Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Investor Presentation (September 2026)
61 slides from Brown & Brown's investor presentation, Sep 10, 2026
Slide 1: Company Overview Brown & Brown, Inc. | 2026
Company Overview Brown & Brown, Inc. | 2026
Slide 2: Information Regarding Forward-Looking Statements
Information Regarding Forward-Looking Statements This presentation and the statements made during our presentation 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 S
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, EBITDAC, EBITDAC Margin, EBITDAC - Adjusted, EBITDAC Margin - Adjusted, Diluted Net Income Per Share - Adjusted, Net Debt Outs
Slide 4: Information Regarding Non-GAAP Measures - Continued
Information Regarding Non-GAAP Measures - Continued Non-GAAP Earnings Measures - Continued Diluted Net Income Per Share - Adjusted is defined as diluted net income per share, excluding the after-tax impact of (i) the change in estimated acquisition earn-out payables, (ii) (gain)/loss on disposal, (a
Slide 5: Company Overview
Company Overview
Slide 6: Our Vision
Be the leading global provider of insurance solutions for our customers. Our Vision
Slide 7: Business Highlights
Long-term track record of profitable revenue growth - organic and via acquisition Experienced leadership team and strong performance-based culture Highly diversified global revenue base, deep expertise and broad distribution network Operating model consistently generates industry-leading financial m
Slide 8: Brown & Brown at a Glance
2025 Revenue by Segment Historical Revenue & EBITDAC Margin - Adjusted Headquartered in Daytona Beach, Florida Founded in 1939 ~23,000 teammates as of December 31, 2025 Doing business globally in 16 countries with over 700 locations Serving customers via retail, wholesale and MGA / MGU programs Spec
Slide 9: What Differentiates Brown & Brown?
Successful Acquirer Strong Balance Sheet High Performance Entrepreneurial Meritocracy Decentralized Sales & Service Accountable & Disciplined Highly Talented Teammates Strong Common Culture What Differentiates Brown & Brown?
Slide 10: Key Cultural Attributes
Leaders vs. Managers Internal Ownership Think Long Term Profitable Growth Teammates vs. Employees 1 2 3 4 5 Key Cultural Attributes
Slide 11: Core Operating Philosophies
We are in the people recruiting and enhancing business. We are in the money-making business. We are in the selling and servicing business. We are in the delivering innovative solutions business. NO BIG MISTAKES Core Operating Philosophies
Slide 12: Decentralized Sales & Service Model
Business & Customer-Facing Functions Branding & Communications Finance Legal & Risk Management Acquisitions Internal Audit & Compliance Enterprise & Segment Functions Solution Creation Knowledge Sharing Sales & Service Marketing Community Engagement Technology, Data & Innovation Talent Recruitment &
Slide 13: Middle Market Customer Segments
Middle Market1 Large Accounts Small to Medium Enterprises & Personal Lines All offer attractive growth opportunities Middle Market1 Customer Segments 1 Middle-market defined as businesses with between 50 and 2,500 employees
Slide 14: Sustained Organic and Acquired Revenue Growth
Added to the S&P 500 Index in 2021 and the S&P 500 Dividend Aristocrats in 2022 Total Revenues ($) in Billions Revenue $2B The Hays Group 2018 Beecher Carlson 2013 Arrowhead 2012 Revenue $1B 2011 Hull & Co. 2005 Riedman Insurance Agency 2001 Wright 2014 2021 Revenue $5.9B 2025 Accession 2022 GRP, Or
Slide 15: Strategic Growth Plan / Diversified Business Footprint
Focus on combination of Organic Revenue growth and acquisitions Expand geographically while adding new capabilities Target countries with rule of law, stable governments, growing insurance markets and stable economies Continue disciplined growth strategy Strategic Growth Plan Italy Germany Netherlan
Slide 16: Shareholder Value Creation
1 Dividend Aristocrat is an S&P measure 15 Investments in people, technology and innovation Share repurchases and dividends Dividend Aristocrat1 32 years of increases Increase capabilities, enhance talent and drive growth Acquisitions Internal Investments Returns to Shareholders Shareholder Value Cr
