Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Investor Presentation (2026)
63 slides from Brown & Brown's investor presentation, 2026
Slide 1: Company Overview
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 shar
Slide 5: Company Overview
Company Overview © 2026 Brown & Brown, Inc . All rights reserved. 4
Slide 6: Our Vision
Our Vision Be the leading global provider of insurance solutions for our customers. © 2026 Brown & Brown, Inc . All rights reserved. 5
Slide 7: Business Highlights
Long-term track record of profitable revenue growth - organic and via acquisition Business Highlights 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
Brown & Brown at a Glance Historical Revenue & EBITDAC Margin - Adjusted Key Facts 7000 • Headquartered in Daytona Beach, Florida $5,902 6000 • Founded in 1939 5000 $4,805 $4,257 • ~23,000 teammates as of December 31, 2025 $3,573 4000 $3,051 36% • Doing business globally in 16 countries with 3000 35
Slide 9: What Differentiates Brown & Brown?
What Differentiates Brown & Brown? Entrepreneurial Decentralized Strong Highly Talented Meritocracy Sales & Service Balance Sheet Teammates Accountable Successful High Strong Common & Disciplined Acquirer Performance Culture © 2026 Brown & Brown, Inc . All rights reserved. 8
Slide 10: Key Cultural Attributes
Key Cultural Attributes Teammates vs. Internal Profitable Employees Ownership Growth 1 2 3 4 5 Leaders vs. Think Managers Long Term © 2026 Brown & Brown, Inc . All rights reserved. 9
Slide 11: Core Operating Philosophies
Core Operating Philosophies We are in the people We are in the recruiting and selling and enhancing business. servicing business. We are in the We are in the delivering money-making innovative solutions business. business. N O B I G M I S TA K E S © 2026 Brown & Brown, Inc . All rights reserved. 10
Slide 12: Decentralized Sales & Service Model
Decentralized Sales Driving operational efficiency by centralizing certain functions, while enabling sales and service decisions at the local level. & Service Model Enterprise & Segment Functions Acquisitions Technology, Finance Legal & Risk Data & Innovation Management Branding Human Internal Audit
Slide 13: Customer Segments
Customer Segments Middle Market1 Middle Market1 Small to All offer attractive growth Medium opportunities Enterprises Large Accounts & Personal Lines © 2026 Brown & Brown, Inc . All rights reserved. 12
Slide 14: Sustained Organic and Acquired Revenue Growth
Sustained Organic and Acquired Revenue Growth Total Revenues Revenue ($) in Billions $5.9B $6.0 2025 $5.0 Accession Revenue 2024 $4B $4.0 2023 Quintes 2022 Kentro Revenue $3.0 $2B 2021 GRP, Orchid Revenue 2018 & BdB $2.0 $1B Riedman 2014 Insurance 2013 Agency 2012 The Hays $1.0 2011 Group 2005 Beech
Slide 15: Shareholder Value Creation
Shareholder Value Creation Increase capabilities, enhance talent and drive growth Acquisitions Share repurchases and dividends Dividend Aristocrat1 Investments in 32 years of increases people, technology and innovation 1 Dividend Aristocrat is an S&P measure © 2026 Brown & Brown, Inc . All rights re
Slide 16: Total Shareholder Returns
1 Total Shareholder Returns 500% 400% 300% 200% 100% 0% 1 Yr. 3 Yr. 5 Yr. 10 Yr. -100% BRO Peers 2 S&P 500 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
Slide 17: Retail Segment
Retail Segment © 2026 Brown & Brown, Inc . All rights reserved. 16
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
Slide 19: Retail Segment
OVERVIEW Retail Segment Avg. Avg. Differentiators Key Metrics 2025 3 Yr. 5 Yr. • Unique culture underpinned by accountability, innovation and entrepreneurial thinking Revenue Growth 24.8% 16.6% 17.2% • Broad range of capabilities, from small businesses to complex multi-national entities Organic Reve
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. Markets Segmentation International Industries Construction Retail Manufacturing Pl
Slide 21: Retail Operating Vision
Retail Operating Vision Deep collaboration and execution Continue strong revenue growth in all market environments Maintain profitable growth model Implement strategies, solutions and service models across market segments Recruitment and growth of talent Acquire businesses that fit culturally and ma
Slide 22: Specialty Distribution Segment
Specialty Distribution Segment © 2026 Brown & Brown, Inc . All rights reserved. 21
Slide 23: Three distinct divisions, one unified platform.
