Arthur J. Gallagher & Co. · NYSE:AJG

Arthur J. Gallagher & — Q3 2026 Earnings Presentation

52 slides from Arthur J. Gallagher &'s earnings presentation, Oct 29, 2026

  1. Slide 1: Arthur J. Gallagher & Co. Investor Presentation

    Arthur J. Gallagher & Co. Investor Presentation August 2026

  2. Slide 2: Cautionary Note and Forward-Looking Statements

    CAUTIONARY NOTE ON REVENUE COMPARISONS PRIOR TO 2016 & INFORMATION ON FORWARD- LOOKING STATEMENTS Revenue Recognition Accounting Standard The financial information in the slides that follow for any period prior to 2016 is presented under “Old GAAP” – i.e., before implementation of the changed revenu

  3. Slide 3: Information Regarding Non-GAAP Measures

    INFORMATION REGARDING NON-GAAP MEASURES In addition to reporting financial results in accordance with GAAP, this presentation provides information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenu

  4. Slide 4: Who We Are

    • Founded in 1927 WHO WE ARE • Public since 1984 • One of the world’s leading insurance brokers (1) • One of the world’s largest P&C third-party administrators (1) Key Facts Key Shareholder Data 130 Countries (2) 73,329 Employees 1.1% Yield (3) $ 0.70 2026 Q3 Dividend/Share $ 15.6 B Adjusted Revenue

  5. Slide 5: Gallagher Mission Statement

    GALLAGHER MISSION STATEMENT We are an international Sales and Marketing company that plans and administers cost- effective, differentiated property/casualty and human resource risk management programs as brokers, consultants and third-party administrators. Our mission is to: • Provide superior, cost

  6. Slide 6: Snapshot of Core Operations

    SNAPSHOT OF CORE OPERATIONS • 89% of revenue* • We advise and consult on insurance programs and place insurance for clients • Property/casualty and employee benefits BROKERAGE • Retail, wholesale and reinsurance SEGMENT • Middle-market commercial focus, while also serving small businesses, risk mana

  7. Slide 7: Diverse Revenue Base

    DIVERSE REVENUE BASE Brokerage Reinsurance 11% International Wholesale 11% 32% 56% Retail P/C 22% 68% Retail Benefits Domestic Risk Management General 35% Liability International 21% 79% Domestic 58% 7% Workers' Property Compensation Brokerage and Risk Management segments for the twelve months ended

  8. Slide 8: Brokerage & Risk Management Segments Combined – 2026

    BROKERAGE & RISK MANAGEMENT SEGMENTS COMBINED – 2026 Adjusted Revenues (M)* Organic Revenue Growth $9,000 8% +25% $8,000 6% $7,000 4% $6,925 $8,661 7% 5% $6,000 2% 1H 25 1H 26 1H 25 1H 26 Adjusted EBITDAC (M)* Adjusted EBITDAC Margin* $3,500 42.0% +17% -240 bps $3,000 38.0% $2,500 34.0% $2,622 $3,07

  9. Slide 9: Brokerage & Risk Management Segments Combined – 5 Yr View

    BROKERAGE & RISK MANAGEMENT SEGMENTS COMBINED – 5 YR VIEW Adjusted Revenues (M)* $15,000 18% CAGR $9,000 $5,995 $13,751 $3,000 2020 2025 Adjusted EBITDAC (M)* Adjusted EBITDAC Margin* $5,500 40.0% 21% CAGR +410 bps $4,000 35.0% $2,500 30.0% $1,841 $4,782 30.7% 34.8% $1,000 25.0% 2020 2025 2020 2025

  10. Slide 10: Brokerage Segment – 2026

    BROKERAGE SEGMENT – 2026 Adjusted Revenues (M)* Organic Revenue Growth $8,000 8% +27% $7,000 6% $6,000 4% $6,147 $7,780 7% 5% $5,000 2% 1H 25 1H 26 1H 25 1H 26 Adjusted EBITDAC (M)* Adjusted EBITDAC Margin* $3,250 42.0% +17% -300 bps $2,750 38.0% $2,250 34.0% $2,461 $2,882 40.0% 37.0% $1,750 30.0% 1

  11. Slide 11: Brokerage Segment – 5 Yr View

    BROKERAGE SEGMENT – 5 YR VIEW Adjusted Revenues (M)* $15,000 19% CAGR $9,000 $5,173 $12,168 $3,000 2020 2025 Adjusted EBITDAC (M)* Adjusted EBITDAC Margin* $5,500 40.0% 21% CAGR +380 bps $4,000 35.0% $2,500 30.0% $1,691 $4,446 32.7% 36.5% $1,000 25.0% 2020 2025 2020 2025 Represents financial figures