Slide 17: Total Shareholder Returns
Total Shareholder Returns 1 Yr. 3 Yr. 5 Yr. 10 Yr. BRO -21% 43% 74% 443% Peers2 -4% 30% 83% 365% S&P 500 18% 86% 96% 298% Source: FactSet as of 12/31/2025 1 Calculated as change in share price plus total dividends paid 2 Peers are Arthur J. Gallagher & Co, Aon plc, Marsh & McLennan Companies, Inc. a
Slide 18: Retail Segment
Retail Segment
Slide 19: Constantly in Pursuit
Deliver industry-leading Organic Revenue growth while maintaining industry-leading margins Our strategy is built around a single North Star: Maximizing the value we deliver to customers through our scale and specialization, which drives strong, profitable growth. Our growth is anchored by a clear fo
Slide 20: Retail Segment Overview
Differentiators Key Metrics 2025 Avg. 3 Yr. Avg. 5 Yr. Revenue Growth 24.8% 16.6% 17.2% Organic Revenue Growth 2.8% 5.3% 6.5% EBITDAC Margin - Adjusted 30.0% 30.1% 30.4% Business Mix Employee Benefits Commercial Lines Specialty & Personal Lines Property Casualty Unique culture underpinned by account
Slide 21: Retail Capabilities: Property & Casualty, Employee Benefits
Property & Casualty Alternative Risk Financing Captive Insurance & Management Casualty Casualty Analytics Claims Advocacy & Loss Control Cyber Environmental Liability Executive Liability Financial & Wealth Services International Loss Prevention & Control Multinational Liability Political Violence &
Slide 22: Our Differentiators: Four Dimensions of Reach
1 Markets Placing coverage for almost every line of business through our broad network of carrier partners. 2 Segmentation Delivering tailored solutions for customers of all sizes and by specialization. 3 International Comprehensive, customizable services across all territories through our retail ne
Slide 23: Specialty Distribution Segment
Specialty Distribution Segment
Slide 24: Three distinct divisions, one unified platform
Underwriting division that designs and runs specialized insurance programs for carriers. Builds niche, risk-specific products Prices & underwrites with delegated authority Distributes via multiple channels and manages performance Wholesale brokerage division that connects retail agents to carriers f
Slide 25: Delivering specialization at scale
*Based on office location premium, not geography UNITED KINGDOM CANADA UNITED ARAB EMIRATES NETHERLANDS ITALY GERMANY BELGIUM FRANCE MALAYSIA SINGAPORE HONG KONG $20 Billion+ FY 2025 Total Written Premium UNITED STATES 11% International* 89% North America 75k+ Active Distribution Locations 8,000+ Te
Slide 26: Specialty Distribution Segment Business Overview
Business overview Key Metrics 2025 Avg. 3 Yr. Avg. 5 Yr. Revenue Growth 19.5% 19.5% 17.9% Organic Revenue Growth 2.8% 11.8% 11.5% EBITDAC Margin - Adjusted 43.1% 41.7% 39.3% Three divisions provide: A broad reach and diverse trading platform for insurance carriers Expanded access to niche solutions
Slide 27: Addressing today's risks & tomorrow's opportunities
INDUSTRIES SOLUTIONS SOLUTIONS Agriculture COMMERCIAL PERSONAL Aviation Cannabis Construction / Contractor Energy Financial Services Forestry Healthcare Hospitality Life Sciences Manufacturing Accident & Health Casualty Catastrophe Cyber Environmental Excess Lender-Placed Property Catastrophe High N
Slide 28: Distribution
Serving as key part of value distribution DISTRIBUTION
Slide 29: The Pillars of Our Performance
Strength beyond scale Value Our three divisions bring these strengths to life with clear purpose and collective power, enabling us to move faster, trade smarter and deliver stronger results. THE PILLARS OF OUR PERFORMANCE DEPTH: Specialization across industries, markets and risks DISCIPLINE: Underwr
Slide 30: Acquisitions
Acquisitions
Slide 31: Growth Through Acquisition
Create long-term shareholder value Find high-quality talent that fits culturally Enhance and expand our capabilities Expand geographic presence Leverage carrier relationships and diversification Apply disciplined approach to evaluating prospective acquisitions Engage senior operating leaders through
