Arthur J. Gallagher & Co. · NYSE:AJG

Arthur J. Gallagher & — Q1 2026 Earnings Presentation

52 slides from Arthur J. Gallagher &'s earnings presentation, Apr 30, 2026

  1. Slide 1: Arthur J. Gallagher & Co. Investor Presentation

    Arthur J. Gallagher & Co. Investor Presentation February 2026

  2. Slide 2: Cautionary Note on Revenue Comparisons and Forward-Looking Statements

    CAUTIONARY NOTE ON REVENUE COMPARISONS PRIOR TO 2016 & INFORMATION ON FORWARD- LOOKING STATEMENTS Revenue Recognition Accounting Standard The financial information in the slides that follow for any period prior to 2016 is presented under “Old GAAP” – i.e., before implementation of the changed revenu

  3. Slide 3: Information Regarding Non-GAAP Measures

    INFORMATION REGARDING NON-GAAP MEASURES In addition to reporting financial results in accordance with GAAP, this presentation provides information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenu

  4. Slide 4: Who We Are

    • Founded in 1927 WHO WE ARE • Public since 1984 • One of the World’s leading insurance brokers (1) • One of the World’s largest P&C third-party administrators (1) Key Facts Key Shareholder Data 130 Countries (2) 71,776 Employees 1.1% Yield (3) $ 0.70 2026 Q1 Dividend/Share $ 13.8 B Adjusted Revenue

  5. Slide 5: Gallagher Mission Statement

    GALLAGHER MISSION STATEMENT We are an international Sales and Marketing company that plans and administers cost- effective, differentiated property/casualty and human resource risk management programs as brokers, consultants and third-party administrators. Our mission is to: • Provide superior, cost

  6. Slide 6: Snapshot of Core Operations

    SNAPSHOT OF CORE OPERATIONS • 88% of revenue* • We advise and consult on insurance programs and place insurance for clients • Property/Casualty and employee benefits BROKERAGE • Retail, wholesale and reinsurance SEGMENT • Middle-market commercial focus, while also serving small businesses, risk mana

  7. Slide 7: Diverse Revenue Base

    DIVERSE REVENUE BASE Brokerage Reinsurance 11% International Wholesale 34% 13% Retail P/C 54% 66% 22% Retail Benefits Domestic Risk Management General International 34% Liability 21% 79% 59% 7% Domestic Workers' Property Compensation Brokerage and Risk Management segments for the twelve months ended

  8. Slide 8: Brokerage & Risk Management Segments Combined – 2025

    BROKERAGE & RISK MANAGEMENT SEGMENTS COMBINED – 2025 Adjusted Revenues (M) Organic Revenue Growth $15,000 10% +21% $12,000 8% $9,000 6% $11,391 $13,751 7% 6% $6,000 4% 2024 2025 2024 2025 Adjusted EBITDAC (M)* Adjusted EBITDAC Margin* $5,500 40.0% +26% +150 bps 35.0% $3,500 30.0% $3,788 $4,782 33.3%

  9. Slide 9: Brokerage & Risk Management Segments Combined – 5 Yr View

    BROKERAGE & RISK MANAGEMENT SEGMENTS COMBINED – 5 YR VIEW Adjusted Revenues (M) $15,000 18% CAGR $9,000 $5,995 $13,751 $3,000 2020 2025 Adjusted EBITDAC (M)* Adjusted EBITDAC Margin* $5,500 40.0% 21% CAGR +410 bps $4,000 35.0% $2,500 30.0% $1,841 $4,782 30.7% 34.8% $1,000 25.0% 2020 2025 2020 2025 B

  10. Slide 10: Brokerage Segment – 2025

    BROKERAGE SEGMENT – 2025 Adjusted Revenues (M) Organic Revenue Growth $15,000 10% +22% $12,000 8% $9,000 6% $9,941 $12,168 7% 6% $6,000 4% 2024 2025 2024 2025 Adjusted EBITDAC (M)* Adjusted EBITDAC Margin* $5,500 40.0% +27% +140 bps 35.0% $3,500 30.0% $3,488 $4,446 35.1% 36.5% $1,500 25.0% 2024 2025