Three distinct divisions, one unified platform. Programs Wholesale Specialty 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 c
Slide 24: Specialty Distribution Segment
OVERVIEW Specialty Distribution Segment Business Overview Avg. Avg. Key Metrics 2025 3 Yr. 5 Yr. • Three divisions provide: • A broad reach and diverse trading platform for Revenue Growth 19.5% 19.5% 17.9% insurance carriers • Expanded access to niche solutions for brokers Organic Revenue Growth 2.8
Slide 25: Our Solutions
OUR SOLUTIONS Built for today's risks and tomorrow's opportunities With reach across industries and solutions, our insurance distribution platform delivers the breadth needed to meet today's insurance risks while innovating for tomorrow. Public Entity & Sports & Agriculture Energy Hospitality Educat
Slide 26: Strength beyond scale
OUR VALUE Strength beyond scale THE PILLARS OF OUR PERFORMANCE DEPTH DISCIPLINE DISTRIBUTION DESIGN DURABILITY DEDICATION Specialization Underwriting Scale and reach Solutions built Steady growth Commitment to across rigor trusted across markets with carriers built on building industries, by carrier
Slide 27: Arrowhead Programs
OUR DIVISIONS 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
Slide 28: Bridge Specialty Group
OUR DIVISIONS 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, e
Slide 29: Arrowhead Specialty
OUR DIVISIONS 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 unlo
Slide 30: International Diversification
International Diversification © 2026 Brown & Brown, Inc . All rights reserved. 29
Slide 31: Diversified Business Footprint
Diversified Business Footprint U.K. Netherlands Germany Belgium Ireland France Italy United States Canada Cayman United Arab Bermuda Hong Kong India Malaysia Singapore Islands Emirates Strategic Growth Plan • Focus on combination of Organic Revenue growth • Target countries with rule of law, stable
Slide 32: International Diversification
International Diversification 2025 Revenues by Geography Business Overview • Approximately 200 International locations 4% • Strong retail presence across U.K., Ireland, Canada & the Netherlands 10% . • London markets wholesale business - global customer base • Cross-class programs capability with ge
Slide 33: The Power of WE
The Power of WE Align Capabilities Enhance Collaboration Operationalize Investments / Scaling Resources © 2026 Brown & Brown, Inc . All rights reserved. 32
Slide 34: Acquisitions
Acquisitions © 2026 Brown & Brown, Inc . All rights reserved. 33
Slide 35: Acquisition Strategy
Acquisition Successful integration of more than 700* acquisitions. Strategy Rationale Principles Apply disciplined approach to Create long-term shareholder value evaluating prospective acquisitions Engage senior operating Find high-quality talent that fits culturally leaders throughout process Must
Slide 36: Acquisitions Overview
Acquisitions Overview Typical M&A Structure • Minimum and maximum purchase price • Agreed-upon baseline and projected pro forma • Earnout typically calculated based upon financial performance over a one -to three-year period • Structured to retain new teammates • Leverage proven integration plans $8
Slide 37: Technology, Data & Innovation
Technology, Data & Innovation © 2026 Brown & Brown, Inc . All rights reserved. 36
Slide 38: Core Technology Pillars
Core Technology Pillars Production Innovation & Actionable Stability & Artificial Analytics Security Intelligence • Core platforms at • Data-driven decisions • Continuously empower enterprise level and that enhance results teams to explore and segment that support and provide implement innovations b
