Slide 1: Earnings Conference Call Third Quarter 2025
Earnings Conference Call Third Quarter 2025 October 31, 2025
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: Q3'25 Highlights and Key Messages
Q3’25 Highlights and Key Messages Organic Revenue Growth Adj. Op. Margin Expansion Adj. EPS Growth Free Cash Flow Growth 7% 170 bps 12% 13% Aon United We are executing on the key drivers of growth – attracting top talent in high-growth areas, Strategy and expanding in the middle market and unlocking
Slide 5: Summary Financial Results
Summary Financial Results ($ in millions) Q3’25 Q3’24 Inc./(Dec.) Total revenue $3,997 $3,721 7% Organic revenue growth (Non-GAAP) 7% 7% N/A Operating income $816 $623 31% Adjusted operating income (Non-GAAP) $1,051 $915 15% Adjusted operating margin (Non-GAAP) 26.3% 24.6% 170 bps Diluted earnings p
Slide 6: Organic Revenue
Organic Revenue Q3’25 Q3’24 Risk Capital: Commercial Risk Solutions +7% +6% Reinsurance Solutions +8% +7% Human Capital: Health Solutions +6% +9% Wealth Solutions +5% +7% Total Aon +7% +7% Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendic
Slide 7: Organic Revenue Growth
Organic Revenue Growth Guidance: Mid-Single-Digit or Greater 7% (6)pts 1pt 11pts Q3’24 New Retention / Net Market Q3’25 Baseline Business (Client Losses) Impact Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. For
Slide 8: Adjusted Operating Income and Margin
Adjusted Operating Income and Margin Adjusted Operating Income Adjusted Operating Margin ($ in millions) 15% 170 bps $1,051 26.3% 24.6% $915 Q3’24 Q3’25 Q3’24 Q3’25 Adjusted operating income and Adjusted operating margin are non-GAAP measures that are reconciled to their corresponding U.S. GAAP meas
Slide 9: Non-Operating Financials
Non-Operating Financials ($ in millions) Q3’25 Q3’24 Interest Income $— $4 Interest Expense $(206) $(213) Adjusted Other Income (Expense)(1) $(13) $33 Effective Tax Rate(1) 19.2% 18.0% Noncontrolling Interest $(12) $(12) Actual Common Shares Outstanding(2) 215.2 216.5 (1) Adjusted Other Income (Expe
Slide 10: Free Cash Flow and Capital Return
Free Cash Flow and Capital Return Free Cash Flow Capital Return ($ in millions) ($ in millions) Dividend Share Repurchase 13% $1,079 $447 $411 $951 $147 $161 $300 $250 Q3’24 Q3’25 Q3’24 Q3’25 YTD $1,672 $1,895 YTD $1,216 $1,219 Free cash flow is a non-GAAP measure that is reconciled to its correspon
Slide 11: 2025 Guidance
2025 Guidance Financial Guidance Supplemental Information Organic Revenue Mid-Single-Digit or Greater Growth Net NFP: ~(20)bps Fiduciary Income: ~(20)bps Adjusted Operating Margin Expansion Restructuring: ~85bps Operating Leverage: ~35–45bps Expected Tax Rate(1): 19.5%–20.5% Adjusted EPS Strong Grow
Slide 12: Appendices: Reconciliation of Non-GAAP Measures
Appendices Reconciliation of Non-GAAP Measures
Slide 13: Appendix A: Organic Revenue Growth – Aon
Appendix A: Organic Revenue Growth – Aon Aon Organic Revenue Reconciliation Q3'25 Q3’24 ($ millions, except percentages) Total Revenue Current period revenue 3,997 3,721 Prior year period revenue 3,721 2,953 % change 7% 26% Less: Currency Impact (1) 1% —% Less: Fiduciary Investment Income (2) —% —%
Slide 14: Appendix A: Organic Revenue Growth – By Solution Line
Appendix A: Organic Revenue Growth – By Solution Line ($ millions, except percentages) Q3’25 Q3’24 Commercial Risk Current period revenue 1,988 1,852 Prior year period revenue 1,852 1,585 % change 7% 17% Less: Currency Impact (1) 1% -% Less: Fiduciary Investment Income (2) —% -% Less: Acquisitions,
Slide 15: Appendix B: Operating Income, Operating Margin & Diluted Earnings Per Share
Appendix B: Operating Income, Operating Margin & Diluted Earnings Per Share Three Months Ended September 30, ($ millions, except percentages) 2025 2024 Revenue $3,997 $3,721 Operating income $816 $623 Amortization and impairment of intangible assets 193 174 Change in the fair value of contingent con
Slide 16: Appendix C: Free Cash Flow
Appendix C: Free Cash Flow Three Months Ended September 30, ($ millions) 2025 2024 % Change Cash Provided by Operating Activities $1,148 $1,013 13% Capital Expenditures (69) (62) 11% Free Cash Flow (1) $1,079 $951 13% Nine Months Ended September 30, ($ millions) 2025 2024 % Change Cash Provided by O
Slide 17: Appendix D: Leverage Ratio
Appendix D: Leverage Ratio ($ millions) TTM Q3’25 TTM Q2’25 Net income $2,780 $2,665 Interest expense 830 837 Income tax expense 661 628 Depreciation of fixed assets 187 187 Amortization and impairment of intangible assets 778 759 EBITDA $5,236 $5,076 Short-term debt and current portion of long-term
Slide 18: Appendix E: Accelerating Aon United Program
Appendix E: Accelerating Aon United Program Financial Impact of Program Cumulative Annual Expected Savings ($ in millions) ($ in millions) $35 $350 Total Savings $110 $220 $260 Total Cash $29 Restructuring $211 Charges $635 $72 Cash Outflow $242 $529 Q3'25 YTD'25 Total Since Inception 2025 2026 18
Slide 19: Investor Relations
Investor Relations Hallie Miller investor.relations@aon.com +1 847-442-0622