  12. Slide 12: Risk Management Segment – 2026

    RISK MANAGEMENT SEGMENT – 2026 Adjusted Revenues (M) Organic Revenue Growth $950 14% +13% $800 10% $650 6% $778 $881 5% 11% $500 2% 1H 25 1H 26 1H 25 1H 26 Adjusted EBITDAC (M) Adjusted EBITDAC Margin $200 23.0% +21% +140 bps $175 22.0% $150 21.0% $161 $195 20.7% 22.1% $125 20.0% 1H 25 1H 26 1H 25 1

  13. Slide 13: Risk Management Segment – 5 Yr View

    RISK MANAGEMENT SEGMENT – 5 YR VIEW Adjusted Revenues (M) $1,800 14% CAGR $1,200 $822 $1,583 $600 2020 2025 Adjusted EBITDAC (M) Adjusted EBITDAC Margin $400 22.0% 18% CAGR +300 bps $300 20.0% $200 18.0% $150 $336 18.2% 21.2% $100 16.0% 2020 2025 2020 2025 Represents financial figures for the Risk M

  14. Slide 14: Tax Credit Carryforwards ($M)

    TAX CREDIT CARRYFORWARDS ($M) $1,200 $1,000 $800 $600 $400 $200 $112 $147 $233 $342 $478 $683 $857 $962 $998 $1,074 $773 $867 $772 $713 $628 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* 2024 2025 2026** The amounts above represent the outstanding deferred tax asset associated with

  15. Slide 15: Dividends Per Share

    DIVIDENDS PER SHARE $3.00 $2.80* $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 * Indicated based on annualized quarterly cash dividend of $0.70/share. On July 29, 2026, Gallagher’s Board of Directors declared a $0.70/share third quarter 2026 dividend. 15 ©2026 ARTHUR J. GALLAGHER & CO.

  16. Slide 16: 2026 M&A Highlights

    2026 M&A HIGHLIGHTS Executing a disciplined, tuck-in M&A strategy at attractive valuations. $122M 16 in estimated annual new merger partners* acquired revenues* Fair valuations Focus on tuck-in opportunities * Brokerage and Risk Management segments for the six months ended June 30, 2026. 16 ©2026 AR

  17. Slide 17: Where We Are Going

    WHERE WE ARE GOING • Driving new business production • Continuing tuck-in M&A BROKERAGE • Growing global brand recognition SEGMENT • Leveraging internal resources and processes across divisions • Increasing data utilization to deliver a better client experience • Increasing global presence in claims

  18. Slide 18: US Commercial P/C Pricing & Inflation

    US COMMERCIAL P/C PRICING & INFLATION 200 CPI 190 190 180 170 Rates 160 147 150 140 130 120 110 100 90 80 U.S. Commercial Rate Index reflects P&C premium costs relative to 2000, based on data from the Council of Insurance Agents & Brokers (CIAB) for the period ended June 30, 2026. CPI reflects U.S.

  19. Slide 19: US Commercial P/C Pricing

    US COMMERCIAL P/C PRICING Commercial Casualty 15% 10% 5% 0% -5% Commercial Property 25% 20% 15% 10% 5% 0% -5% -10% Reflects Council of Insurance Agents and Brokers (CIAB) data. Commercial Casualty represents the average of commercial auto, workers’ compensation, general liability, umbrella, cyber an

  20. Slide 20: Sales Culture Performs Through Cycles

    SALES CULTURE PERFORMS THROUGH CYCLES Hard Market Soft Market Shallow Market Firm Market 25% 20% 20% 20% 16% 15% 14% 10% 10% 9% 9% 10% 10% 8% 8% 6% 6% 6% 6% 5% 8% 8% 4% 4% 4% 4% 7% 5% 3% 3% 5% 2% 2% 2% 6% 5% 4% 4% 2% 2% 3% 0% 0% 0% 0% -2% -2% -2% -2% -4% -5% -5% -3% -4% -5% -6% -10% -8% -11% -12% -1

  21. Slide 21: Consistent Growth Strategy

    CONSISTENT GROWTH STRATEGY 21 ©2026 ARTHUR J. GALLAGHER & CO.

  22. Slide 22: Consistent Growth Strategy: Organic

    CONSISTENT GROWTH STRATEGY: ORGANIC 22 ©2026 ARTHUR J. GALLAGHER & CO.

  23. Slide 23: Driving Brokerage Organic Growth

    DRIVING BROKERAGE ORGANIC GROWTH GBS People Strategy 23 ©2026 ARTHUR J. GALLAGHER & CO.