Slide 39: Key Focus Areas
Key Focus Areas Data & Artificial Intelligence (AI) Security as a Foundation Enhance the customer experience Cybersecurity awareness Fit-for-purpose Deepen carrier relationships security program Increase process efficiency Business enabler Enable innovation Industry thought leadership Fuel sales & g
Slide 40: Talent
Talent © 2026 Brown & Brown, Inc . All rights reserved. 39
Slide 41: Our People Strategy
Our People Strategy © 2026 Brown & Brown, Inc . All rights reserved. 40
Slide 42: The Power of Our Culture
The Power of Our Culture Teammate Snapshot Great Place to Work Certified ® Seven Years Certified in the US ~23k Certified for the As of December 31, 2025 first time in the UK and Canada Workplace Awards BRO 2023 2024 2025 Great Place Great Place Platinum Bell Seal Great Place Platinum Bell Seal to W
Slide 43: Financial Performance
Financial Performance © 2026 Brown & Brown, Inc . All rights reserved. 42
Slide 44: Strong Revenue Growth
Strong Revenue Growth 23% 18% 14% 13% 10% 10% 9% 9% 9% 2025 5-Year Average 10-Year Average 1 2 BRO Peers S&P 500 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 Co
Slide 45: Consistently Strong EBITDAC Margin - Adjusted
Consistently Strong EBITDAC Margin - Adjusted 36% 34% 33% 30% 30% 29% 30% 28% 26% 2025 5-Year Average 10-Year Average 1 2 BRO Peers S&P 500 (S&P 500 uses EBITDA Margin) Source: FactSet, SNL Financial, Company Filings as of 12/31/2025 1 Peers are Arthur J. Gallagher & Co, Aon plc, Marsh & McLennan Co
Slide 46: Industry-Leading Free Cash Flow Conversion
Industry-Leading Free Cash Flow Conversion 24% 23% 23% 17% 17% 15% 15% 15% 15% 2025 5-Year Average 10-Year Average 1 2 BRO Peers S&P 500 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
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 (in Billions) $8.5 $3,000 $8.0 $2,500 $2.0 $2,000 $1.5 $1,500 $1,000 $1.0 $500 $0.5 $0 $0 2016 2017 2018 2019 2020 2021 2022 2
Slide 48: Financial Policy & Liquidity Profile
Financial Policy & Liquidity Profile Financial & Capital Allocation Policy Liquidity Profile • Maintain low leverage, industry-leading margins, • Generated $1.5 billion of cash flow from high cash flow conversion and investment-grade operations for the year ended 2025, growing ratings 24% over 2024
Slide 49: Leverage & Maturity Profile
Leverage & Maturity Profile Debt & Leverage Debt outstanding ($M) Debt to EBITDAC - Adjusted Ratio $9,000 4.0x $7,613 $7,500 3.5x 3.0x $6,000 2.5x $4,500 $3,942 $3,796 $3,824 2.0x $3,000 $2,023 $2,096 1.5x $1,507 $1,555 $1,500 $1,074 $976 1.0x $0 0.5x 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 50: Proven Track Record of Industry-Leading Performance
Proven Track Record of Industry-Leading Performance* Revenue EBITDAC Margin - Free Cash growth Adjusted Flow Conversion1 18% 14% 34% 33% 23% 24% 5 Yr. CAGR 10 Yr. CAGR 5 Yr. Avg. 10 Yr. Avg. 5 Yr. Avg. 10 Yr. Avg. Diluted Net Income Per Free Cash Share - Adjusted Flow growth1 growth 17% 14% 17% 15%
Slide 51: Closing Comments
Business well positioned to continue delivering profitable growth Closing Comments Teammate recruitment and development continues to be a top priority Strong balance sheet and cash generation, as well as access to capital Investing in artificial intelligence, data and analytics to improve customer a
Slide 52: GAAP to Non-GAAP Reconciliation Appendix
GAAP to Non-GAAP Reconciliation Appendix © 2026 Brown & Brown, Inc . All rights reserved. 51
