Brown & Brown, Inc. · NYSE:BRO

Brown & Brown — Q3 2026 Earnings Presentation

19 slides from Brown & Brown's earnings presentation, Oct 26, 2026

  1. Slide 1: Third Quarter 2026 Results

    Third Quarter 2026 Results October 26, 2026

  2. Slide 2: Information Regarding Forward-Looking Statements

    Information Regarding Forward-Looking Statements This presentation and the statements made during our earnings call may contain certain statements relating to future results which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the

  3. Slide 3: Information Regarding Non-GAAP Measures

    Information Regarding Non-GAAP Measures This presentation contains references to "non-GAAP financial measures" as defined in SEC Regulation G, consisting of Organic Revenue, Organic Revenue with Contingents, EBITDAC, EBITDAC Margin, EBITDAC - Adjusted, EBITDAC Margin - Adjusted, Income Before Income

  4. Slide 4: Information Regarding Non-GAAP Measures - Continued

    Information Regarding Non-GAAP Measures - Continued Non-GAAP Revenue Measures • Organic Revenue is our core commissions and fees less: (i) the core commissions and fees earned for the first twelve months by newly acquired operations; (ii) divested business (core commissions and fees generated from o

  5. Slide 5: Information Regarding Non-GAAP Measures - Continued

    Information Regarding Non-GAAP Measures - Continued Definitions Related to Certain Components of Non-GAAP Measures • “Acquisition/Integration Costs” means the acquisition and integration costs (e.g., costs associated with regulatory filings; costs for third-party professional services, including leg

  6. Slide 6: Third Quarter 2026 Results

    Third Quarter 2026 Results (Unaudited) $1.7B Total revenue growth of 7.4% Total Revenues 1.2% 1.5% $1.07 34.6% $1.14B Organic Organic Diluted Net Income Adjusted YTD cash flow Revenue Revenue Per Share - Adjusted EBITDAC Margin from operations increase with Contingents increased 1.9% down 200 bps up

  7. Slide 7: Market & Business Overview – 3Q26

    Market & Business Overview – 3Q26 Economic growth remained consistent with first half 2026. Hiring is relatively flat to up slightly. Key areas being monitored and managed by companies are inflation, oil prices and interest rates. Rate changes for admitted markets moderated downward slightly as comp

  8. Slide 8: 3Q26 Segment Organic Revenue Growth

    Specialty Retail Distribution 3Q26 Segment Organic Organic Revenue without 2.6% (0.8%) Revenue Contingent Growth (UNAUDITED) Organic Revenue with 2.5% 0.3% Contingents See important disclosures regarding non-GAAP measures on pages 2-4 and non-GAAP reconciliations on pages 14-17. BROWN & BROWN | 7

  9. Slide 9: Consolidated Financial Highlights - Adjusted

    Consolidated Financial Highlights - Adjusted ($ Millions, Except Per Share Data; Adjusted & Unaudited) Third Quarter 2026 2025 $ Change % Change Total Revenues $1,725 $1,606 $119 7.4% Organic Revenue $1,464 $1,447 $17 1.2% Organic Revenue with Contingents $1,543 $1,520 $23 1.5% Income Before Income

  10. Slide 10: Retail Segment

    Retail Segment ($ Millions; Unaudited) Third Quarter 2026 2025 $ Change % Change Total revenues $978 $883 $95 10.8% Organic Revenue $854 $832 $22 2.6% Organic Revenue with Contingents $871 $850 $21 2.5% EBITDAC - Adjusted $275 $247 $28 11.3% EBITDAC Margin - Adjusted 28.1% 28.0% 10bps B U S I N E S

  11. Slide 11: Specialty Distribution Segment

    Specialty Distribution Segment ($ Millions; Unaudited) Third Quarter 2026 2025 $ Change % Change Total revenues $739 $681 $58 8.5% Organic Revenue $610 $615 ($5) (0.8%) Organic Revenue with Contingents $672 $670 $2 0.3% EBITDAC - Adjusted $320 $299 $21 7.0% EBITDAC Margin - Adjusted 43.3% 43.9% (60b

  12. Slide 12: Accession – Year in Review

    Accession – Year in Review A STRONG FIRST YEAR: RESULTS IN LINE AND SYNERGY OUTLOOK RAISED FIRST-YEAR FINANCIAL PERFORMANCE Adjusted & unaudited SYNERGY OUTLOOK Total Revenues Full Year 2026 ~$50M In line with ~$1.7B estimated at announcement EBITDAC Margin - Adjusted Estimated EBITDAC synergies In

  13. Slide 13: Closing Comments

    Closing Comments Stable economic outlook. Potentially incremental conservatism due to inflation and rising interest rates. Expecting rate changes for most admitted lines to remain consistent, with the potential for some continued slight moderation for the remainder of 2026. E&S casualty rates are ex

  14. Slide 14: Reconciliation of Non-GAAP Measures

    T H I R D Q U A R T E R 2 0 2 6 R E S U LT S Reconciliation of Non-GAAP Measures BROWN & BROWN | 13

  15. Slide 15: GAAP to Adjusted Reconciliation

    GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Third Quarter 2026 Change in Mark-To- Estimated (Gain)/ Acquisition/ As Market of Acquisition Loss on Integration Amortization Adjusted Reported Escrow Earn-Out Disposal Costs Liability Payables Total revenues $1,725 - -

  16. Slide 16: GAAP to Adjusted Reconciliation

    GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Third Quarter 2025 Change in Mark-To- Estimated (Gain)/ Acquisition/ As Market of Acquisition Loss on Integration Amortization Adjusted Reported Escrow Earn-Out Disposal Costs Liability Payables Total revenues $1,606 - -

  17. Slide 17: Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted

    Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted ($ Millions; Unaudited) Third Quarter Retail Specialty Distribution Other Total 1 2026 2025 2026 2025 2026 2025 2026 2025 Total revenue

  18. Slide 18: Reconciliation of Commissions and Fees to Organic Revenue and Organic Revenue with Contingents

    Reconciliation of Commissions and Fees to Organic Revenue and Organic Revenue with Contingents ($ Millions; Unaudited) Third Quarter (1) Specialty Retail Total Distribution 2026 2025 2026 2025 2026 2025 Commissions and fees $969 $877 $731 $673 $1,700 $1,550 Total change 92 58 150 Total growth % 10.5

  19. Slide 19: For additional information: Andrew Watts

    For additional information: Andrew Watts Executive Vice President & Chief Financial Officer Presented By: (386) 239-5770 | [email protected] Brown & Brown Insurance Services, Inc.

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