Marsh · NYSE:MRSH
Marsh — Q3 2026 Earnings Presentation
34 slides from Marsh's earnings presentation, October 2026
Slide 1: Marsh Investor Presentation third quarter 2026
Results through Marsh Investor Presentation third quarter 2026
Slide 2: Forward-Looking Statements and Explanation of Non-GAAP Measures
The factors identified above are not exhaustive. Marsh and its consolidated Forward -Looking Statements subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we This presentation contains "forward-looking statements,"
Slide 3: Marsh is a global leader in risk, reinsurance and capital, people and investments, and management consulting
Our purpose We build the confidence to thrive through the power of perspective Marsh is a global World-class expertise across four key capabilities Risk Reinsurance People and Investments Management Consulting leader in risk, A compelling investment reinsurance and • Strong recurring revenue base an
Slide 4: Q3 2026 Performance
Q3 2026 Performance Continued strong demand for Marsh's expertise and capabilities Results Overview Quarterly Highlights “Marsh delivered a strong third quarter, Total revenue generating 5% underlying revenue $6.9bn growth and double - Underlying digit EPS growth. revenue growth We also made Thrive
Slide 5: A unique collection of capabilities across market-leading businesses
A unique collection of capabilities across market -leading businesses Risk Reinsurance People and Investments Management Consulting Data-driven risk advisory and Reinsurance expertise for Consulting solutions in Strategy (Oliver Wyman), insurance placement complex risks Health and Benefits, economic
Slide 6: Compelling investment with sustained exceptional performance
Compelling investment with sustained exceptional performance Total Revenue Adjusted Net Adjusted Free Total Shareholder Growth Operating Income EPS Growth Cash Flow Return (TSR) (NOI) Margin 8% CAGR 2019-2025 +1,360 bps 2010-2025 13% CAGR 2010-2025 17% CAGR 2010-2025 750% Since YE 20101 2025 extende
Slide 7: Exceptional track record of value creation
Exceptional track record of value creation GAAP Revenue $27.0 Adjusted Operating Margin 27.1% Adjusted EPS $9.75 $ billions 6% +1,360 13% CAGR bps CAGR Note: Reconciliation of Non-GAAP measures included in Appendix. © 2026 Marsh 7
Slide 8: Consistent track record of positive operating leverage
Consistent track record of positive operating leverage Consistent Operating Leverage Over Time • 2025 marked our 18th consecutive year of 10% 8% Underlying Revenue reported adjusted operating margin expansion Growth 6% 4% 2% • We consistently deliver revenue growth that 0% outpaces expense growth, f
Slide 9: Significant addressable market opportunity
Significant addressable market opportunity Global Non-Life US Health Direct Global Retirement Insurance Premiums1 Written Premiums2 Assets3 $4.8tn $1.4tn $63.1tn 6% 9% 6% CAGR CAGR CAGR $1.2tn $0.2tn $15.3tn 2001 2025 2001 2025 2001 2024 Vast addressable markets provide significant and sustainable d
Slide 10: Strong underpinnings for continued growth across cycles
Strong underpinnings for continued growth across cycles Solid demand for Innovating to Favorable Further upside Consistent our advice and serve clients in business mix shift from investments in solutions, driven new and emerging towards higher collaboration by talent, adding by macro areas of focus,
Slide 11: Marsh is positioned to be an AI winner
Marsh is positioned to be an AI winner Growth • We are building AI-enabled applications and services that are generating new revenue streams, enhancing world-class capabilities, and delivering data-driven insights in insurance, Our client health, human capital, and investments relationships, • Examp
Slide 12: Marsh is well positioned in the digital infrastructure field
Marsh is well positioned in the digital infrastructure field The world’s largest insurance broker offering clients unique access to dedicated capacity through Nimbus (construction insurance facility) and Straus (ongoing coverage exchange) Global Data Center Capacity (GW)1 Trusted by over 75% of the
Slide 13: Capital-light business model with substantial free cash flow generation
Capital -light business model with substantial free cash flow generation Free Cash Flow CAGR of 17%1 $5bn Free Cash Flow (FCF) FCF as % of Revenue • $5 billion of free cash flow in 2025, translating to a strong FCF margin of 19% 19% • 17% CAGR in free cash flow 18% 17% 16% from 2010 to 2025 16% 14%
Slide 14: Balanced and disciplined capital management is a core part of our strategy
Balanced and disciplined capital management is a core part of our strategy 1 2 3 4 5 Balance Drive growth Target raising Accelerate growth Return excess efficiency and through organic dividend, reducing through capital through flexibility of investment share count strategically share capital structu
Slide 15: Significant value creation through acquisitions in key growth areas
Significant value creation through acquisitions in key growth areas Risk Reinsurance 2025 built on Marsh’s track record of successful acquisitions Re Solutions ~$28bn1 $ billions • Marsh Agency • Geographic expansion • Mid-market international • Specialty capabilities • Expanding in the fast- • Buil
Slide 16: Marsh Agency has been central to our M&A strategy
Marsh Agency has been central to our M&A strategy 6.0 • Marsh Agency is a key driver of our ~$5bn expansion in the middle market P&C 5.0 130 and employee benefits business as 115 well as private client insurance 109 solutions 4.0 94 83 3.5 • The middle market is an attractive 75 3.0 segment with com
Slide 17: Consistent return of capital to shareholders through dividends and buybacks
