © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 22 1 Signifies forward-looking Non-GAAP financial measures. See WTW Non-GAAP measures on page 3 for more. ~$625M Cash investment (cost-to-achieve) Additional ~$25M of non-cash costs ~$400M Run-rate savings ~1.6x cost to achieve ratio ~$350M Net run-rate savings Net run-rate savings after ~$50M of reinvestment for growth Focused initiatives across the enterprise are expected to drive sustainable adjusted operating margin expansion through 2028 2028 ADJUSTED OPERATING MARGINS¹ ~30% WTW Total ~35% Health, Wealth & Career ~30% Risk & Broking
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wtwco.com 23 2025 +200-220bps Operating leverage and portfolio optimization +300-330 bps (+) Propel savings ~(50)bps (-) Propel growth reinvestments 2028E1 25.2% ~30% Propel: WTW’s Estimated 2028 Adjusted Operating Margin1 Builds on WTW’s position of strength and adds to continued margin expansion Operating leverage and portfolio optimization R&B’s existing +100 bps margin expansion to 2027 with continued expansion thereafter HWC’s existing incremental margin improvement Integration activities and cost synergies remain on track (+) Propel adds +300 to +330 bps by 2028 Propel captures an incremental margin expansion opportunity (-) Propel provides for reinvestment in growth Reinvested in solutions that strengthen the client value proposition and capture accretive growth ~30% 1 Signifies forward-looking Non-GAAP financial measures. See WTW Non-GAAP measures on page 3 for more. © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation.
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wtwco.com 24 Long-term Organic Revenue Growth Outlook 1 Signifies forward-looking Non-GAAP financial measures. See WTW Non-GAAP measures on page 3 for more and Appendix I for Non-GAAP reconciliations. © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. WTW’s sustainable long-term, mid-single digit organic growth1 SEGMENT GROWTH PROFILES Health, Wealth & Career Mid-single digit CRB Mid- to high-single digits ICT Mid- to high-single digits Health High-single digits Wealth Low-single digits Career Mid-single digits BD&O Mid-single digits Risk & Broking Mid- to high-single digit
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wtwco.com Balanced capital allocation strategy to reflect continued pursuit of a higher growth portfolio and margin expansion 25 Capital Allocation Strategy - Driving Growth, Margin and Returns Capital allocation Growth, margin & returns Ongoing organic investments in talent, technology, and new products to drive sustainable growth and capture margin expansion opportunities Disciplined approach to M&A aligned with strategic priorities: strengthening core businesses and accelerating financial performance Share repurchases remain a central component of the capital allocation strategy and will not be impacted by Propel Maintain appropriate financial flexibility Quarterly dividends Reflects strong free cash flow generation Share repurchases Create value by returning capital to shareholders Organic & inorganic investment Talent, Innovation, M&A Debt / leverage management Long-term leverage target of 2.0x to 2.5x © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation.
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wtwco.com 26 Select 2026 Financial Considerations © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 “HSD” High-Single Digits; “MSD” Mid-Single Digits; “LSD” Low-Single Digits Adjusted Operating Margin Continued annual margin expansion at the enterprise level driven by: ~100 basis points of annual margin expansion in R&B Incremental annual margin expansion in HWC Willis Re Joint Venture Expected to be a headwind on Adjusted Diluted EPS of ~$0.30 The remaining equity investments in the interest in earnings of associates line are not expected to be material in 2026 Organic Revenue1 Enterprise: MSD Health, Wealth & Career: LSD-to-MSD • Health: HSD • Wealth: LSD • Career: LSD • BD&O: Flat Risk & Broking: MSD • CRB: MSD • ICT: LSD Foreign Exchange Expect an incremental foreign currency tailwind on Adjusted Diluted EPS of ~$0.02 for the fourth quarter of 2026, resulting in a ~$0.35 tailwind for the full year 2026 at today's rates Newfront Acquisition Expected to be ~$0.10 dilutive to Adjusted EPS in 2026 Expected 2026 post-close revenue of ~$250M and an adjusted EBITDA margin of ~26% Newfront’s Total Rewards business segment (~42%) will be included in HWC and Newfront’s Business Insurance business segment (~58%) will be included in R&B Capital Allocation and Free Cash Flow Expect share repurchases in excess of $1.0B, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities Continual improvement in FCF margin primarily from operating margin expansion along with evolving our business mix
