Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Investor Presentation (March 2026)
63 slides from Brown & Brown's investor presentation, Mar 2, 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, Income Before Income Taxes - Adjusted, Income Before I
Slide 4: Information Regarding Non-GAAP Measures - Continued
Information Regarding Non-GAAP Measures - Continued Non-GAAP Earnings Measures - Continued Income Before Income Taxes Margin - Adjusted is defined as Income Before Income Taxes - Adjusted divided by total revenues. Diluted Net Income Per Share - Adjusted is defined as diluted net income per share, e
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
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
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
Key Cultural Attributes Leaders vs. Managers Internal Ownership Think Long Term Profitable Growth Teammates vs. Employees 1 2 3 4 5
Slide 11: Core Operating Philosophies
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
Slide 12: Decentralized Sales & Service Model
Business & Customer-Facing Functions Decentralized Sales & Service Model Driving operational efficiency by centralizing certain functions, while enabling sales and service decisions at the local level. Branding & Communications Finance Legal & Risk Management Acquisitions Internal Audit & Compliance
Slide 13: Customer Segments
Customer Segments 12 Middle Market1 Large Accounts Small to Medium Enterprises & Personal Lines All offer attractive growth opportunities Middle Market1
Slide 14: Sustained Organic and Acquired Revenue Growth
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
Slide 15: Shareholder Value Creation
1 Dividend Aristocrat is an S&P measure 14 Investments in people, technology and innovation Share repurchases and dividends Dividend Aristocrat1 32 years of increases Increase capabilities, enhance talent and drive growth Shareholder Value Creation Acquisitions Internal Investments Returns to Shareh
Slide 16: Total Shareholder Returns
Total Shareholder Returns1 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 L
Slide 17: Retail Segment
Retail Segment
Slide 18: Growth has no finish line...
Growth has no finish line... No matter where you are on your growth journey, we can help you find solutions to meet your ever-evolving insurance and risk management needs. If you are a highly complex multi-national company, an individual or anything in between, our experienced teams can help every s
Slide 19: Retail Segment Overview and Key Metrics
OVERVIEW Retail Segment 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% Unique culture underpinned by accountability, innovation and entrepreneurial thinking Broad range of capabilities, from sm
Slide 20: Breadth & Depth of Capabilities
Breadth & Depth of Capabilities The Retail segment provides broad and deep specialization to our customers while maintaining close proximity to the communities in which our customers live and operate their businesses. Placing coverage for almost every line of business with more than 1,000 carrier pa
Slide 21: Retail Operating Vision
Retail Operating Vision Continue strong revenue growth in all market environments Maintain profitable growth model Implement strategies, solutions and service models across market segments Deep collaboration and execution Recruitment and growth of talent Continue to invest in artificial intelligence
Slide 22: Specialty Distribution Segment
Specialty Distribution Segment
Slide 23: Three distinct divisions, one unified platform
Three distinct divisions, one unified platform. Arrowhead Intermediaries unites Arrowhead Programs, Bridge Specialty Group and Arrowhead Specialty to form a diverse global platform that delivers specialization at scale. This unified model connects carriers, brokers and customers worldwide with solut
Slide 24: Specialty Distribution Segment Overview
OVERVIEW Specialty Distribution Segment Business Overview Three divisions provide: A broad reach and diverse trading platform for insurance carriers Expanded access to niche solutions for brokers and customers navigating complex and hard-to-place risks. An underwriting-first approach enabling discip
Slide 25: Our Solutions
With reach across industries and solutions, our insurance distribution platform delivers the breadth needed to meet today's insurance risks while innovating for tomorrow. OUR SOLUTIONS Built for today's risks and tomorrow's opportunities INDUSTRIES SOLUTIONS SOLUTIONS COMMERCIAL PERSONAL OTHER High
Slide 26: The Pillars of Our Performance
Our three Arrowhead Intermediaries 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 Underwriting
Slide 27: Arrowhead Programs