Consistent return of capital to shareholders through dividends and buybacks Cumulative Share Repurchases ($bn) $13 Dividends Per Share Cumulative Current Year $3.43 $11 $10 $3.05 $9 11% $2.60 CAGR $2.25 $7 $2.00 $6 $6 $1.84 $1.74 $5 $1.58 $5 $1.43 $1.30 $4 $1.18 $1.06 $3 $0.90 $0.96 $2 $1 <$1 2012 2
Slide 18: Our Thrive program aims to deliver greater value to clients, accelerate growth, and improve efficiency
Our Thrive program aims to deliver greater value to clients, accelerate growth, and improve efficiency A New, Unified Business and Thrive Program Marsh Brand Client Services (BCS) Savings BCS will help our businesses extract Automation and workforce valuable insights through AI and actions will opti
Slide 19: Innovative and impactful data and analytics capabilities address our clients' most pressing needs
Innovative and impactful data and analytics capabilities address our clients’ most pressing needs Risk Risk and Management Consulting People and Investments Marsh Blue[i] Sentrisk Workforce Insights Next-generation analytics AI-powered supply chain risk AI-powered platform that helps organizations s
Slide 20: A differentiated colleague value proposition
A differentiated colleague value proposition: colleagues can be at their best at Marsh Thoughtfully and strategically investing Impact Leadership Career in our talent Create solutions Develop as Learn that have impact a leader without limits ~13k organic colleague adds since year-end 20201 Rewards C
Slide 21: Business Responsibility is a commitment to our shareholders, colleagues and communities
Business Responsibility is a commitment to our shareholders, colleagues and communities Environmental Social Governance Marsh’s unique • Achieved certification as a • Empower our colleagues to • Commitment to capabilities enable CarbonNeutral® company be their best and make a maintaining a Board wit
Slide 22: Marsh is well-positioned for continued outstanding performance
Marsh is well -positioned for continued outstanding performance Marsh had another great year in 2025 Focus M&A Investments Growth Our focus on investing M&A strengthens our We are investing in our Our outlook for sustained growth client value proposition, talent, capabilities, contemplates continued
Slide 23: Appendix
Appendix
Slide 24: Diversified across businesses and geographies
Diversified across businesses and geographies Marsh Revenue (trailing twelve months): $28.5 billion1 Revenue By Business Revenue By Geography Reinsurance 9% EMEA 34% People and Investments 23% U.S. & Canada Risk 51% 54% Asia Pacific Management 11% Consulting 14% Latin America 4% 1 For trailing twelv
Slide 25: Risk: Marsh is the world's leading insurance broker and risk advisor
Risk EMEA 28% Marsh is the world’s leading insurance broker and risk advisor We deliver industry-focused brokerage, consulting, and claims advocacy services that leverage data, technology, $15.4 bn Asia Pacific Trailing Twelve Months 10% and analytics to lower our clients’ total cost of risk. Our Re
Slide 26: Reinsurance: Marsh is a leading global reinsurance broker
Reinsurance EMEA Marsh is a l eading global reinsurance 40% broker Reinsurance delivers a powerful combination of reinsurance broking expertise, capital solutions, global analytics and strategic advisory. $2.6 bn • Traditional Reinsurance Broking – treaty and facultative Trailing Twelve Months Reven
Slide 27: People and Investments
People and Investments EMEA Marsh is a global leader across 36% people and investments Marsh helps clients realize their investment objectives, shape the future of work, and enhance health and retirement outcomes of their people. • Health and Benefits (36% of LTM 3Q26 revenue) – $6.5 bn empowers emp
Slide 28: Management Consulting
Management Consulting EMEA 47% Marsh is a global leader in management consulting Marsh offers advisory services across diverse industries and practices through three industry-leading operating $3.9 bn Trailing Twelve Months units, helping clients address their most complex Revenue1 challenges and op
Slide 29: Marsh Reconciliation of Non-GAAP Measures: Adjusted Operating Income
Marsh Reconciliation of Non-GAAP Measures ($ millions) Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* Revenue 10,730 9,831 10,550 11,526 11,924 12,261 12,951 12,893 13,211 14,024 14,950 16,652 17
Slide 30: Risk & Insurance Services
Risk & Insurance Services Reconciliation of Non-GAAP Measures ($ millions) Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* Revenue 5,466 5,284 5,557 6,079 6,350 6,596 6,931 6,869 7,143 7,630 8,228
Slide 31: Consulting
Consulting Reconciliation of Non-GAAP Measures ($ millions) Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* Revenue 5,196 4,609 5,042 5,487 5,613 5,701 6,059 6,064 6,112 6,444 6,779 7,143 6,976 7,
Slide 32: Reconciliation of Non-GAAP Measures – Adjusted EPS
Marsh Reconciliation of Non-GAAP Measures – Adjusted EPS Adjusted Earnings Per Share (EPS) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* Diluted EPS, Continuing $0.88 $0.70 $0.96 $1.00 $1.73 $2.13 $2.42 $2.61 $2.98 $3.38 $2.87 $3.23 $ 3.41 $ 3.9
Slide 33: Reconciliation of Non-GAAP Measures – Free Cash Flow
Marsh Reconciliation of Non-GAAP Measures – Free Cash Flow ($ millions) Free Cash Flow 20081 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* Net cash provided by 940 640 722 1,705 1,322 1,341 2,119 1,888 2,007 1,893 2,428 2,361 3,382 3,516 3,465 4,258 4,302
Slide 34: We are leaders in risk, strategy and people
This document and any recommendations, analysis, or advice provided by Marsh (collectively, the “Marsh Analysis”) are not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable,