Willis Towers Watson Public Limited Company · NASDAQ:WTW
Willis Towers Watson Public — Q4 2025 Earnings Presentation
42 slides from Willis Towers Watson Public's earnings presentation, Feb 3, 2026
Slide 1: Earnings Release Supplemental Materials: 2025 Fourth Quarter and Full Year Financial Results
WTW Earnings Release Supplemental Materials 2025 Fourth Quarter and Full Year Financial Results February 3, 2026 wtwco.com © 2026 WTW. All rights reserved.
Slide 2: WTW Forward-Looking Statements
WTW Forward-Looking Statements This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-lookin
Slide 3: WTW Non-GAAP Measures
WTW Non-GAAP Measures In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic
Slide 4: Key Takeaways
Key Takeaways Generated Organic revenue growth1 of 6% in Q4-25 and 5% in the full year 2025; Adjusted Operating Margin1 expansion of +80 bps in Q4-25 and +130 bps for full year 2025 Accelerated performance with our specialization strategy, innovative solutions, new talent and smart connections contr
Slide 5: Q4 2025 GAAP Financial Results
Q4 2025 GAAP Financial Results1 Key figures $USD million, except EPS and % Three months ended Twelve months ended December 31, December 31, 2025 2024 2025 2024 Revenue $2,936 $3,035 $9,708 $9,930 % change (3)% (2)% Income from Operations $1,016 $901 $2,234 $627 % change 13% 256% Operating Margin % 3
Slide 6: Q4 and Full Year 2025 Key Figures
Q4 and Full Year 2025 Key Figures Including Non-GAAP Financial Results1 Total Revenue +6% +5% Adjusted +2% +5% $USD billions Q4 Organic2 growth Full Year Organic2 growth Diluted EPS2 Q4 growth Full Year growth $USD $2.9 $3.0 $9.7 $9.9 $8.12 $7.97 $17.08 $16.29 Q4-25 Q4-24 2025 2024 Q4-25 Q4-24 2025
Slide 7: Financial Review
Financial Review wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 7
Slide 8: Quarterly Segment Performance: Health, Wealth & Career
Quarterly Segment Performance: Health, Wealth & Career Q4 2025 Segment Highlights1 Revenue ($M) Segment Operating • For the quarter, HWC had organic revenue growth2 of 6% Margin1 – Health had 4% organic revenue growth which was led by double-digit $1,853 44.3% 41.9% increases in International due to
Slide 9: Quarterly Segment Performance: Risk & Broking
Quarterly Segment Performance: Risk & Broking Q4 2025 Segment Highlights1 Revenue ($M) Segment Operating • For the quarter, R&B had organic revenue growth2 of 7% Margin1 $1,253 34.7% 33.5% – CRB generated organic revenue growth of 8% driven by higher $1,141 levels of new business activity and strong
Slide 10: Maintaining a Flexible Balance Sheet
Maintaining a Flexible Balance Sheet Reinforcing our business fundamentals; safeguarding WTW’s financial strengths Disciplined capital management strategy Dec 31, 2025 Dec 31, 2024 Provides WTW with the financial flexibility to ($ millions) reinvest in our businesses, capitalize on market growth opp
Slide 11: Executing Against a Balanced Capital Allocation Strategy
Executing Against a Balanced Capital Allocation Strategy Allocating capital to opportunities with the potential for highest return Capital Allocation Priorities CASH RETURNED TO SHAREHOLDERS • Reinvest in capabilities, businesses, and processes $13.8 B $3,899 • Invest in innovation, technology, and
Slide 12: Business Overview
Business Overview wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 12
Slide 13: WTW at a Glance
WTW at a Glance Delivering superior advice, broking and solutions in the areas of people, risk and capital Segments1 Rich Global reach, local heritage expertise Servicing clients 140+ countries & markets served by Risk & Broking 45% since 1828 47,000 colleagues 55% Health, Wealth & Career Global and
Slide 14: Segment Overview: Health, Wealth & Career
Segment Overview: Health, Wealth & Career1,2 Health, Wealth & Career: World-class portfolio of leading businesses providing advisory and consulting services within human capital, employee benefits and retirement verticals Health provides Wealth provides HWC Segment Total Revenue FY25 Revenue and Org
Slide 15: Segment Overview: Risk & Broking
Segment Overview: Risk & Broking1 Risk & Broking: Risk advisory and solutions business delivering innovative, integrated solutions tailored to client needs and underpinned by cutting edge data and analytics, technology and experienced risk thinkers R&B Segment Total Revenue FY25 Revenue and Organic