  24. Slide 24: Niche Expertise Teams – Brokerage

    NICHE EXPERTISE TEAMS – BROKERAGE Affinity Life Sciences Automotive Manufacturing Aviation Marine Construction Nonprofit Energy Personal Entertainment Private Client Environmental Public Sector Equity Advisors Real Estate/Hospitality Financial Institutions Religious Food/Agribusiness Restaurant Glob

  25. Slide 25: Driving Risk Management Organic Growth

    DRIVING RISK MANAGEMENT ORGANIC GROWTH 25 ©2026 ARTHUR J. GALLAGHER & CO.

  26. Slide 26: Risk Management Growth Focuses on Four Market Segments

    RISK MANAGEMENT GROWTH FOCUSES ON FOUR MARKET SEGMENTS ALTERNATIVE PUBLIC SECTOR MARKET ENTITIES PARTICIPANTS LARGE COMMERCIAL INSURANCE CARRIERS ENTITIES 26 ©2026 ARTHUR J. GALLAGHER & CO.

  27. Slide 27: Consistent Growth Strategy: M&A

    CONSISTENT GROWTH STRATEGY: M&A 27 ©2026 ARTHUR J. GALLAGHER & CO.

  28. Slide 28: Acquisition Revenue Growth

    ACQUISITION REVENUE GROWTH $3,750 $3,500 $3,250 $3,000 $2,750 $2,500 $1,250 $1,000 U.S. Property & Casualty Risk Management $750 Employee Benefits Non-U.S. Property & Casualty $500 Reinsurance $250 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

  29. Slide 29: M&A Opportunities Continue

    M&A OPPORTUNITIES CONTINUE Vast Pipeline Acquisition Units Limited Strategic Core Competency Consolidators Domestic and international Retail P&C Culture markets highly fragmented Wholesale Ability to reinvest in: Proven history 30,000+ agents/ brokers just  People in the U.S. Benefits Ability to in

  30. Slide 30: Platforms in Place for Bolt-On M&A

    PLATFORMS IN PLACE FOR BOLT-ON M&A 30 ©2026 ARTHUR J. GALLAGHER & CO.

  31. Slide 31: International Correspondent Broker Network

    INTERNATIONAL CORRESPONDENT BROKER NETWORK Client Capabilities in Approximately 130 Countries 31 ©2026 ARTHUR J. GALLAGHER & CO.

  32. Slide 32: Productivity and Quality

    PRODUCTIVITY AND QUALITY 32 ©2026 ARTHUR J. GALLAGHER & CO.

  33. Slide 33: Optimizing Productivity and Quality

    OPTIMIZING PRODUCTIVITY AND QUALITY Utilizing Harmonizing Centers of Agency Excellence Systems Leveraging Investing in Sales Force Business Management Intelligence, Tools CONTINUE TO CONTINUE TO Data & IMPROVE Analytics IMPROVE PRODUCTIVITY PRODUCTIVITY Utilizing Sourcing & QUALITY & QUALITY Standar

  34. Slide 34: Behind the Scenes Efforts

    BEHIND THE SCENES EFFORTS Centers of Excellence Update Claims support Approximately 19,200 associates Policy checking & issuance • Increase quality • Improve process • Control operating costs Accounting support • Reduce E&O costs Analytics & • Easy for new acquisitions to leverage Robotics Renewal s

  35. Slide 35: Benefits from Centers of Excellence

    BENEFITS FROM CENTERS OF EXCELLENCE Reduce Costs Foster Innovation Increase Speed to Market Focus on Core Improve Quality 35 ©2026 ARTHUR J. GALLAGHER & CO.

  36. Slide 36: Reduced Adjusted Operating Expense Ratio

    REDUCED ADJUSTED OPERATING EXPENSE RATIO Brokerage Risk Management 22% 28% 20% 26% 18% 24% 16% 22% 14% 20% 12% 18% 20.8% 13.0% 27.0% 18.1% 10% 16% 2008 2026 2008 2026 See Cautionary Note on page 2 regarding the ASC 606 revenue recognition accounting standard. 2026 represents the twelve months ended

  37. Slide 37: Brokerage & Risk Management Adjusted EBITDAC Margin

    BROKERAGE & RISK MANAGEMENT ADJUSTED EBITDAC MARGIN 36.0% 34.0% 32.0% 30.0% 28.0% 26.0% 24.0% 22.0% 20.0% 20.3% 21.1% 22.2% 23.6% 24.5% 25.0% 25.6% 26.0% 26.9% 30.7% 31.8% 32.1% 32.5% 33.3% 34.8% 33.8% 18.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* 2026** See Cauti

  38. Slide 38: Awards & Recognitions

    Best Places to Work for Disability Inclusion – 2025 Disability Equality Index Platinum Bell Seal Certification for Workplace Mental Health – 2025 Mental Health America Awards & Best Places to Work for LGBTQ+ Equality – 2025 Human Rights Campaign Corporate Equality Index Recognitions Recognized as a

  39. Slide 39: Maintain Unique Culture

    MAINTAIN UNIQUE CULTURE 39 ©2026 ARTHUR J. GALLAGHER & CO.

