Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Q3 2026 Earnings Presentation
19 slides from Brown & Brown's earnings presentation, Oct 26, 2026
Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results October 26, 2026
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
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
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
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
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% $1.14B Organic Organic Diluted Net Income Adjusted YTD cash flow Revenue Revenue Per Share - Adjusted EBITDAC Margin from operations increase with Contingents increased 1.9% down 200 bps up
Slide 7: Market & Business Overview – 3Q26
Market & Business Overview – 3Q26 Economic growth remained consistent with first half 2026. Hiring is relatively flat to up slightly. Key areas being monitored and managed by companies are inflation, oil prices and interest rates. Rate changes for admitted markets moderated downward slightly as comp
Slide 8: 3Q26 Segment Organic Revenue Growth
Specialty Retail Distribution 3Q26 Segment Organic Organic Revenue without 2.6% (0.8%) Revenue Contingent Growth (UNAUDITED) Organic Revenue with 2.5% 0.3% Contingents See important disclosures regarding non-GAAP measures on pages 2-4 and non-GAAP reconciliations on pages 14-17. BROWN & BROWN | 7
Slide 9: Consolidated Financial Highlights - Adjusted
Consolidated Financial Highlights - Adjusted ($ 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 $23 1.5% Income Before Income
Slide 10: Retail Segment
Retail Segment ($ 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 $28 11.3% EBITDAC Margin - Adjusted 28.1% 28.0% 10bps B U S I N E S
Slide 11: Specialty Distribution Segment
Specialty Distribution Segment ($ 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
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 ~$1.7B estimated at announcement EBITDAC Margin - Adjusted Estimated EBITDAC synergies In
Slide 13: Closing Comments
Closing Comments Stable economic outlook. Potentially incremental conservatism due to inflation and rising interest rates. Expecting rate changes for most admitted lines to remain consistent, with the potential for some continued slight moderation for the remainder of 2026. E&S casualty rates are ex
Slide 14: Reconciliation of Non-GAAP Measures
T H I R D Q U A R T E R 2 0 2 6 R E S U LT S Reconciliation of Non-GAAP Measures BROWN & BROWN | 13
Slide 15: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ 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 $1,725 - -
Slide 16: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ 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 $1,606 - -
Slide 17: Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted
Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted ($ Millions; Unaudited) Third Quarter Retail Specialty Distribution Other Total 1 2026 2025 2026 2025 2026 2025 2026 2025 Total revenue
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
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.