Slide 16: Strategy & Outlook
Strategy & Outlook wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 16
Slide 17: Focused on Creating Long-Term Value for Shareholders
Focused on Creating Long-Term Value for Shareholders Our successful rebuild and transformation has strengthened WTW’s position and results Accelerating performance through innovation and expansion in attractive 1 markets Enhancing efficiency to deliver continued adjusted operating margin 2 expansion
Slide 18: WTW Strategic & Financial Framework
WTW Strategic & Financial Framework Strategic Priorities Financial Outlook Mid-single digit organic growth1 plus Accelerate Performance Revenue Growth opportunistic inorganic growth We will build on recent momentum to drive performance in our businesses Adjusted Continued annual margin expansion, dr
Slide 19: Long-term Organic Revenue Growth Outlook
Long-term Organic Revenue Growth Outlook WTW Organic Growth Profile Sustainable Segment Growth Profiles1 long-term, Risk & Broking: MSD to HSD mid-single CRB: MSD-to-HSD MSD ICT: MSD-to-HSD $9.7B2 digit organic growth2 Health, Wealth & Career: MSD Health: HSD Wealth: LSD Career: MSD BD&O: MSD 2025 R
Slide 20: Adjusted Operating Margin Outlook
Adjusted Operating Margin Outlook Enhancing efficiency is a priority across the company Committed to WTW Adjusted Operating Margin % • Continue to drive efficiencies and operating driving leverage, coupled with WE DO efforts to Annual continued further streamline processes expansion annual margin •
Slide 21: Free Cash Flow Outlook
Free Cash Flow Outlook Delivering improvement through three pillars WTW Free Cash Flow Margin Continual Improvement +15.9% Operating Working Evolving margin capital business mix expansion management 2025 FCF Margin1 FCF Margin Outlook2 1 Signifies Non-GAAP financial measures. See Appendix I for Non-
Slide 22: Capital Allocation Strategy - Driving Growth, Margin and Returns
Capital Allocation Strategy - Driving Growth, Margin and Returns Rebalancing apital allocatio C n Ongoing organic investments in talent, capital allocation technology, and new products to drive strategy to reflect sustainable growth and capture margin successful Quarterly Share expansion opportuniti
Slide 23: Select 2026 Financial Considerations
Select 2026 Financial Considerations Adjusted Operating Margin Capital Allocation Willis Re Joint Venture Continued annual margin expansion at the Expect share repurchases of $1.0B or greater, Expected to be a headwind on Adjusted Diluted enterprise level driven by: subject to market conditions and
Slide 24: Appendix I: Reconciliation of Non-GAAP Measures
Appendix I: Reconciliation of Non-GAAP Measures and certain 2024 Non-GAAP Metrics excluding TRANZACT wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ
Slide 25: Constant Currency and Organic Revenue Change QTD
Constant Currency and Organic Revenue Change QTD As reported, USD millions except % Components of Revenue Change(i) Three Months Ended Less: Less: December 31, As Reported Currency Constant Currency Acquisitions/ Organic 2025 2024 % Change Impact Change Divestitures Change Health, Wealth & Career Re
Slide 26: Constant Currency and Organic Revenue Change YTD
Constant Currency and Organic Revenue Change YTD As reported, USD millions except % Components of Revenue Change(i) Years Ended Less: Less: December 31, As Reported Currency Constant Currency Acquisitions/ Organic 2025 2024 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue e
Slide 27: Adjusted Op Income and Margin, Adj. EBITDA and Margin QTD
Adjusted Op Income and Margin, Adj. EBITDA and Margin QTD As reported, USD millions except % Three Months Ended December 31, 2025 2024 Income from operations and Operating margin $ 1,016 34.6% $ 901 29.7% Adjusted for certain items: Amortization 48 50 Restructuring costs — 32 Transaction and transfo
Slide 28: Adjusted Op Income and Margin, Adj. EBITDA and Margin YTD
Adjusted Op Income and Margin, Adj. EBITDA and Margin YTD As reported, USD millions except % Years Ended December 31, 2025 2024 Income from operations and Operating margin $ 2,234 23.0% $ 627 6.3% Adjusted for certain items: Impairment — 1042 Amortization 192 226 Restructuring costs — 61 Transaction
Slide 29: Adjusted Net Income and Adjusted Diluted EPS QTD