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wtwco.com Appendix I Reconciliation of Non-GAAP Measures © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 27
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wtwco.com Constant Currency and Organic Revenue Change QTD © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 28 (i) Components of revenue change may not add due to rounding. (ii) Interest income did not contribute to organic change for the three months ended September 30, 2026. Less: Less: As Reported Currency Constant Currency Acquisitions/ Organic 2026 2025 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue excluding interest income 1,343$ 1,253$ 7% 0% 7% 4% 4% Interest income 7 8 Total 1,350 1,261 7% 0% 7% 4% 4% Risk & Broking Revenue excluding interest income 1,061$ 979$ 8% 0% 8% 4% 5% Interest income 26 28 Total 1,087 1,007 8% 0% 8% 3% 5% Segment Revenue 2,437$ 2,268$ 8% 0% 8% 4% 4% Corporate, reimbursable expenses and other 21 14 Interest income 2 6 Revenue 2,460$ 2,288$ 8% 0% 8% 4% 4%(ii) Components of Revenue Change(i) September 30, Three Months Ended
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wtwco.com Constant Currency and Organic Revenue Change YTD © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 29 (i) Components of revenue change may not add due to rounding. (ii) Interest income did not contribute to organic change for the nine months ended September 30, 2026 Less: Less: As Reported Currency Constant Currency Acquisitions/ Organic 2026 2025 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue excluding interest income 3,863$ 3,584$ 8% 1% 6% 3% 3% Interest income 22 22 Total 3,885 3,606 8% 1% 6% 3% 3% Risk & Broking Revenue excluding interest income 3,292$ 3,008$ 9% 2% 7% 2% 5% Interest income 75 73 Total 3,367 3,081 9% 2% 7% 2% 4% Segment Revenue 7,252$ 6,687$ 8% 2% 7% 3% 4% Corporate, reimbursable expenses and other 75 59 Interest income 11 26 Revenue 7,338$ 6,772$ 8% 2% 6% 3% 4%(ii) September 30, Components of Revenue Change(i) Nine Months Ended
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wtwco.com© 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Adjusted Op Income and Margin, Adj. EBITDA and Margin QTD As reported, USD millions except % 30 2026 2025 Income from operations and Operating margin 429$ 17.4% 418$ 18.3% Adjusted for certain items: Amortization 59 47 Restructuring costs 14 — Transaction and program expenses 42 2 Acquisition-related adjustments (5) — Adjusted operating income and Adjusted operating income margin 539$ 21.9% 467$ 20.4% 2026 2025 Net income 309$ 12.6% 306$ 13.4% Provision for income taxes 79 77 Interest expense 80 65 Depreciation 55 56 Amortization 59 47 Restructuring costs 14 — Transaction and program expenses 42 2 Net periodic pension and postretirement benefits (19) (12) Gain on disposal of operations (37) (26) Acquisition-related adjustments (5) — Adjusted EBITDA and Adjusted EBITDA Margin 577$ 23.5% 515$ 22.5% Three Months Ended September 30, Three Months Ended September 30,
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wtwco.com© 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Adjusted Op Income and Margin, Adj. EBITDA and Margin YTD As reported, USD millions except % 31 2026 2025 Income from operations and Operating margin 1,241$ 16.9% 1,218$ 18.0% Adjusted for certain items: Amortization 162 144 Restructuring costs 14 — Transaction and program expenses 144 4 Acquisition-related adjustments (5) — Adjusted operating income and Adjusted operating income margin 1,556$ 21.2% 1,366$ 20.2% 2026 2025 Net income 843$ 11.5% 877$ 13.0% Provision for income taxes 206 121 Interest expense 235 194 Depreciation 166 167 Amortization 162 144 Restructuring costs 14 — Transaction and program expenses 144 4 Net periodic pension and postretirement benefits (33) 50 Gain on disposal of operations (37) (40) Acquisition-related adjustments (5) — Adjusted EBITDA and Adjusted EBITDA Margin 1,695$ 23.1% 1,517$ 22.4% Nine Months Ended September 30, Nine Months Ended September 30,
