Willis Towers Watson Public Limited Company · NASDAQ:WTW
Willis Towers Watson Public — Q2 2026 Earnings Presentation
35 slides from Willis Towers Watson Public's earnings presentation, Jul 30, 2026
Slide 1: Earnings Release Supplemental Materials: 2026 Second Quarter Financial Results
WTW Earnings Release Supplemental Materials 2026 Second Quarter Financial Results July 30, 2026 wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ mate
Slide 2: WTW Forward-Looking Statements
WTW Forward-Looking Statements We have included in this document ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These for
Slide 3: WTW Non-GAAP Measures
WTW Non-GAAP Measures In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic
Slide 4: Key Takeaways
Key Takeaways Generated Organic revenue growth1 of 5%, Adjusted Operating Margin1 expansion of +100bps and Adjusted Diluted EPS1 growth of 17% in Q2 2026 Announced Propel, WTW’s AI Acceleration Plan, to further scale AI and automation across WTW, targeting ~30% Adjusted Operating Margin1 in 2028 whi
Slide 5: Q2 2026 GAAP Financial Results
Q2 2026 GAAP Financial Results Key figures $USD million, except EPS and % Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue $2,466 $2,261 $4,878 $4,484 % change 9% 9% Income from Operations $364 $368 $812 $800 % change (1)% 2% Operating Margin % 14.8% 16.3% 16.6% 17.8
Slide 6: Q2 and YTD 2026 Key Figures
Q2 and YTD 2026 Key Figures Including Non-GAAP Financial Results Total Revenue +5% +4% Adjusted +17% +18% $USD billions Q2 Organic1 growth YTD Organic1 growth Diluted EPS1 Q2 growth YTD growth $USD $2.5 $2.3 $4.9 $4.5 $3.35 $7.07 $2.86 $5.99 Q2-26 Q2-25 YTD 2026 YTD 2025 Q2-26 Q2-25 YTD 2026 YTD 202
Slide 7: Financial Review
Financial Review wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 7
Slide 8: Quarterly Segment Performance: Health, Wealth & Career
Quarterly Segment Performance: Health, Wealth & Career Q2 2026 Segment Highlights1 Revenue ($M) Segment Operating • For the quarter, HWC had organic revenue growth2 of 4% Margin1 – Health had 8% organic revenue growth driven by growth across all $1,270 regions $1,180 24.1% 23.8% – Wealth generated 2
Slide 9: Quarterly Segment Performance: Risk & Broking
Quarterly Segment Performance: Risk & Broking Q2 2026 Segment Highlights1 Revenue ($M) Segment Operating • For the quarter, R&B had organic revenue growth2 of 7% Margin1 $1,164 22.2% 21.2% – CRB generated organic revenue growth of 7% driven by new $1,047 business activity and strong client retention
Slide 10: Maintaining a Flexible Balance Sheet
Maintaining a Flexible Balance Sheet Reinforcing our business fundamentals; safeguarding WTW’s financial strengths Disciplined capital management strategy June 30, 2026 Dec 31, 2025 Provides WTW with the financial flexibility to ($ millions) reinvest in our businesses, capitalize on market growth op
Slide 11: Executing Against a Balanced Capital Allocation Strategy
Executing Against a Balanced Capital Allocation Strategy Allocating capital to opportunities with the potential for highest return Capital Allocation Priorities CASH RETURNED TO SHAREHOLDERS • Reinvest in capabilities, businesses, and processes $14.8 B $3,899 • Invest in innovation, technology, and
Slide 12: Business Overview
Business Overview wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 12
Slide 13: WTW at a Glance
WTW at a Glance Delivering superior advice, broking and solutions in the areas of people, risk and capital Segments1 Rich Global reach, local heritage expertise Servicing clients 140+ countries & markets served by Risk & Broking 45% since 1828 48,100 colleagues 55% Health, Wealth & Career Global and
Slide 14: Segment Overview: Health, Wealth & Career
Segment Overview: Health, Wealth & Career1,2 Health, Wealth & Career: World-class portfolio of leading businesses providing advisory and consulting services within human capital, employee benefits and retirement verticals Health provides Wealth provides HWC Segment Total Revenue FY25 Revenue and Org
Slide 15: Segment Overview: Risk & Broking
Segment Overview: Risk & Broking1 Risk & Broking: Risk advisory and solutions business delivering innovative, integrated solutions tailored to client needs and underpinned by cutting edge data and analytics, technology and experienced risk thinkers R&B Segment Total Revenue FY25 Revenue and Organic
Slide 16: Strategy & Outlook
Strategy & Outlook wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 16
Slide 17: Focused on Creating Long-Term Value for Shareholders
Focused on Creating Long-Term Value for Shareholders Our successful rebuild and transformation has strengthened WTW’s position and results Accelerating performance through innovation and expansion in attractive 1 markets Enhancing efficiency to deliver continued adjusted operating margin 2 expansion
Slide 18: WTW Strategic & Financial Framework
WTW Strategic & Financial Framework Strategic Priorities Financial Outlook Mid-single digit organic growth1 plus Accelerate Performance Revenue Growth opportunistic inorganic growth We will build on recent momentum to drive performance in our businesses Adjusted Continued annual margin expansion, dr
Slide 19: Propel, WTW's AI Acceleration Plan
Propel, WTW’s AI Acceleration Plan Productivity & Efficiency Create Capacity Accelerating performance Gains . Efficiency gains create and enhancing efficiency Leverage AI, automation and capacity that can be redeployed toward higher- capability centers to through AI, automation, streamline work, red