Arrowhead Programs offers one of the largest portfolios of insurance programs worldwide with 160+ programs. In collaboration with top-rated insurance companies, this division’s managing general agents (MGAs) and managing general underwriters (MGUs) deliver a diverse suite of niche insurance solution
Slide 28: Bridge Specialty Group
Bridge Specialty Group is a leading global insurance wholesaler with the scale and specialization needed to address today’s complex risk landscape. Our international teams provide deep industry knowledge, placement precision across lines and access to admitted, excess and surplus lines providers, as
Slide 29: Arrowhead Specialty
Arrowhead Specialty is comprised of newly acquired One80 Intermediaries’ specialty businesses, offering highly tailored solutions that address complex and evolving market needs. This division delivers a diverse range of products, designed to support clients and unlock new growth opportunities. OUR D
Slide 30: International Diversification
International Diversification
Slide 31: 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 32: International Overview
. Approximately 200 International locations Strong retail presence across U.K., Ireland, Canada & the Netherlands London markets wholesale business - global customer base Cross-class programs capability with geographic distribution (Canada, Europe, U.K., U.S. and Asia.) Retail: U.K., Ireland, Canada
Slide 33: The Power of WE
The Power of WE Align Capabilities Enhance Collaboration Operationalize Investments / Scaling Resources
Slide 34: Acquisitions
Acquisitions
Slide 35: Acquisition Strategy
Acquisition Strategy Successful integration of more than 700* acquisitions. *Brown & Brown acquisitions from 1993 through December 31, 2025 Principles Rationale Create long-term shareholder value Find high-quality talent that fits culturally Enhance and expand our capabilities Expand geographic pres
Slide 36: Acquisitions Overview
Acquisitions Overview 1 Represents the approximate annual revenue of businesses and books of business acquired between 2016 and 2025 Typical M&A Structure Acquired Revenue1 (in Millions) $1,829 10-yr avg $343 Minimum and maximum purchase price Agreed-upon baseline and projected pro forma Earnout typ
Slide 37: Technology, Data & Innovation
Technology, Data & Innovation
Slide 38: 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 39: Key Focus Areas: Data & AI, Security
Key Focus Areas Enhance the customer experience Deepen carrier relationships Increase process efficiency Enable innovation Fuel sales & growth Cybersecurity awareness Fit-for-purpose security program Business enabler Industry thought leadership Security integrated into operating model Security as a
Slide 40: Talent
Talent
Slide 41: Our People Strategy
| Our People Strategy ra Perform & Progress wy Recognize & Reward & Org, Attract Teammate Lifecycle Engage & Develop © 2026 Brown & Brown, Inc. rights reserved. | 40
Slide 42: 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 The Power of Our Culture Great Place to Work Certified ® Fortune Best Workplaces:
Slide 43: Financial Performance
Financial Performance
Slide 44: 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 45: 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 46: 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 average
Slide 47: 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 $8.1 1 Includes original purchase price plus subsequent earnout payments 2 Defined as net cash provided by operating activities. Ca
Slide 48: Liquidity Profile
Liquidity Profile Maintain low leverage, industry-leading margins, high cash flow conversion and investment-grade ratings Optimize financial flexibility in line with growth objectives Target net debt outstanding to EBITDAC ratio of 0 - 2.5x and total debt outstanding to EBITDAC ratio of 0 - 3.0x Bal
Slide 49: Debt & Leverage
Debt & Leverage Debt Maturity Profile* ($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 52-61. Leverage & Maturity
Slide 50: 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 51: Closing Comments
Closing Comments Closing Comments 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 i
Slide 52: GAAP to Non-GAAP Reconciliation Appendix
GAAP to Non-GAAP Reconciliation Appendix
Slide 53: 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 54: 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 55: Reconciliation of Operating Cash Flow 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 56: Reconciliation of Diluted Net Income Per Share
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 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 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 61: 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 62: 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 63: 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