Slide 1: Marsh Investor Presentation second quarter 2026
Results through Marsh Investor Presentation second quarter 2026
Slide 2: Forward-Looking Statements; 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 businesses leader in risk, reinsurance and A compelling investment capital, people • Strong recurring revenue base and client retention • Capital-light business with substantial free cash flo
Slide 4: A unique collection of capabilities across market-leading businesses
A unique collection of capabilities across market -leading businesses Marsh Risk Marsh Management Consulting Our Risk business: Our Reinsurance and Our People and Our Management Data-driven risk advisory and Capital business: Investments business: Consulting business: insurance placement Reinsurance
Slide 5: 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 726% Since YE 20101 2025 extende
Slide 6: 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 6
Slide 7: 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 adjusted operating margin expansion Growth 6% 4% 2% • We consistently deliver revenue growth that 0% outpaces expense growth, fueling ma
Slide 8: 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 9: 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 10: 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 11: 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 Nimbus capacity – our market-leading, large-scale data center construction insurance facility Global Data Center Capacity (GW)1 Trusted by over 75% of the top
Slide 12: 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 13: 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 14: Significant value creation through acquisitions in key growth areas
Significant value creation through acquisitions in key growth areas 2025 built on Marsh’s track record of successful acquisitions Re Solutions ~$28bn1 $ billions • Marsh McLennan Agency • Geographic expansion • Mid-market international • Specialty capabilities • Expanding in the fast- • Building out
Slide 15: Marsh McLennan Agency has been central to our M&A strategy
Marsh McLennan Agency has been central to our M&A strategy 6.0 ~$5bn 5.0 130 • Marsh McLennan Agency has been a key part of our expansion in the 115 109 middle market, both at Marsh’s risk 4.0 94 business and Mercer 83 3.5 75 3.0 • The middle market is an attractive 3.0 56 segment of the market with
Slide 16: Consistent return of capital to shareholders through dividends and buybacks
Consistent return of capital to shareholders through dividends and buybacks Cumulative Share Repurchases ($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 17: 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 18: Innovative and impactful data & analytics capabilities address our clients' most pressing needs
Innovative and impactful data & analytics capabilities address our clients’ most pressing needs Marsh Blue[i] Sentrisk Workforce Insights Next-generation analytics AI-powered supply chain risk AI-powered platform that helps suite of digital solutions management platform enables organizations gain a
Slide 19: 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 20: 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 21: 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 22: Appendix
Appendix
Slide 23: Diversified Across Businesses and Geographies
Diversified Across Businesses and Geographies Marsh Revenue (trailing twelve months): $27.9 billion1 Revenue By Business Revenue By Geography Guy Carpenter 9% EMEA 33% Mercer 23% U.S. & Canada Marsh Risk 52% 54% Asia Pacific Marsh 11% Management Consulting 14% Latin America 4% 1 For trailing twelve
Slide 24: Marsh's risk business is the world's leading insurance broker and risk advisor
EMEA 27% Marsh’s risk business is the world’s leading insurance broker and risk advisor We deliver industry-focused brokerage, consulting, and claims advocacy services that leverage data, technology, $15.1bn Asia Pacific Trailing Twelve Months 11% and analytics to lower our clients’ total cost of ri
Slide 25: Leading global reinsurance broker
EMEA 40% Leading global reinsurance broker Guy Carpenter delivers a powerful combination of reinsurance broking expertise, capital solutions, and global analytics and strategic advisory. $2.6 bn • Traditional Reinsurance Broking – treaty and facultative Trailing Twelve Months Revenue1 • Alternatives
Slide 26: Mercer is a global leader across health, wealth and career
EMEA 36% Mercer is a global leader across health, wealth and career Mercer helps clients realize their investment objectives, shape the future of work, and enhance health and retirement outcomes of their people. $6.5 bn • Health (36% of LTM 2Q26 revenue) – empowers Trailing Twelve Months Asia Pacifi
Slide 27: Marsh is a global leader in management consulting
Marsh Management Consulting EMEA 46% Marsh is a global leader in management consulting Marsh offers advisory services across diverse industries and practices through three industry-leading operating $3.8 bn Trailing Twelve Months units, helping clients address their most complex Revenue1 challenges
Slide 28: Reconciliation of Non-GAAP Measures: Adjusted Operating Income and Margin
Marsh Reconciliation of Non-GAAP Measures ($ 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 29: 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 30: 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 31: 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 32: 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 33: We are leaders in risk, strategy and people
We are leaders in risk, strategy and people. One company, with four global businesses, united by a shared purpose to build the confidence to thrive through the power of perspective. © 2025 Marsh