  11. Slide 11: Brokerage Segment – 5 Yr View

    BROKERAGE SEGMENT – 5 YR VIEW Adjusted Revenues (M) $15,000 19% CAGR $9,000 $5,173 $12,168 $3,000 2020 2025 Adjusted EBITDAC (M)* Adjusted EBITDAC Margin* $5,500 40.0% 21% CAGR +380 bps $4,000 35.0% $2,500 30.0% $1,691 $4,446 32.7% 36.5% $1,000 25.0% 2020 2025 2020 2025 Brokerage segment for the twe

  12. Slide 12: Risk Management Segment – 2025

    RISK MANAGEMENT SEGMENT – 2025 Adjusted Revenues (M) Organic Revenue Growth $1,800 10% +9% 8% $1,200 6% $1,450 $1,583 8% 6% $600 4% 2024 2025 2024 2025 Adjusted EBITDAC (M) Adjusted EBITDAC Margin $400 21.5% +12% +50 bps $300 21.0% $200 20.5% $300 $336 20.7% 21.2% $100 20.0% 2024 2025 2024 2025 Risk

  13. Slide 13: Risk Management Segment – 5 Yr View

    RISK MANAGEMENT SEGMENT – 5 YR VIEW Adjusted Revenues (M) $1,800 14% CAGR $1,200 $822 $1,583 $600 2020 2025 Adjusted EBITDAC (M) Adjusted EBITDAC Margin $400 22.0% 18% CAGR +300 bps $300 20.0% $200 18.0% $150 $336 18.2% 21.2% $100 16.0% 2020 2025 2020 2025 Risk Management segment for the twelve mont

  14. Slide 14: Tax Credit Carryforwards

    TAX CREDIT CARRYFORWARDS $1,200 $1,000 $800 $600 $400 $200 $112 $147 $233 $342 $478 $683 $857 $962 $998 $1,074 $773 $867 $772 $713 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* 2024 2025 The amounts above represent the outstanding deferred tax asset associated with tax credit carry

  15. Slide 15: Dividends Per Share

    DIVIDENDS PER SHARE $3.00 $2.80* $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 * Indicated based on annualized quarterly cash dividend of $0.70/share. On January 28, 2026, Gallagher’s Board of Directors declared a $0.70/share first quarter 2026 dividend. 15 ©2026 ARTHUR J. GALLAGHER & CO.

  16. Slide 16: 2025 M&A Highlights

    2025 M&A HIGHLIGHTS $3.6B 33 in estimated annual new merger partners* acquired revenues* Fair valuations Focus on tuck-in opportunities On August 18, 2025, Gallagher acquired AssuredPartners for approximately $13.8 billion. Gallagher raised $8.5 billion of cash in its December 11, 2024, follow-on co

  17. Slide 17: Where We Are Going

    WHERE WE ARE GOING • Driving new business production • Continuing tuck-in M&A BROKERAGE • Growing global brand recognition SEGMENT • Leveraging internal resources and processes across divisions • Increasing data utilization to deliver a better client experience • Increasing global presence in claims

  18. Slide 18: US Commercial P/C Pricing & Inflation

    US COMMERCIAL P/C PRICING & INFLATION 190 CPI 180 187 170 160 Rates 150 148 140 130 120 110 100 90 80 US Commercial Rate Index measures P&C premium costs relative to 2000. Constructed using Counsel of Insurance Agents and Brokers (CIAB) data. CPI index utilizes data from the U.S. Bureau of Labor Sta