Slide 32: Consistent Acquirer of Diverse Capabilities
1 Represents the approximate annual revenue of businesses and books of business acquired between 2016 and 2025 Acquired Revenue1 (in Millions) $1,829 10-yr avg $343 Consistent Acquirer of Diverse Capabilities
Slide 33: Technology, Data & Innovation
Technology, Data & Innovation
Slide 34: Core Technology Pillars
Continuously empower teams to explore and implement innovations that impact the business and improve results Partner with early-stage investments to find new and impactful ways to drive results Innovation & Artificial Intelligence Data-driven decisions that enhance results and provide actionable ins
Slide 35: Our Technology and Data Journey
DATA STANDARDIZATION 2015 FOUNDATION BUILDING INNOVATION & ARTIFICIAL INTELLIGENCE PLATFORM RATIONALIZATION Current ENTERPRISE SCALE ENABLEMENT Future AI-DRIVEN GROWTH Our Technology and Data Journey
Slide 36: Our Investment Pillars
REVENUE GROWTH CUSTOMER EXPERIENCE TEAMMATE PRODUCTIVITY Our Investment Pillars
Slide 37: Building an AI-powered Brown & Brown
Proprietary B&B AI Products Out-of-the-Box AI Tooling & Solutions Enterprise Grade Technologies & Partnerships World Class Data & AI Organization Developer Copilots Teammate Assistants 3rd Party Applications Cloud Native APIs & Integrations Modern Data Platform Value-led Data & AI mindset Agile Data
Slide 38: Talent
Talent
Slide 39: Our People Strategy
| Our People Strategy Perform & Progress Teammate Lifecycle wy Recognize & Reward Engage & Develop BROWN & BROWN | 38
Slide 40: Teammate Snapshot
Teammate Snapshot Teammate Resource Groups-Global ~23k As of December 31, 2025 Great Place to Work Certified® BRO ~44% of US teammates are shareholders 92% of teammates say we’re a great place to work Workplace Awards Great Place to Work Certified ® Fortune Best Workplaces: in Financial Services & I
Slide 41: Financial Performance
Financial Performance
Slide 42: Strong Revenue Growth
Strong Revenue Growth Source: FactSet, SNL Financial, Company Filings as of 12/31/2025 1 Peers are Arthur J. Gallagher & Co, Aon plc, Marsh & McLennan Companies, Inc. and Willis Towers Watson Public Limited Company 2 S&P 500 revenue growth calculated as change in the sum of adjusted sales over the p
Slide 43: Consistently Strong EBITDAC Margin - Adjusted
Consistently Strong EBITDAC Margin - Adjusted 1 Source: FactSet, SNL Financial, Company Filings as of 12/31/2025 1 Peers are Arthur J. Gallagher & Co, Aon plc, Marsh & McLennan Companies, Inc. and Willis Towers Watson Public Limited Company 2 S&P 500 margin shown represents EBITDA Margin, calculated
Slide 44: Industry-Leading Free Cash Flow Conversion
Industry-Leading Free Cash Flow Conversion 1 2 Source: FactSet, SNL Financial, Company Filings as of 12/31/2025 1 Peers are Arthur J. Gallagher & Co, Aon plc, Marsh & McLennan Companies, Inc. and Willis Towers Watson Public Limited Company 2 S&P 500 Free Cash Flow Conversion is calculated as the equ
Slide 45: Long-Term Capital Deployment
Long-Term Capital Deployment 10-Year ($ in Billions) Acquisitions $14.6 Dividends $1.1 Share Repurchases $0.6 CapEx $0.5 Total Cash Deployed $16.8 Total Cash Generated2 $8.1 1 Includes original purchase price plus subsequent earnout payments 2 Defined as net cash provided by operating activities. Ca
Slide 46: Liquidity Profile
Liquidity Profile Maintain low leverage, industry-leading margins, high cash flow conversion and investment-grade ratings Optimize financial flexibility in line with growth objectives Target net debt outstanding to EBITDAC ratio of 0 - 2.5x and total debt outstanding to EBITDAC ratio of 0 - 3.0x Bal
Slide 47: Debt & Leverage
Debt & Leverage Debt Maturity Profile* ($M) Debt outstanding ($M) Debt to EBITDAC - Adjusted Ratio *All amounts presented on this slide are calculated as of 12/31/2025 See important disclosures regarding Non-GAAP measures on pages 2-3 and Non-GAAP reconciliations on pages 50-60. Leverage & Maturity
Slide 48: Proven Track Record of Industry-Leading Performance
