Slide 1: Earnings Conference Call Fourth Quarter 2025
Earnings Conference Call Fourth Quarter 2025 January 30, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This communication contains certain statements related to future results, or states Aon’s intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1
Slide 3: Explanation of Non-GAAP Measures
Explanation of Non-GAAP Measures This communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), including Organic revenue growth, free cash flow, adjusted operating income, adjusted operating margin,
Slide 4: Q4'25 and FY'25 Highlights and Key Messages
Q4’25 and FY’25 Highlights and Key Messages Organic Revenue Growth Adj. Op. Margin Expansion Adj. EPS Growth Free Cash Flow Growth Q4’25 FY’25 Q4’25 FY’25 Q4’25 FY’25 Q4’25 FY’25 5% 6% 220bps 90bps 10% 9% 16% 14% Aon United Our integrated Risk Capital and Human Capital capabilities, powered by Aon B
Slide 5: Summary Financial Results
Summary Financial Results ($ in millions) Q4’25 Inc./(Dec.) Y/Y FY’25 Inc./(Dec.) Y/Y Total revenue $4,300 4% $17,181 9% Organic revenue growth (Non-GAAP) 5% 6% Operating income $1,208 11% $4,344 13% Adjusted operating income (Non-GAAP) $1,525 11% $5,563 13% Adjusted operating margin (Non-GAAP) 35.5
Slide 6: Organic Revenue Growth
Organic Revenue Growth Q4’25 Q4’24 FY’25 FY’24 Risk Capital: Commercial Risk Solutions 6% 6% 6% 5% Reinsurance Solutions 8% 6% 6% 7% Human Capital: Health Solutions 2% 5% 5% 6% Wealth Solutions 2% 8% 5% 7% Total Aon 5% 6% 6% 6% Organic revenue is a non-GAAP measure that is reconciled to its correspo
Slide 7: Organic Revenue Contribution to Growth
Organic Revenue Contribution to Growth Guidance: Mid-Single-Digit or Greater (6pts) 5% 9pts 1pt Q4’24 New Retention / Net Market Q4’25 Baseline Business (Client Losses) Impact Full Year 10pts (5pts) 1pt 6% Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measur
Slide 8: Adjusted Operating Income and Margin
Adjusted Operating Income and Margin Adjusted Operating Income Adjusted Operating Margin ($ in millions) 11% $1,525 220bps 35.5% $1,380 33.3% Q4’24 Q4’25 Q4’24 Q4’25 Full Year $4,939 $5,563 13% Full Year 31.5% 32.4% 90bps Adjusted operating income and Adjusted operating margin are non-GAAP measures
Slide 9: Non-Operating Financials
Non-Operating Financials ($ in millions) Q4’25 Q4’24 FY’25 FY’24 Interest Income $14 $4 $19 $67 Interest Expense $(191) $(206) $(815) $(788) Adjusted Other Income (Expense)(1) $(21) $2 $(96) $13 Effective Tax Rate(1) 20.0% 16.7% 19.5% 20.1% Noncontrolling Interest $(11) $(18) $(55) $(66) Actual Comm
Slide 10: Free Cash Flow and Capital Return
Free Cash Flow and Capital Return Free Cash Flow Capital Return ($ in millions) ($ in millions) 16% Dividend Share Repurchase $1,323 $410 $1,145 $346 $160 $146 $250 $200 Q4’24 Q4’25 Q4’24 Q4’25 Full Year $2,817 $3,218 14% Full Year $1,562 $1,629 Free cash flow is a non-GAAP measure that is reconcile
Slide 11: 2026 Guidance
2026 Guidance Financial Guidance Supplemental Information Organic Revenue Mid-Single-Digit or Greater Growth Operating Leverage: 40-50bps Adjusted Operating Margin 70-80bps Expansion Restructuring: ~50bps Fiduciary Income: ~(20bps) Expected Tax Rate(1): 19.5-20.5% Adjusted EPS Strong Growth Non-Cash
Slide 12: Appendices: Reconciliation of Non-GAAP Measures
Appendices Reconciliation of Non-GAAP Measures
Slide 13: Appendix A: Organic Revenue Growth – Aon
Appendix A: Organic Revenue Growth – Aon Aon Organic Revenue Reconciliation Q4'25 Q4’24 FY'25 FY'24 ($ millions, except percentages) Total Revenue Current period revenue 4,300 4,147 $17,181 $15,698 Prior year period revenue 4,147 3,375 $15,698 $13,376 % change 4% 23 % 9% 17 % Less: Currency Impact (
Slide 14: Appendix A: Organic Revenue Growth – By Solution Line
Appendix A: Organic Revenue Growth – By Solution Line ($ millions, except percentages) Q4’25 Q4’24 FY’25 FY’24 Commercial Risk Current period revenue $2,329 2,186 $8,497 $7,861 Prior year period revenue 2,186 1,906 $7,861 7,043 % change 7% 15% 8% 12% Less: Currency Impact (1) 2% (1)% 1% —% Less: Fid
Slide 15: Appendix B: Operating Income, Operating Margin & Diluted EPS
Appendix B: Operating Income, Operating Margin & Diluted Earnings Per Share Three Months Ended December 31, Twelve Months Ended December 31, ($ millions, except percentages) 2025 2024 2025 2024 Revenue $4,300 $4,147 $17,181 $15,698 Operating income $1,208 $1,091 $4,344 $3,835 Amortization and impair
Slide 16: Appendix C: Free Cash Flow
Appendix C: Free Cash Flow Three Months Ended December 31, ($ millions) 2025 2024 % Change Cash Provided by Operating Activities $1,397 $1,200 16% Capital Expenditures (74) (55) 35% Free Cash Flow (1) $1,323 $1,145 16% Twelve Months Ended December 31, ($ millions) 2025 2024 % Change Cash Provided by
Slide 17: Appendix D: Leverage Ratio
Appendix D: Leverage Ratio ($ millions) TTM Q4’25 TTM Q3’25 Net income $3,750 $2,780 Interest expense 815 830 Income tax expense 1,009 661 Depreciation of fixed assets 188 187 Amortization and impairment of intangible assets 778 778 Gain on Sale(1) (1,199) — EBITDA $5,341 $5,236 Short-term debt and
Slide 18: Appendix E: Accelerating Aon United Program
Appendix E: Accelerating Aon United Program Financial Impact of Program Cumulative Annual Savings ($ in millions) ($ in millions) $50 $450 Total Savings $160 $270 $370 Total Cash $122 $270 Restructuring $332 Charges $756 $66 Cash Outflow $309 $596 Q4'25 FY'25 Total Since Inception 2025 2026E 2027E 1
Slide 19: Investor Relations
Investor Relations Hallie Miller investor.relations@aon.com +1 847-442-0622