  19. Slide 19: US Commercial P/C Pricing

    US COMMERCIAL P/C PRICING Commercial Casualty 15% 10% 5% 0% -5% Commercial Property 25% 20% 15% 10% 5% 0% -5% -10% Reflects Counsel of Insurance Agents and Brokers (CIAB) data. Commercial Casualty represents the average of commercial auto, workers comp, general liability, umbrella, cyber and D&O. 19

  20. Slide 20: Sales Culture Performs Through Cycles

    SALES CULTURE PERFORMS THROUGH CYCLES Hard Market Soft Market Shallow Market Firm Market 25% 20% 20% 20% 16% 15% 14% 10% 10% 10% 9% 9% 10% 8% 8% 6% 6% 6% 6% 5% 8% 8% 4% 4% 4% 4% 7% 5% 3% 3% 2% 2% 2% 6% 5% 4% 4% 2% 3% 3% 0% 0% 0% 0% -2% -2% -2% -4% -5% -5% -3% -4% -5% -6% -10% -8% -11% -12% -15% 2001

  21. Slide 21: Consistent Growth Strategy

    CONSISTENT GROWTH STRATEGY 21 ©2026 ARTHUR J. GALLAGHER & CO.

  22. Slide 22: Consistent Growth Strategy: Organic

    CONSISTENT GROWTH STRATEGY: ORGANIC 22 ©2026 ARTHUR J. GALLAGHER & CO.

  23. Slide 23: Driving Brokerage Organic Growth

    DRIVING BROKERAGE ORGANIC GROWTH GBS People Strategy 23 ©2026 ARTHUR J. GALLAGHER & CO.

  24. Slide 24: Niche Expertise Teams – Brokerage

    NICHE EXPERTISE TEAMS – BROKERAGE Affinity Life Sciences Automotive Manufacturing Aviation Marine Construction Nonprofit Energy Personal Entertainment Private Client Environmental Public Sector Equity Advisors Real Estate/Hospitality Financial Institutions Religious Food/Agribusiness Restaurant Glob

  25. Slide 25: Driving Risk Management Organic Growth

    DRIVING RISK MANAGEMENT ORGANIC GROWTH 25 ©2026 ARTHUR J. GALLAGHER & CO.

  26. Slide 26: Risk Management Growth Focuses on Four Market Segments

    RISK MANAGEMENT GROWTH FOCUSES ON FOUR MARKET SEGMENTS ALTERNATIVE PUBLIC SECTOR MARKET ENTITIES PARTICIPANTS LARGE COMMERCIAL INSURANCE CARRIERS ENTITIES 26 ©2026 ARTHUR J. GALLAGHER & CO.

  27. Slide 27: Consistent Growth Strategy: M&A

    CONSISTENT GROWTH STRATEGY: M&A 27 ©2026 ARTHUR J. GALLAGHER & CO.

  28. Slide 28: Acquisition Revenue Growth

    ACQUISITION REVENUE GROWTH $3,750 $3,500 $3,250 $3,000 $2,750 $2,500 $1,250 $1,000 U.S. Property & Casualty Risk Management $750 Employee Benefits Non-U.S. Property & Casualty $500 Reinsurance $250 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

  29. Slide 29: M&A Opportunities Continue

    M&A OPPORTUNITIES CONTINUE Vast Pipeline Acquisition Units Limited Strategic Core Competency Consolidators Domestic and international Retail P&C Culture markets highly fragmented Wholesale Ability to reinvest in: Proven history 18,000+ agents/ brokers just - People in the U.S. Benefits - Systems Abi

  30. Slide 30: Platforms in Place for Bolt-On M&A

    PLATFORMS IN PLACE FOR BOLT-ON M&A 30 ©2026 ARTHUR J. GALLAGHER & CO.

  31. Slide 31: International Correspondent Broker Network

    INTERNATIONAL CORRESPONDENT BROKER NETWORK Client Capabilities in Approximately 130 Countries 31 ©2026 ARTHUR J. GALLAGHER & CO.