Proven Track Record of Industry-Leading Performance* Free Cash Flow Conversion1 23% 5 Yr. Avg. 24% 10 Yr. Avg. EBITDAC Margin - Adjusted 34% 5 Yr. Avg. 33% 10 Yr. Avg. Revenue growth 18% 5 Yr. CAGR 14% 10 Yr. CAGR Free Cash Flow growth1 17% 5 Yr. CAGR 14% 10 Yr. CAGR Diluted Net Income Per Share - A
Slide 49: Business Highlights
Business well positioned to continue delivering profitable growth Teammate recruitment and development continues to be a top priority Strong balance sheet and cash generation, as well as access to capital Investing in artificial intelligence, data and analytics to improve customer and teammate exper
Slide 50: GAAP to Non-GAAP Reconciliation Appendix
GAAP to Non-GAAP Reconciliation Appendix
Slide 51: Reconciliation Income Before Income Taxes to EBITDAC
Reconciliation Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted 1 “Income Before Income Taxes Margin” is defined as income before income taxes divided by total revenues See important disclosures regardi
Slide 52: Reconciliation Income Before Income Taxes to EBITDAC - Adjusted
See important disclosures regarding Non-GAAP measures on pages 2-3 Reconciliation Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted
Slide 53: Reconciliation of Net Cash from Operations to Free Cash Flow
1 Cash flow for years 2020 and 2021 have been restated under the fiduciary model. Legacy method of cash flows is used for years prior to 2020 See important disclosures regarding Non-GAAP measures on pages 2-3 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow & Free Cash F
Slide 54: Reconciliation of Diluted Net Income Per Share - Adjusted
Reconciliation of Diluted Net Income Per Share to Diluted Net Income Per Share - Adjusted See important disclosures regarding Non-GAAP measures on pages 2-3 1 The calculation of diluted net income per share for the twelve months ended December 31, 2025 (a) excludes the mark-to-market of escrow liabi
Slide 55: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue See important disclosures regarding Non-GAAP measures on pages 2-3 1 The Retail segment includes commissions and fees that are reported in the “Other” column of the segment Information in the Notes to the Consolidated Financial Statements in ou
Slide 56: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue See important disclosures regarding Non-GAAP measures on pages 2-3 1 The Retail segment includes commissions and fees that are reported in the “Other” column of the segment Information in the Notes to the Consolidated Financial Statements in ou
Slide 57: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue See important disclosures regarding Non-GAAP measures on pages 2-3 1 The Retail segment includes commissions and fees that are reported in the “Other” column of the segment Information in the Notes to the Consolidated Financial Statements in ou
Slide 58: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue See important disclosures regarding Non-GAAP measures on pages 2-3 1 The Retail segment includes commissions and fees that are reported in the “Other” column of the segment Information in the Notes to the Consolidated Financial Statements in ou
Slide 59: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue See important disclosures regarding Non-GAAP measures on pages 2-3 1 The Retail segment includes commissions and fees that are reported in the “Other” column of the segment Information in the Notes to the Consolidated Financial Statements in ou
Slide 60: Reconciliation of Long-Term Total Debt to Net Debt Outstanding
Reconciliation of Long-Term Total Debt to Net Debt Outstanding, Total Debt Outstanding to EBITDAC - Adjusted and Net Debt Outstanding to EBITDAC - Adjusted See important disclosures regarding Non-GAAP measures on pages 2-3
Slide 61: The Cheetah
The Cheetah: Since our beginning, we have known that doing what is best for our customers requires constant persistence. The cheetah, which represents vision, swiftness, strength and agility, has served as a symbol for Brown & Brown since the 1980s. For additional information: Andrew Watts Executive
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