Slide 20: Further Accelerating Performance and Enhancing Efficiency
Further Accelerating Performance and Enhancing Efficiency Health, Wealth & Career Risk & Broking Enterprise Functions • Scaling AI tools across data • Continuing to implement Neuron, our • Embedding AI across finance, legal, ingestion and analysis workflows, AI-powered operating platform, HR, sales
Slide 21: Propel Financial Outlook Expected Through 2028
Propel Financial Outlook Expected Through 2028 ~$625M ~$400M ~$350M Cash investment Run-rate savings Net run-rate savings (cost-to-achieve) ~1.6x cost to achieve ratio Net run-rate savings after ~$50M of reinvestment for growth Additional ~$25M of non-cash costs 2028 ADJUSTED OPERATING MARGINS¹ ~30%
Slide 22: Propel: WTW's Estimated 2028 Adjusted Operating Margin
Propel: WTW’s Estimated 2028 Adjusted Operating Margin1 ~30% +300-330 bps ~30% Builds on WTW’s position of strength and adds ~(50)bps to continued margin expansion +200-220bps Operating leverage and portfolio optimization R&B’s existing +100 bps margin expansion to 2027 with continued 25.2% expansio
Slide 23: Long-term Organic Revenue Growth Outlook
Long-term Organic Revenue Growth Outlook SEGMENT GROWTH PROFILES WTW’s sustainable long-term, Health, Wealth & Career Health High-single digits mid-single digit Mid-single digit Wealth Low-single digits Career Mid-single digits organic growth1 BD&O Mid-single digits Risk & Broking CRB Mid- to high-s
Slide 24: Capital Allocation Strategy - Driving Growth, Margin and Returns
Capital Allocation Strategy - Driving Growth, Margin and Returns Balanced capital apital allocatio C n Ongoing organic investments in talent, allocation technology, and new products to drive sustainable growth and capture margin strategy to Quarterly Share expansion opportunities reflect dividends r
Slide 25: Select 2026 Financial Considerations
Select 2026 Financial Considerations Adjusted Operating Margin Segment Organic Revenue1 Willis Re Joint Venture Continued annual margin expansion at the Health, Wealth & Career: MSD Expected to be a headwind on Adjusted Diluted enterprise level driven by: • Health: HSD EPS of ~$0.30 • Wealth: LSD •
Slide 26: Appendix I: Reconciliation of Non-GAAP Measures
Appendix I: Reconciliation of Non-GAAP Measures wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 26
Slide 27: Constant Currency and Organic Revenue Change QTD
Constant Currency and Organic Revenue Change QTD As reported, USD millions except % Components of Revenue Change(i) Three Months Ended Less: Less: June 30, As Reported Currency Constant Currency Acquisitions/ Organic 2026 2025 % Change Impact Change Divestitures Change Health, Wealth & Career Revenu
Slide 28: Constant Currency and Organic Revenue Change YTD
Constant Currency and Organic Revenue Change YTD As reported, USD millions except % Components of Revenue Change(i) Six Months Ended Less: Less: June 30, As Reported Currency Constant Currency Acquisitions/ Organic 2026 2025 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue
Slide 29: Adjusted Op Income and Margin, Adj. EBITDA and Margin QTD
Adjusted Op Income and Margin, Adj. EBITDA and Margin QTD As reported, USD millions except % Three Months Ended June 30, 2026 2025 Income from operations and Operating margin $ 364 14.8% $ 368 16.3% Adjusted for certain items: Amortization 55 49 Transaction and integration expenses 61 2 Adjusted ope
Slide 30: Adjusted Op Income and Margin, Adj. EBITDA and Margin YTD
Adjusted Op Income and Margin, Adj. EBITDA and Margin YTD As reported, USD millions except % Six Months Ended June 30, 2026 2025 Income from operations and Operating margin $ 812 16.6% $ 800 17.8% Adjusted for certain items: Amortization 103 97 Transaction and integration expenses 102 2 Adjusted ope
Slide 31: Adjusted Net Income and Adjusted Diluted EPS QTD
Adjusted Net Income and Adjusted Diluted EPS QTD As reported, USD millions except % Three Months Ended June 30, 2026 2025 Net income attributable to WTW $ 229 $ 331 Adjusted for certain items: Amortization 55 49 Transaction and integration expenses 61 2 Net periodic pension and postretirement benefi
Slide 32: Adjusted Net Income and Adjusted Diluted EPS YTD
Adjusted Net Income and Adjusted Diluted EPS YTD As reported, USD millions except % Six Months Ended June 30, 2026 2025 Net income attributable to WTW $ 526 $ 566 Adjusted for certain items: Amortization 103 97 Transaction and integration expenses 102 2 Net periodic pension and postretirement benefi
Slide 33: Adjusted Income Before Taxes, Adjusted Income Tax Rate QTD
Adjusted Income Before Taxes, Adjusted Income Tax Rate QTD As reported, USD millions except % Three Months Ended June 30, 2026 2025 Income from operations before income taxes and interest in earnings of associates $ 292 $ 313 Adjusted for certain items: Amortization 55 49 Transaction and integration
Slide 34: Adjusted Income Before Taxes & Tax Rate YTD and Free Cash Flow
Adjusted Income Before Taxes & Adjusted Income Tax Rate YTD and Free Cash Flow As reported, USD millions except % Six Months Ended June 30, 2026 2025 Income from operations before income taxes and interest in earnings of associates $ 668 $ 616 Adjusted for certain items: Amortization 103 97 Transact
Slide 35: About WTW
About WTW At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience,
Willis Towers Watson Public Limited Company — Q2 2026 Earnings Presentation on 6ix