Slide 53: Reconciliation Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted
Reconciliation Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted ($ Millions; Unaudited) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total revenues $1,767 $1,881 $2,014 $2,393 $2,613 $3,051 $3,573
Slide 54: Reconciliation Income Before Income Taxes to EBITDAC - Segments
Reconciliation Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted ($ Millions; Unaudited) Retail Specialty Distribution 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Total revenues $1,841 $2,157 $2,50
Slide 55: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow & Free Cash Flow Conversion 1 1 ($ Millions, Except Stock Price; Unaudited) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net cash provided by operating activities $411 $442 $568 $678 $713 $809 $881 $1,010 $1,174 $1,45
Slide 56: Reconciliation of Diluted Net Income Per Share to Adjusted
Reconciliation of Diluted Net Income Per Share to Diluted Net Income Per Share - Adjusted (Unaudited) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Diluted net Income per share1 $0.91 $1.40 $1.22 $1.40 $1.69 $2.07 $2.37 $3.05 $3.46 $3.16 Change in estimated acquisition earn-out payables 0.02 0.0
Slide 57: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue ($ Millions; Unaudited) 2025 Specialty Retail1 Total Distribution 2025 2024 2025 2024 2025 2024 Commissions and fees $3,384 $2,720 $2,379 $1,985 $5,763 $4,705 Total change $664 $394 $1,058 Total growth % 24.4% 19.8% 22.5% Profit-sharing conting
Slide 58: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue ($ Millions; Unaudited) 2024 Specialty Retail1 Total Distribution 2024 2023 2024 2023 2024 2023 Commissions and fees $2,720 $2,500 $1,985 $1,699 $4,705 $4,199 Total change $220 $286 $506 Total growth % 8.8% 16.8% 12.1% Profit-sharing contingent
Slide 59: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue ($ Millions; Unaudited) 2023 Specialty Retail1 Total Distribution 2023 2022 2023 2022 2023 2022 Commissions and fees $2,500 $2,153 $1,699 $1,410 $4,199 $3,563 Total change $347 $289 $636 Total growth % 16.1% 20.5% 17.9% Profit-sharing contingen
Slide 60: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue ($ Millions; Unaudited) 2022 Specialty Retail1 Total Distribution 2022 2021 2022 2021 2022 2021 Commissions and fees $2,153 $1,838 $1,410 $1,210 $3,563 $3,048 Total change $315 $200 $515 Total growth % 17.1% 16.5% 16.9% Profit-sharing contingen
Slide 61: Reconciliation of Commissions & Fees to Organic Revenue
Reconciliation of Commissions & Fees to Organic Revenue ($ Millions; Unaudited) 2021 Specialty Retail1 Total Distribution 2021 2020 2021 2020 2021 2020 Commissions and fees $1,838 $1,547 $1,210 $1,059 $3,048 $2,606 Total change $291 $151 $442 Total growth % 18.8% 14.3% 17.0% Profit-sharing contingen
Slide 62: Reconciliation of Long-Term Total Debt to Net Debt Outstanding
Reconciliation of Long-Term Total Debt to Net Debt Outstanding, Total Debt Outstanding to EBITDAC - Adjusted and Net Debt Outstanding to EBITDAC - Adjusted ($ Millions; Unaudited) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Current portion of long-term debt $56 $120 $50 $55 $70 $43 $251 $569 $
Slide 63: Andrew Watts
For additional information: Andrew Watts Executive Vice President, Chief Financial Officer & Treasurer (386) 239-5770 | awatts@bbins.com The Cheetah: Since our beginning, we have known that doing what is best for our customers requires constant persistence. The cheetah, which represents vision, swif