  32. Slide 32: Productivity and Quality

    PRODUCTIVITY AND QUALITY 32 ©2026 ARTHUR J. GALLAGHER & CO.

  33. Slide 33: Optimizing Productivity and Quality

    OPTIMIZING PRODUCTIVITY AND QUALITY Utilizing Harmonizing Centers of Agency Excellence Systems Leveraging Investing in Sales Force Business Management Intelligence, Tools CONTINUE TO CONTINUE TO Data & IMPROVE Analytics IMPROVE PRODUCTIVITY PRODUCTIVITY Utilizing Sourcing & QUALITY & QUALITY Standar

  34. Slide 34: Behind the Scenes Efforts

    BEHIND THE SCENES EFFORTS Centers of Excellence Update Claims support Approximately 17,400 associates Policy checking & issuance • Increase quality • Improve process • Control operating costs Accounting support • Reduce E&O costs Analytics & • Easy for new acquisitions to leverage Robotics Renewal s

  35. Slide 35: Benefits from Centers of Excellence

    BENEFITS FROM CENTERS OF EXCELLENCE Reduce Costs Foster Innovation Increase Speed to Market Focus on Core Improve Quality 35 ©2026 ARTHUR J. GALLAGHER & CO.

  36. Slide 36: Reduced Adjusted Operating Expense Ratio

    REDUCED ADJUSTED OPERATING EXPENSE RATIO Brokerage Risk Management 22% 28% 20% 26% 18% 24% 16% 22% 14% 20% 12% 18% 20.8% 12.7% 27.0% 18.3% 10% 16% 2008 2025 2008 2025 See Cautionary Note on page 2 regarding the ASC 606 revenue recognition accounting standard. 2008 and 2025 represent the twelve month

  37. Slide 37: Brokerage & Risk Management Adjusted EBITDAC Margin

    BROKERAGE & RISK MANAGEMENT ADJUSTED EBITDAC MARGIN 36.0% 34.0% 32.0% 30.0% 28.0% 26.0% 24.0% 22.0% 20.0% 20.3% 21.1% 22.2% 23.6% 24.5% 25.0% 25.6% 26.0% 26.9% 30.7% 31.8% 32.1% 32.5% 33.3% 34.8% 18.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 See Cautionary Note on

  38. Slide 38: Awards & Recognitions

    Best Places to Work for Disability Inclusion – 2025 Disability Equality Index Platinum Bell Seal Certification for Workplace Mental Health – 2025 Mental Health America Awards & Best Places to Work for LGBTQ+ Equality – 2025 Human Rights Campaign Corporate Equality Index Recognitions Recognized as a

  39. Slide 39: Maintain Unique Culture

    MAINTAIN UNIQUE CULTURE 39 ©2026 ARTHUR J. GALLAGHER & CO.

  40. Slide 40: Maintain Unique Culture

    MAINTAIN UNIQUE CULTURE Shared values at Arthur J. Gallagher & Co. are the rock foundation of the Company and our Culture. What is a Shared Value? These are concepts that the vast majority of the movers and shakers in the Company passionately adhere to. What are some of Arthur J. Gallagher & Co’s Sh

  41. Slide 41: Why Invest?

    WHY INVEST? You Believe Our Company Has: GALLAGHER IS WELL-POSITIONED • Right management FOR FUTURE GROWTH • Unique culture • Proven growth strategy • Continuing M&A opportunities • Increasing productivity/quality • Good use of leverage • Strong balance sheet • Excellent return to shareholders 41 ©2

  42. Slide 42: Why Invest? We Are Just Getting Started!

    WHY INVEST? WE ARE JUST GETTING STARTED! 4400% 3,949% 3900% AJG 3400% 2900% 2400% 1900% 1400% 900% 652% S&P 400% 500 -100% Source: Bloomberg. Total returns from 1/1/2000 – 12/31/2025. Includes reinvestment of dividends. 42 ©2026 ARTHUR J. GALLAGHER & CO.

