Slide 1: Earnings Conference Call Second Quarter 2026
Earnings Conference Call Second Quarter 2026 July 29, 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: Q2'26 Highlights and Key Messages
Q2’26 Highlights and Key Messages Organic Revenue Growth Adj. Op. Margin Expansion Adj. EPS Growth Free Cash Flow Growth 5% 70bps 9% (34%) Aon United Aon United, enhanced by AI-enabled insights, continues to create a structural advantage that Strategy and expands our addressable market and sustains
Slide 5: Summary Financial Results
Summary Financial Results ($ in millions) Q2’26 Q2’25 Inc./(Dec.) Total revenue $4,246 $4,155 2% Organic revenue growth (Non-GAAP) 5% 6% Operating income $915 $859 7% Adjusted operating income (Non-GAAP) $1,227 $1,171 5% Adjusted operating margin (Non-GAAP) 28.9% 28.2% 70bps Diluted earnings per sha
Slide 6: Organic Revenue
Organic Revenue Q2’26 Q2’25 Risk Capital: Commercial Risk Solutions +5% +6% Reinsurance Solutions +5% +6% Human Capital: Health Solutions +5% +6% Wealth Solutions +5% +3% Total Aon +5% +6% Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendic
Slide 7: Organic Revenue Growth
Organic Revenue Growth Guidance: Mid-Single-Digit or Greater (5pts) 0pt 5% 10pts Q2’25 New Retention / Net Market Q2’26 Baseline Business (Client Losses) Impact Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. For
Slide 8: Adjusted Operating Income and Margin
Adjusted Operating Income and Margin Adjusted Operating Income Adjusted Operating Margin ($ in millions) 5% $1,227 $1,171 70bps 28.9% 28.2% Q2’25 Q2’26 Q2’25 Q2’26 Adjusted operating income and Adjusted operating margin are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measu
Slide 9: Non-Operating Financials
Non-Operating Financials ($ in millions) Q2’26 Q2’25 Interest Income $5 $— Interest Expense ($179) ($212) Adjusted Other Income (Expense)(1) ($17) ($32) Effective Tax Rate(1) 20.1% 16.5% Noncontrolling Interest ($14) ($15) Actual Common Shares Outstanding(2) 212.0 215.7 (1) Adjusted Other Income (Ex
Slide 10: Free Cash Flow and Capital Return
Free Cash Flow and Capital Return Free Cash Flow Capital Return ($ in millions) ($ in millions) (34%) Dividend Share Repurchase $732 $775 $175 $483 $411 $161 $600 $250 Q2’25 Q2’26 Q2’25 Q2'25 Q2’26 Q2'26 YTD $816 $846 4% Free cash flow is a non-GAAP measure that is reconciled to its corresponding U.
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(1) Restructuring: ~50bps Fiduciary Income: ~(20bps) Expected Tax Rate(1): 19.5-20.5% Non-Cash Pension Expense: $80MM
Slide 12: Appendices: Reconciliation of Non-GAAP Measures
Appendices Reconciliation of Non-GAAP Measures
Slide 13: Appendix A: Organic Revenue Growth
Appendix A: Organic Revenue Growth Aon Organic Revenue Reconciliation Q2'26 Q2’25 ($ millions, except percentages) Total Revenue Current period revenue 4,246 4,155 Prior year period revenue 4,155 3,760 % change 2% 11% Less: Currency Impact (1) 1% 1% Less: Fiduciary Investment Income (2) —% —% Less:
Slide 14: Appendix A: Organic Revenue Growth – By Solution Line
Appendix A: Organic Revenue Growth – By Solution Line ($ millions, except percentages) Q2’26 Q2’25 Commercial Risk Current period revenue 2,295 2,178 Prior year period revenue 2,178 2,015 % change 5% 8% Less: Currency Impact (1) 1% 1% Less: Fiduciary Investment Income (2) —% —% Less: Acquisitions, D
Slide 15: Appendix B: Operating Income, Operating Margin and Diluted EPS
Appendix B: Operating Income, Operating Margin and Diluted EPS (1) Three Months Ended June 30, ($ millions, except percentages) 2026 2025 Revenue $4,246 $4,155 Operating income $915 $859 Amortization and impairment of intangible assets 174 201 Change in the fair value of contingent consideration 9 (
Slide 16: Appendix C: Free Cash Flow
Appendix C: Free Cash Flow Three Months Ended June 30, ($ millions) 2026 2025 % Change Cash Provided by Operating Activities $556 $796 (30%) Capital Expenditures (73) (64) 14% Free Cash Flow (1) $483 $732 (34%) Six Months Ended June 30, ($ millions) 2026 2025 % Change Cash Provided by Operating Acti
Slide 17: Appendix D: Leverage Ratio
Appendix D: Leverage Ratio ($ millions) TTM Q2’26 TTM Q1’26 Net income $3,978 $4,007 Interest expense 755 788 Income tax expense 1,105 1,055 Depreciation of fixed assets 190 188 Amortization and impairment of intangible assets 704 731 Gain on Sale of Businesses(1) (1,219) (1,219) EBITDA $5,513 $5,55
Slide 18: Appendix E: Accelerating Aon United Program
Appendix E: Accelerating Aon United Program Financial Impact of Program Cumulative Annual Expected Savings ($ in millions) ($ in millions) $25 Total Savings $450 $320 $370 Total Cash $90 Restructuring Charges $946 $84 Cash Outflow $767 2026 2027 Q2'26 Total Since Inception 18
Slide 19: Investor Relations
Investor Relations Hallie Miller investor.relations@aon.com