  40. Slide 40: Maintain Unique Culture

    MAINTAIN UNIQUE CULTURE Shared values at Arthur J. Gallagher & Co. are the rock foundation of the Company and our Culture. What is a Shared Value? These are concepts that the vast majority of the movers and shakers in the Company passionately adhere to. What are some of Arthur J. Gallagher & Co’s Sh

  41. Slide 41: Why Invest?

    WHY INVEST? You Believe Our Company Has: GALLAGHER IS WELL-POSITIONED • Right management FOR FUTURE GROWTH • Unique culture • Proven growth strategy • Continuing M&A opportunities • Increasing productivity/quality • Good use of leverage • Strong balance sheet • Excellent return to shareholders 41 ©2

  42. Slide 42: Why Invest? We Are Just Getting Started!

    WHY INVEST? WE ARE JUST GETTING STARTED! 3,900% 3,400% 2,928% 2,900% AJG 2,400% 1,900% 1,400% 900% 728% S&P 500 400% -100% Source: Bloomberg. Total returns from 1/1/2000 – 6/30/2026. Includes reinvestment of dividends. 42 ©2026 ARTHUR J. GALLAGHER & CO.

  43. Slide 43: Non-GAAP Reconciliations – Organic Revenues

    NON-GAAP RECONCILIATIONS – ORGANIC REVENUES See important disclosures regarding Non-GAAP measures on Page 3. Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Organic Revenues (Non-GAAP) 1Q 2025 2Q 2025 1H 2025 1Q 2026 2Q 2026 1H 2026 Br

  44. Slide 44: Non-GAAP Reconciliations – Revenues, As Adjusted

    NON-GAAP RECONCILIATIONS – REVENUES, AS ADJUSTED See important disclosures regarding Non-GAAP measures on Page 3. Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Revenues, as adjusted (Non-GAAP) Brokerage Segment 1Q 2025 1Q 2026 2Q 202

  45. Slide 45: Non-GAAP Reconciliations – EBITDAC & EBITDAC Margin, As Adjusted

    NON-GAAP RECONCILIATIONS – EBITDAC & EBITDAC MARGIN, AS ADJUSTED See important disclosures regarding Non-GAAP measures on Page 3. Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Reported GAAP Net Earnings to EBITDAC, as Adjusted (Non-G

  46. Slide 46: Non-GAAP Reconciliations – Revenue, As Adjusted

    NON-GAAP RECONCILIATIONS – REVENUE, AS ADJUSTED See important disclosures regarding Non-GAAP measures on Page 3. Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Revenues, as adjusted (Non-GAAP) Brokerage Segment 2011 2012 2013 2014 201

  47. Slide 47: Non-GAAP Reconciliations – Revenue, As Adjusted (Cont'd)

    NON-GAAP RECONCILIATIONS – REVENUE, AS ADJUSTED (CONT’D) See important disclosures regarding Non-GAAP measures on Page 3. Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Revenues, as adjusted (Non-GAAP) Brokerage Segment 2021 2022 2023

  48. Slide 48: Non-GAAP Reconciliations – EBITDAC & EBITDAC Margin, As Adjusted

    NON-GAAP RECONCILIATIONS – EBITDAC & EBITDAC MARGIN, AS ADJUSTED See important disclosures regarding Non-GAAP measures on Page 3. Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Reported GAAP Net Earnings to EBITDAC, as Adjusted (Non-G

  49. Slide 49: Non-GAAP Reconciliations – EBITDAC & EBITDAC Margin (Cont'd)

    NON-GAAP RECONCILIATIONS – EBITDAC & EBITDAC MARGIN, AS ADJUSTED (CONT’D) See important disclosures regarding Non-GAAP measures on Page 3. Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Reported GAAP Net Earnings to EBITDAC, as Adjust

  50. Slide 50: Non-GAAP Reconciliations – Operating Expense Ratio

    NON-GAAP RECONCILIATIONS – OPERATING EXPENSE RATIO See important disclosures regarding Non-GAAP measures on Page 3. Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Reported GAAP Operating Expense to Operating Expense, as Adjusted (Non-

  51. Slide 51: Non-GAAP Reconciliations – Organic Revenue Ex Contingents

    NON-GAAP RECONCILIATIONS – ORGANIC REVENUE EX CONTINGENTS See important disclosures regarding Non-GAAP measures on Page 3. Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Organic Revenues (Non-GAAP) CY CY CY CY CY CY CY CY CY CY CY CY CY Brokerage Segment

  52. Slide 52: Additional Information: Sara Walsh, CFA

    Additional Information: Sara Walsh, CFA [email protected] Phone: 630.285.3593 ©2026 ARTHUR J. GALLAGHER & CO.

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