Willis Towers Watson Public Limited Company · NASDAQ:WTW
Willis Towers Watson Public — Willis Towers Watson — Q3 2026 Earnings Presentation
39 slides from Willis Towers Watson Public's earnings presentation, Oct 29, 2026
Slide 1: Earnings Release Supplemental Materials: 2026 Third Quarter Financial Results
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 ma
Slide 2: WTW Forward-Looking Statements
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 l
Slide 3: WTW Non-GAAP Measures
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 nag ement uses to evaluate the business and for financial planning, we present the following non - GAAP measures: (1) Constant Currency Chan
Slide 4: Key Takeaways
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
Slide 5: Key figures: Q3 2026 GAAP Financial Results
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 Nine
Slide 6: Q3 and YTD 2026 Key Figures
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 $USD
Slide 7: Financial Review
wtwco.com Financial Review © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 7
Slide 8: Q3 2026 Segment Highlights: Health, Wealth & Career
wtwco.com Q3 2026 Segment Highlights 1 • For the quarter, HWC had organic revenue growth 2 of 4% – Health delivered 6% organic revenue growth with positive contributions from all regions, driven by new business and strong renewals – Wealth generated 2% organic revenue growth supported by the strengt
Slide 9: Q3 2026 Segment Highlights: Risk & Broking
wtwco.com Q3 2026 Segment Highlights 1 • For the quarter, R&B had organic revenue growth 2 of 5% – CRB generated organic revenue growth of 5% driven by strong new business activity in North America and International, along with higher book - of - business settlement activity, partially offset by a s
Slide 10: Propel Update: Costs to Achieve and Run-Rate Savings
wtwco.com Propel Update: Costs to Achieve and Run - Rate Savings 10 Projected Cumulative From Inception Q3 - 26 ($ millions) ~625 7 7 Cash 1 ~25 14 14 Non - Cash 2 ~650 21 21 Total Costs Incurred ~400 18 18 Run - Rate Savings 3 © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“
Slide 11: Maintaining a Flexible Balance Sheet
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 De
Slide 12: Executing Against a Balanced Capital Allocation Strategy
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
Slide 13: Business Overview
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
Slide 14: WTW at a Glance
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,
Slide 15: Segment Overview: Health, Wealth & Career
wtwco.com +4% Organic Segment Overview: Health, Wealth & Career 1,2 © 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 pre
Slide 16: Segment Overview: Risk & Broking
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 & Broking 1 © 2026 WTW. All rights reserved. See “WTW Forward - Looking Stat
Slide 17: Strategy & Outlook
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
Slide 18: Focused on Creating Long-Term Value for Shareholders
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 presen
Slide 19: WTW Strategic & Financial Framework
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 i
Slide 20: Propel, WTW's AI Acceleration Plan
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, incl
Slide 21: Further Accelerating Performance and Enhancing Efficiency
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 pre
Slide 22: Propel Financial Outlook Expected Through 2028
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.
Slide 23: Propel: Estimated 2028 Adjusted Operating Margin
wtwco.com 23 2025 +200 - 220bps Operating leverage and portfolio optimization +300 - 330 bps (+) Propel savings ~(50)bps ( - ) Propel growth reinvestments 2028E 1 25.2% ~30% Propel: WTW’s Estimated 2028 Adjusted Operating Margin 1 Builds on WTW’s position of strength and adds to continued margin exp
Slide 24: Long-term Organic Revenue Growth Outlook
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 informa
Slide 25: Capital Allocation Strategy: Driving Growth, Margin and Returns
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 Ongoing organic investments in talent, technology, and new products to drive sustainable growth and captur
Slide 26: Select 2026 Financial Considerations
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”
Slide 27: Appendix I: Reconciliation of Non-GAAP Measures
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
Slide 28: Constant Currency and Organic Revenue Change QTD
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
Slide 29: Constant Currency and Organic Revenue Change YTD
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
Slide 30: Adjusted Op Income and Margin, Adj. EBITDA and Margin QTD
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
Slide 31: Adjusted Op Income and Margin, Adj. EBITDA and Margin YTD
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
Slide 32: Adjusted Net Income and Adjusted Diluted EPS QTD
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
Slide 33: Adjusted Net Income and Adjusted Diluted EPS YTD
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
Slide 34: Adjusted Income Before Taxes, Adjusted Income Tax Rate QTD
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 ma
Slide 35: Adjusted Income Before Taxes, Tax Rate YTD and Free Cash Flow
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 r
Slide 36: Appendix II: GAAP to Non-GAAP Income Statement Walk
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 presenta
Slide 37: GAAP to Non-GAAP Income Statement Walk QTD
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
Slide 38: GAAP to Non-GAAP Income Statement Walk YTD
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
Slide 39: About WTW
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 or