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wtwco.com Adjusted Net Income and Adjusted Diluted EPS QTD © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 32 (i) The tax effect was calculated using an effective tax rate for each item. (ii) Per share values and totals may differ due to rounding. 2026 2025 Net income attributable to WTW 303$ 304$ Adjusted for certain items: Amortization 59 47 Restructuring costs 14 — Transaction and program expenses 42 2 Net periodic pension and postretirement benefits (19) (12) Gain on disposal of operations (35) (26) Acquisition-related adjustments (4) — Tax effect on certain items listed above(i) (21) (9) Tax effect of significant adjustments — (5) Adjusted Net Income 339$ 301$ Weighted-average ordinary shares, diluted 94 98 Diluted Earnings Per Share 3.24$ 3.11$ Adjusted for certain items:(ii) Amortization 0.63 0.48 Restructuring costs 0.15 — Transaction and program expenses 0.45 0.02 Net periodic pension and postretirement benefits (0.20) (0.12) Gain on disposal of operations (0.37) (0.27) Acquisition-related adjustments (0.04) — Tax effect on certain items listed above(i) (0.22) (0.09) Tax effect of significant adjustments — (0.05) Adjusted Diluted Earnings Per Share(ii) 3.63$ 3.07$ Three Months Ended September 30,
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wtwco.com Adjusted Net Income and Adjusted Diluted EPS YTD © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 33 (i) The tax effect was calculated using an effective tax rate for each item. (ii) Per share values and totals may differ due to rounding. 2026 2025 Net income attributable to WTW 829$ 870$ Adjusted for certain items: Amortization 162 144 Restructuring costs 14 — Transaction and program expenses 144 4 Net periodic pension and postretirement benefits (33) 50 Gain on disposal of operations (35) (40) Acquisition-related adjustments (4) — Tax effect on certain items listed above(i) (65) (47) Tax effect of significant adjustments — (79) Adjusted Net Income 1,012$ 902$ Weighted-average ordinary shares, diluted 95 100 Diluted Earnings Per Share 8.76$ 8.74$ Adjusted for certain items:(ii) Amortization 1.71 1.45 Restructuring costs 0.15 — Transaction and program expenses 1.52 0.04 Net periodic pension and postretirement benefits (0.35) 0.50 Gain on disposal of operations (0.37) (0.40) Acquisition-related adjustments (0.04) — Tax effect on certain items listed above(i) (0.69) (0.47) Tax effect of significant adjustments — (0.79) Adjusted Diluted Earnings Per Share(ii) 10.70$ 9.07$ Nine Months Ended September 30,
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wtwco.com Adjusted Income Before Taxes, Adjusted Income Tax Rate QTD As reported, USD millions except % © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 34 (i) The tax effect was calculated using an effective tax rate for each item. 2026 2025 Income from operations before income taxes and interest in earnings of associates 401$ 390$ Adjusted for certain items: Amortization 59 47 Restructuring costs 14 — Transaction and program expenses 42 2 Net periodic pension and postretirement benefits (19) (12) Gain on disposal of operations (37) (26) Acquisition-related adjustments (4) — Adjusted income before taxes 456$ 401$ Provision for income taxes 79$ 77$ Tax effect on certain items listed above(i) 21 9 Tax effect of significant adjustments — 5 Adjusted income taxes 100$ 91$ U.S. GAAP tax rate 19.5% 19.7% Adjusted income tax rate 21.9% 22.4% Three Months Ended September 30,