Adjusted Net Income and Adjusted Diluted EPS QTD As reported, USD millions except % Three Months Ended December 31, 2025 2024 Net income attributable to WTW $ 735 $ 1,246 Adjusted for certain items: Amortization 48 50 Restructuring costs — 32 Transaction and transformation 19 113 Net periodic pensio
Slide 30: Adjusted Net Income and Adjusted Diluted EPS YTD
Adjusted Net Income and Adjusted Diluted EPS YTD As reported, USD millions except % Years Ended December 31, 2025 2024 Net income/(loss) attributable to WTW $ 1,605 $ (98) Adjusted for certain items: Impairment — 1,042 Amortization 192 226 Restructuring costs — 61 Transaction and transformation 23 4
Slide 31: Adjusted Income Before Taxes & Adjusted Income Tax Rate QTD
Adjusted Income Before Taxes & Adjusted Income Tax Rate QTD As reported, USD millions except % Three Months Ended December 31, 2025 2024 Income from operations before income taxes and interest in earnings of associates $ 947 $ 1,691 Adjusted for certain items: Amortization 48 50 Restructuring costs
Slide 32: Adjusted Income Before Taxes & Adjusted Income Tax Rate YTD
Adjusted Income Before Taxes & Adjusted Income Tax Rate YTD As reported, USD millions except % Years Ended December 31, 2025 2024 Income from operations before income taxes and interest in earnings of associates $ 1,953 $ 102 Adjusted for certain items: Impairment — 1,042 Amortization 192 226 Restru
Slide 33: Free Cash Flow and Free Cash Flow Margin
Free Cash Flow and Free Cash Flow Margin As reported, USD millions except % Years Ended December 31, 2025 2024 Cash flows from operating activities $ 1,775 $ 1,512 Less: Additions to fixed assets and software (229) (245) Free Cash Flow $ 1,546 $ 1,267 Revenue $ 9,708 $ 9,930 Free Cash Flow Margin 15
Slide 34: Certain 2024 Non-GAAP Metrics Excluding TRANZACT
Certain 2024 Non-GAAP Metrics Excluding TRANZACT As reported, USD millions except EPS and % 1 2 2024 Historical Recast 2024 TRANZACT Financials 2024 excluding TRANZACT Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Total revenue $ 2,341 $ 2,265 $ 2,289 $ 3,035 $ 9,930 $ 184 $ 142
Slide 35: Appendix II: Recast of Historical Non-GAAP Measures
Appendix II: Recast of Historical Non-GAAP Measures wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation.
Slide 36: Historical Recast - Adjusted EBITDA and Margin
Historical Recast - Adjusted EBITDA and Margin 2022 2023 2024 $USD Millions except % Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Net Income/(Loss) $ 125 $ 114 $ 192 $ 593 $ 1,024 $ 206 $ 96 $ 139 $ 623 $ 1,064 $ 194 $ 142 $ (1,672) $ 1,248 $ (88) (Income)/loss from discontinued
Slide 37: Historical Recast - Adjusted Net Income and Adjusted Diluted EPS
Historical Recast - Adjusted Net Income and Adjusted Diluted EPS 2022 2023 2024 $USD Millions Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year NET INCOME/(LOSS) ATTRIBUTABLE TO WTW $ 122 $ 109 $ 190 $ 588 $ 1,009 $ 203 $ 94 $ 136 $ 622 $ 1,055 $ 190 $ 141 $ (1,675) $ 1,246 $ (98) Ad
Slide 38: Historical Recast - Adjusted Income Tax Rate
Historical Recast - Adjusted Income Tax Rate 2022 2023 2024 $USD Millions except % Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Income/(Loss) from continuing operations before income $ 157 $ 179 $ 185 $ 737 $ 1,258 $ 256 $ 120 $ 164 $ 739 $ 1,279 $ 242 $ 168 $ (1,994) $ 1,688 $
Slide 39: Historical Recast – Free Cash Flow
Historical Recast – Free Cash Flow 2022 2023 2024 Three Months Six Months Nine Months Three Months Six Months Nine Months Three Months Six Months Nine Months Year Ended Year Ended Year Ended $USD Millions except % Ended March Ended June Ended Ended March Ended June Ended Ended March Ended June Ended
Slide 40: Appendix III: TRANZACT Standalone Historical Financial Results
Appendix III: TRANZACT Standalone Historical Financial Results wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide pr
Slide 41: TRANZACT Standalone Historical Financial Results
TRANZACT Standalone Historical Financial Results $USD million, except % Seasonality Full Year The seasonal nature of TRANZACT’s operations creates significant 2024 2023 2022 fluctuations in quarterly operating results. Historically, quarterly financial Revenue $785 $805 $742 results have been record
Slide 42: About WTW
About WTW At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience,
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