  43. Slide 43: Non-GAAP Reconciliations – Organic Revenues

    NON-GAAP RECONCILIATIONS – ORGANIC REVENUES Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Organic Revenues (Non-GAAP) FY 2024 FY 2025 Brokerage Segment 2023 2024 2024 2025 Total commissions, fees, supplemental revenues and contingent

  44. Slide 44: Non-GAAP Reconciliations – Revenues, As Adjusted

    NON-GAAP RECONCILIATIONS – REVENUES, AS ADJUSTED Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Revenues, as adjusted (Non-GAAP) Brokerage Segment FY 2024 FY 2025 Brokerage revenue, as reported $ 9,934 $ 12,192 Net (gains) on divestit

  45. Slide 45: Non-GAAP Reconciliations – EBITDAC & EBITDAC Margin, As Adjusted

    NON-GAAP RECONCILIATIONS – EBITDAC & EBITDAC MARGIN, AS ADJUSTED Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Reported GAAP Net Earnings to EBITDAC, as Adjusted (Non-GAAP) Brokerage Segment FY 2024 FY 2025 Brokerage and Risk Managem

  46. Slide 46: Non-GAAP Reconciliations – Revenue, As Adjusted

    NON-GAAP RECONCILIATIONS – REVENUE, AS ADJUSTED Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Revenues, as adjusted (Non-GAAP) Brokerage Segment 2011 2012 2013 2014 2015 2016 2017 2018 Brokerage revenue, as reported $ 1,557 $ 1,828 $

  47. Slide 47: Non-GAAP Reconciliations – Revenue, As Adjusted (Cont'd)

    NON-GAAP RECONCILIATIONS – REVENUE, AS ADJUSTED (CONT’D) Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Revenues, as adjusted (Non-GAAP) Brokerage Segment 2019 2020 2021 2022 2023 2024 2025 Brokerage revenue, as reported $ 4,902 $ 5,1

  48. Slide 48: Non-GAAP Reconciliations – EBITDAC & EBITDAC Margin, As Adjusted

    NON-GAAP RECONCILIATIONS – EBITDAC & EBITDAC MARGIN, AS ADJUSTED Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Reported GAAP Net Earnings to EBITDAC, as Adjusted (Non-GAAP) Brokerage Segment 2011 2012 2013 2014 2015 2016 2017 2018 Br

  49. Slide 49: Non-GAAP Reconciliations – EBITDAC & EBITDAC Margin, As Adjusted (Cont'd)

    NON-GAAP RECONCILIATIONS – EBITDAC & EBITDAC MARGIN, AS ADJUSTED (CONT’D) Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Reported GAAP Net Earnings to EBITDAC, as Adjusted (Non-GAAP) Brokerage Segment 2019 2020 2021 2022 2023 2024 202

  50. Slide 50: Non-GAAP Reconciliations – Operating Expense Ratio

    NON-GAAP RECONCILIATIONS – OPERATING EXPENSE RATIO Brokerage and Risk Management Segments Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Reported GAAP Operating Expense to Operating Expense, as Adjusted (Non-GAAP) Brokerage Segment 2008 2025 Brokerage revenue, as reported

  51. Slide 51: Non-GAAP Reconciliations – Organic Revenue Ex Contingents

    NON-GAAP RECONCILIATIONS – ORGANIC REVENUE EX CONTINGENTS Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Organic Revenues (Non-GAAP) CY CY CY CY CY CY CY CY CY CY CY CY Brokerage Segment - Current Year (CY) 2001 2002 2003 2004 2005 2006 2007 2008 2009 201

  52. Slide 52: Additional Information: Sara Walsh, CFA

    Additional Information: Sara Walsh, CFA sara_walsh@ajg.com Phone: 630.285.3593 ©2026 ARTHUR J. GALLAGHER & CO.

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