Willis Towers Watson Public Limited Company · NASDAQ:WTW
Willis Towers Watson Public — Q1 2026 Earnings Presentation
29 slides from Willis Towers Watson Public's earnings presentation, Apr 30, 2026
Slide 1: Earnings Release Supplemental Materials: 2026 First Quarter Financial Results
WTW Earnings Release Supplemental Materials 2026 First Quarter Financial Results April 30, 2026 wtwco.com © 2026 WTW. All rights reserved.
Slide 2: WTW Forward-Looking Statements
WTW Forward-Looking Statements This document contains ‘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 forward-lookin
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 3%, Adjusted Operating Margin1 expansion of +70bps and Adjusted Diluted EPS1 growth of 19% in Q1 2026 Continued to see solid traction in the market for our innovative solutions, with our strategic focus on specialization, data and analytics, and sma
Slide 5: Q1 2026 GAAP Financial Results
Q1 2026 GAAP Financial Results1 Key figures $USD million, except EPS and % Three months ended March 31, 2026 2025 Change Revenue $2,412 $2,223 8% Income from operations $448 $432 4% Operating margin % 18.6% 19.4% (80) bps Net income $303 $239 27% Diluted earnings per share $3.10 $2.33 33% Net cash f
Slide 6: Q1 2026 Key Figures, Including Non-GAAP Financial Results
Q1 2026 Key Figures, Including Non-GAAP Financial Results Q1 2026 Results $2.4B +3% +5% Total Revenue Q1 2026 Q1 2026 Q1 2025 Organic1 Organic1 Adjusted Diluted EPS1 $3.72 +19% $3.13 Q1 2026 Q1 2026 Q1 2025 Adjusted Operating Margin1 22.3% +70 bps 21.6% Q1 2026 Q1 2026 Q1 2025 Free Cash Flow1 -$65M
Slide 7: Financial Review
Financial Review wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward-Looking Statements“ above for information about forward-looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 7
Slide 8: Quarterly Segment Performance: Health, Wealth & Career
Quarterly Segment Performance: Health, Wealth & Career Q1 2026 Segment Highlights1 Revenue ($M) Segment Operating • For the quarter, HWC had organic revenue growth2 of 3% Margin1 – Health had 6% organic revenue growth driven by strong performance $1,265 across international markets driven by new bus
Slide 9: Quarterly Segment Performance: Risk & Broking
Quarterly Segment Performance: Risk & Broking Q1 2026 Segment Highlights1 Revenue ($M) Segment Operating • For the quarter, R&B had organic revenue growth2 of 2% Margin1 $1,116 22.6% 22.0% – CRB generated organic revenue growth of 2% driven by new $1,027 business activity and strong client retention
Slide 10: Maintaining a Flexible Balance Sheet
Maintaining a Flexible Balance Sheet Reinforcing our business fundamentals; safeguarding WTW’s financial strengths Disciplined capital management strategy Mar 31, 2026 Dec 31, 2025 Provides WTW with the financial flexibility to ($ millions) reinvest in our businesses, capitalize on market growth opp
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 $14.2 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 47,000 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: Long-term Organic Revenue Growth Outlook
Long-term Organic Revenue Growth Outlook WTW Organic Growth Profile Sustainable Segment Growth Profiles1 long-term, Risk & Broking: MSD to HSD mid-single CRB: MSD-to-HSD MSD ICT: MSD-to-HSD $9.7B2 digit organic growth2 Health, Wealth & Career: MSD Health: HSD Wealth: LSD Career: MSD BD&O: MSD 2025 R
Slide 20: Adjusted Operating Margin Outlook
Adjusted Operating Margin Outlook Enhancing efficiency is a priority across the company Committed to WTW Adjusted Operating Margin % • Continue to drive efficiencies and operating driving leverage, coupled with WE DO efforts to Annual continued further streamline processes expansion annual margin •
Slide 21: Free Cash Flow Outlook
Free Cash Flow Outlook Delivering improvement through three pillars WTW Free Cash Flow Margin Continual Improvement +15.9% Operating Working Evolving margin capital business mix expansion management 2025 FCF Margin1 FCF Margin Outlook2 1 Signifies Non-GAAP financial measures. See Appendix I for Non-
Slide 22: Capital Allocation Strategy - Driving Growth, Margin and Returns
Capital Allocation Strategy - Driving Growth, Margin and Returns Rebalancing apital allocatio C n Ongoing organic investments in talent, capital allocation technology, and new products to drive strategy to reflect sustainable growth and capture margin successful Quarterly Share expansion opportuniti
Slide 23: Select 2026 Financial Considerations
Select 2026 Financial Considerations Adjusted Operating Margin Capital Allocation Willis Re Joint Venture Continued annual margin expansion at the Expect share repurchases of $1.0B or greater, Expected to be a headwind on Adjusted Diluted enterprise level driven by: subject to market conditions and
Slide 24: 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. 24
Slide 25: Constant Currency and Organic Revenue Change
Constant Currency and Organic Revenue Change As reported, USD millions except % Components of Revenue Change(i) Three Months Ended Less: Less: March 31, As Reported Currency Constant Currency Acquisitions/ Organic 2026 2025 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue e
Slide 26: Adjusted Op Income and Margin, Adj. EBITDA and Margin
Adjusted Op Income and Margin, Adj. EBITDA and Margin As reported, USD millions except % Three Months Ended March 31, 2026 2025 Income from operations and Operating margin $ 448 18.6% $ 432 19.4% Adjusted for certain items: Amortization 48 48 Transaction and integration expenses 41 — Adjusted operat
Slide 27: Adjusted Net Income and Adjusted Diluted EPS
Adjusted Net Income and Adjusted Diluted EPS As reported, USD millions except % Three Months Ended March 31, 2026 2025 Net income attributable to WTW $ 297 $ 235 Adjusted for certain items: Amortization 48 48 Transaction and integration expenses 41 — Net periodic pension and postretirement benefits
Slide 28: Adjusted Income Before Taxes, Adjusted Income Tax Rate and Free Cash Flow
Adjusted Income Before Taxes, Adjusted Income Tax Rate and Free Cash Flow As reported, USD millions except % Three Months Ended March 31, 2026 2025 Income from operations before income taxes and interest in earnings of associates $ 376 $ 303 Adjusted for certain items: Amortization 48 48 Transaction
Slide 29: 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 — Q1 2026 Earnings Presentation on 6ix