Slide 1: Earnings Conference Call First Quarter 2026
Earnings Conference Call First Quarter 2026 May 1, 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: Q1'26 Highlights and Key Messages
Q1’26 Highlights and Key Messages Organic Revenue Growth Adj. Op. Margin Expansion Adj. EPS Growth Free Cash Flow Growth 5% 70bps 14% 332% Aon United Our deliberate investments in priority talent, advanced analytical tools and technology, and Strategy and innovative capital solutions are positioning
Slide 5: Summary Financial Results
Summary Financial Results ($ in millions) Q1’26 Q1’25 Inc./(Dec.) Total revenue $5,034 $4,729 6% Organic revenue growth (Non-GAAP) 5% 5% Operating income $1,715 $1,461 17% Adjusted operating income (Non-GAAP) $1,966 $1,816 8% Adjusted operating margin (Non-GAAP) 39.1% 38.4% 70 bps Diluted earnings p
Slide 6: Organic Revenue
Organic Revenue Q1’26 Q1’25 Risk Capital: Commercial Risk Solutions +7% +5% Reinsurance Solutions +4% +4% Human Capital: Health Solutions +4% +5% Wealth Solutions +1% +8% Total Aon +5% +5% Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendic
Slide 7: Organic Revenue Growth
Organic Revenue Growth Guidance: Mid-Single-Digit or Greater 5% (5pts) 1pt 9pts Q1’25 New Retention / Net Market Q1’26 Baseline Business (Client Losses) Impact Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. For
Slide 8: Adjusted Operating Income and Margin
Adjusted Operating Income and Margin Adjusted Operating Income Adjusted Operating Margin ($ in millions) 8% $1,966 70bps 39.1% $1,816 38.4% Q1’25 Q1’26 Q1’25 Q1’26 Adjusted operating income and Adjusted operating margin are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measu
Slide 9: Non-Operating Financials
Non-Operating Financials ($ in millions) Q1’26 Q1’25 Interest Income $12 $5 Interest Expense $(179) $(206) Adjusted Other Income (Expense)(1) $(15) $(30) Effective Tax Rate(1) 20.3% 20.9% Noncontrolling Interest $(27) $(17) Actual Common Shares Outstanding(2) 215.4 217.9 (1) Adjusted Other Income (E
Slide 10: Free Cash Flow and Capital Return
Free Cash Flow and Capital Return Free Cash Flow Capital Return ($ in millions) ($ in millions) 332% Dividend Share Repurchase $363 $662 $162 $397 $147 $500 $84 $250 Q1’25 Q1’26 Q1’25 Q1'25 Q1’26 Q1'26 Free cash flow is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in
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: $80MM
Slide 12: Appendices: Reconciliation of Non-GAAP Measures
Appendices Reconciliation of Non-GAAP Measures
Slide 13: Appendix A: Organic Revenue Growth
Appendix A: Organic Revenue Growth Aon Organic Revenue Reconciliation Q1'26 Q1’25 ($ millions, except percentages) Total Revenue Current period revenue 5,034 4,729 Prior year period revenue 4,729 4,070 % change 6% 16% Less: Currency Impact (1) 4% (2)% 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) Q1’26 Q1’25 Commercial Risk Current period revenue 2,223 2,002 Prior year period revenue 2,002 1,808 % change 11% 11% Less: Currency Impact (1) 5% (2)% Less: Fiduciary Investment Income (2) —% —% Less: Acquisition
Slide 15: Appendix B: Operating Income, Operating Margin and Diluted EPS
Appendix B: Operating Income, Operating Margin and Diluted EPS Three Months Ended March 31, ($ millions, except percentages) 2026 2025 Revenue $5,034 $4,729 Operating income $1,715 $1,461 Amortization and impairment of intangible assets 152 199 Change in the fair value of contingent consideration (5
Slide 16: Appendix C: Free Cash Flow
Appendix C: Free Cash Flow Three Months Ended March 31, ($ millions) 2026 2025 % Change Cash Provided by Operating Activities $430 $140 207% Capital Expenditures (67) (56) 20% Free Cash Flow (1) $363 $84 332% 1. Free cash flow is defined as cash flows from operations less capital expenditures. This
Slide 17: Appendix D: Leverage Ratio
Appendix D: Leverage Ratio ($ millions) TTM Q1’26 TTM Q4’25 Net income $4,007 $3,750 Interest expense 788 815 Income tax expense 1,055 1,009 Depreciation of fixed assets 188 188 Amortization and impairment of intangible assets 731 778 Gain on Sale(1) (1,219) (1,199) EBITDA $5,550 $5,341 Short-term d
Slide 18: Appendix E: Accelerating Aon United Program
Appendix E: Accelerating Aon United Program Financial Impact of Program Cumulative Annual Expected Savings ($ in millions) ($ in millions) $25 Total Savings $450 $295 $370 Total Cash $99 Restructuring Charges $854 $87 Cash Outflow $683 2026 2027 Q1'26 Total Since Inception 18
Slide 19: Investor Relations
Investor Relations Hallie Miller investor.relations@aon.com +1 847-442-0622