Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Q1 2026 Earnings Presentation
23 slides from Brown & Brown's earnings presentation, Apr 28, 2026
Slide 1: First Quarter 2026 Results
First Quarter 2026 Results April 27, 2026
Slide 2: Information Regarding Forward-Looking Statements
Information Regarding Forward-Looking Statements This presentation and the statements made during our earnings call may contain certain statements relating to future results which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Slide 3: Information Regarding Non-GAAP Measures
Information Regarding Non-GAAP Measures This presentation contains references to "non-GAAP financial measures" as defined in SEC Regulation G, consisting of Organic Revenue, Organic Revenue with Contingents, EBITDAC, EBITDAC Margin, EBITDAC - Adjusted, EBITDAC Margin - Adjusted, Income Before Income
Slide 4: Information Regarding Non-GAAP Measures - Continued
Information Regarding Non-GAAP Measures - Continued Non-GAAP Earnings Measures - Continued • EBITDAC - Adjusted is defined as EBITDAC, excluding (i) (gain)/loss on disposal (as defined below), (ii) Acquisition/Integration Costs (as defined below) and (iii) mark-to- market of escrow liability (as def
Slide 5: First Quarter 2026 Results
First Quarter 2026 Results (Unaudited) $1.9B Total revenue growth of 35.4% 0% 2.2% $1.39 38.5% $262M Organic Organic Diluted Net Income EBITDAC Margin - Cash flow from Revenue Revenue Per Share - Adjusted Adjusted up 40 bps operations up 23.0% growth with Contingents increased 7.8% growth See import
Slide 6: Market & Business Overview – 1Q26
Market & Business Overview – 1Q26 Economic expansion remained substantially consistent with the fourth quarter. Companies are modestly hiring and investing, while monitoring inflation and potential impacts of geopolitical matters. Rate changes for admitted markets were similar to second half of 2025
Slide 7: 1Q26 Segment Organic Revenue Growth
Specialty Retail Distribution 1Q26 Segment Organic Organic Revenue 1.0% (2.0%) Revenue Growth (UNAUDITED) Organic Revenue with 1.3% 3.9% Contingents See important disclosures regarding non-GAAP measures on pages 2-3 and non-GAAP reconciliations on pages 18-21. BROWN & BROWN | 6
Slide 8: Consolidated Financial Highlights - Adjusted
Consolidated Financial Highlights - Adjusted ($ Millions, Except Per Share Data; Adjusted & Unaudited) First Quarter 2026 2025 $ Change % Change Total Revenues $1,901 $1,404 $497 35.4% Organic Revenue $1,348 $1,348 $0 0.0% Organic Revenue with Contingents $1,422 $1,391 $31 2.2% Income Before Income
Slide 9: Retail Segment
Retail Segment ($ Millions; Unaudited) First Quarter 2026 2025 $ Change % Change Total revenues $1,210 $907 $303 33.4% Organic Revenue $903 $894 $9 1.0% Organic Revenue with Contingents $920 $908 $12 1.3% EBITDAC - Adjusted $436 $338 $98 29.0% EBITDAC Margin - Adjusted 36.0% 37.3% (130bps) B U S I N
Slide 10: Specialty Distribution Segment
Specialty Distribution Segment ($ Millions; Unaudited) First Quarter 2026 2025 $ Change % Change Total revenues $682 $487 $195 40.0% Organic Revenue $445 $454 ($9) (2.0%) Organic Revenue with Contingents $502 $483 $19 3.9% EBITDAC - Adjusted $278 $197 $81 41.1% EBITDAC Margin - Adjusted 40.8% 40.5%
Slide 11: Technology, Data & AI
Technology, Tae Data & Al
Slide 12: Our Technology and Data Journey
Our Technology and Data Journey 2015 Current Future FOUNDATION ENTERPRISE SCALE AI-DRIVEN BUILDING ENABLEMENT GROWTH I N N O VAT I O N & A R T I F I C I A L I N T E L L I G E N C E D AT A S T A N D A R D I Z AT I O N P L A T F O R M R AT I O N A L I Z AT I O N BROWN & BROWN | 11
Slide 13: Our Investment Pillars
Our Investment Pillars REVENUE CUSTOMER TEAMMATE GROWTH EXPERIENCE PRODUCTIVITY BROWN & BROWN | 12
Slide 14: Building an AI-powered Brown & Brown
Building an AI-powered Brown & Brown Proprietary B&B AI Products Developer Copilots Out-of-the-Box AI Teammate Assistants Tooling & Solutions 3rd Party Applications Cloud Native Enterprise Grade APIs & Integrations Technologies & Modern Data Platform Partnerships Value-led Data & AI mindset AI Incub
Slide 15: Brown & Brown AI-powered Capabilities
Brown & Brown AI-powered Capabilities POLICY SUBMISSION D ATA D I R E C T BI L L C AP A B I L I T Y CHECK / AU TO M AT I O N E X T RACT O R AU TO M AT I O N C O M PAR I S O N Automates wholesale Drag and drop Extracts key features Interfaces with carrier and programs intake proposal from policies, b
Slide 16: Sizing the Small Business Opportunity
Sizing the Small Business Opportunity SIZE Small commercial and employee benefits as well as mono-line personal policies less than $25K in premium represent 1-2% of total Retail revenues Retail - Customer determines they do not need a broker and goes direct RISKS SD - More efficient technology platf
Slide 17: Closing Comments
Closing Comments Expecting economic growth to remain relatively stable. Business leaders have a cautious bias due to geopolitical issues and continued inflationary pressures. Expecting rates for most admitted lines to remain relatively constant with Q1. CAT property rates will continue to experience
Slide 18: Reconciliation of Non-GAAP Measures
F I R S T Q U A R T E R 2 0 2 6 R E S U LT S Reconciliation of Non-GAAP Measures BROWN & BROWN | 17
Slide 19: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) First Quarter 2026 Change in Mark-To- Estimated (Gain)/ Acquisition/ As Market of Acquisition Loss on Integration Amortization Adjusted Reported Escrow Earn-Out Disposal Costs Liability Payables Total revenues $1,901 - -
Slide 20: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) First Quarter 2025 Change in Mark-To- Estimated (Gain)/ Acquisition/I As Market of Acquisition Loss on ntegration Amortization Adjusted Reported Escrow Earn-Out Disposal Costs Liability Payables Total revenues $1,404 - -
Slide 21: Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted
Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted ($ Millions; Unaudited) First Quarter Retail Specialty Distribution Other Total 2026 2025 2026 2025 2026 2025 2026 2025 Total revenues
Slide 22: Reconciliation of Commissions and Fees to Organic Revenue and Organic Revenue with Contingents
Reconciliation of Commissions and Fees to Organic Revenue and Organic Revenue with Contingents (1) Specialty Retail Total Distribution 2026 2025 2026 2025 2026 2025 Commissions and fees $1,203 $904 $677 $481 $1,880 $1,385 Total change 299 196 495 Total growth % 33.1% 40.7% 35.7% Contingents (30) (14
Slide 23: Andrew Watts
For additional information: Andrew Watts Executive Vice President & Chief Financial Officer Presented By: (386) 239-5770 | awatts@bbins.com Brown & Brown Insurance Services, Inc.