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wtwco.com Adjusted Income Before Taxes & Adjusted Income Tax Rate YTD and Free Cash Flow As reported, USD millions except % © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 35 (i) The tax effect was calculated using an effective tax rate for each item. (ii) Includes cash proceeds of $29 million collected in connection with the sale of fixed assets, which resulted in a gain of appr oximately $13 million in other operating expenses on the condensed consolidated statements of income. 2026 2025 Income from operations before income taxes and interest in earnings of associates 1,069$ 1,006$ Adjusted for certain items: Amortization 162 144 Restructuring costs 14 — Transaction and program expenses 144 4 Net periodic pension and postretirement benefits (33) 50 Gain on disposal of operations (37) (40) Acquisition-related adjustments (4) — Adjusted income before taxes 1,315$ 1,164$ Provision for income taxes 206$ 121$ Tax effect on certain items listed above(i) 65 47 Tax effect of significant adjustments — 79 Adjusted income taxes 271$ 247$ U.S. GAAP tax rate 19.3% 12.0% Adjusted income tax rate 20.6% 21.2% 2026 2025 Cash flows from operating activities 1,213$ 1,004$ Less: Net additions to fixed assets and software(ii) (149) (166) Free Cash Flow 1,064$ 838$ Nine Months Ended September 30, Nine Months Ended September 30,
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wtwco.com Appendix II GAAP to Non-GAAP Income Statement Walk © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 36
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wtwco.com GAAP to Non-GAAP Income Statement Walk QTD © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except per share data and % 37 GAAP Non-GAAP Adjustments Non-GAAP Three Months Ended September 30, 2026 Amortization, restructuring, transaction and program expenses Net periodic pension and postretirement benefits Acquisition-related adjustments Gain on disposal of operations Tax effect Three Months Ended September 30, 2026 Revenue $ 2,460 $ 2,460 Costs of providing services: Salaries and benefits 1,507 1,507 Other operating expenses 354 5 359 Depreciation 55 55 Amortization 59 (59) — Restructuring costs 14 (14) — Transaction and program expenses 42 (42) — Total cost of providing services 2,031 (115) 5 1,921 Income from operations 429 115 (5) 539 Operating Margin 17.4% 21.9% Interest expense (80) 1 (79) Other income/(loss), net 52 (19) (37) (4) Income from operations before income taxes and interest in earnings of associates 401 115 (19) (4) (37) 456 Provision for income taxes (79) (21) (100) Tax Rate 19.5% 21.9% Income from operations before interest in earnings of associates 322 115 (19) (4) (37) (21) 356 Interest in earnings of associates, net of tax (13) (13) Net income 309 115 (19) (4) (37) (21) 343 Income attributable to non-controlling interests (6) 2 (4) Net income attributable to WTW $ 303 $ 115 $ (19) $ (4) $ (35) $ (21) $ 339 Weighted-average ordinary shares, diluted 94 94 Diluted earnings per share $3.24 $3.63
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wtwco.com GAAP to Non-GAAP Income Statement Walk YTD © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except per share data and % 38 GAAP Non-GAAP Adjustments Non-GAAP Nine Months Ended September 30, 2026 Amortization, restructuring, transaction and program expenses Net periodic pension and postretirement benefits Acquisition-related adjustments Gain on disposal of operations Tax effect Nine Months Ended September 30, 2026 Revenue $ 7,338 $ 7,338 Costs of providing services: Salaries and benefits 4,492 4,492 Other operating expenses 1,119 5 1,124 Depreciation 166 166 Amortization 162 (162) — Restructuring costs 14 (14) — Transaction and program expenses 144 (144) — Total cost of providing services 6,097 (320) 5 5,782 Income from operations 1,241 320 (5) 1,556 Operating Margin 16.9% 21.2% Interest expense (235) 1 (234) Other income/(loss), net 63 (33) (37) (7) Income from operations before income taxes and interest in earnings of associates 1,069 320 (33) (4) (37) 1,315 Provision for income taxes (206) (65) (271) Tax Rate 19.3% 20.6% Income from operations before interest in earnings of associates 863 320 (33) (4) (37) (65) 1,044 Interest in earnings of associates, net of tax (20) (20) Net income 843 320 (33) (4) (37) (65) 1,024 Income attributable to non-controlling interests (14) 2 (12) Net income attributable to WTW $ 829 $ 320 $ (33) $ (4) $ (35) $ (65) $ 1,012 Weighted-average ordinary shares, diluted 95 95 Diluted earnings per share $8.76 $10.70
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wtwco.com About WTW At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving more than 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com. © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 39