Slide 1: Marsh Investor Presentation fourth quarter 2025
Results through Marsh Investor Presentation fourth quarter 2025
Slide 2: Forward-Looking Statements; Explanation of Non-GAAP Measures
The factors identified above are not exhaustive. Marsh and its subsidiaries Forward -Looking Statements (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to This presentation contains "forward-looking sta
Slide 3: Our purpose: Marsh is a global leader in risk, reinsurance and capital, people and investments
Our purpose We build the confidence to thrive through the power of perspective Marsh is a global World-class businesses leader in risk, reinsurance and A compelling investment capital, people • Strong recurring revenue base and client retention • Capital-light business with substantial free cash flo
Slide 4: A unique collection of capabilities across market-leading businesses
A unique collection of capabilities across market -leading businesses Marsh Risk Marsh Management Consulting Our Risk business: Data- Our Reinsurance and Our People and Our Management driven risk advisory and Capital business: Investments business: Consulting business: insurance placement Reinsuranc
Slide 5: Compelling investment with sustained exceptional performance
Compelling investment with sustained exceptional performance Total Revenue Adjusted Net Adjusted Free Total Shareholder Growth Operating Income EPS Growth Cash Flow Return (TSR) (NOI) Margin 8% CAGR 2019-2025 +1,360 bps 2010-2025 13% CAGR 2010-2025 17% CAGR 2010-2025 810% Since YE 20101 2025 extende
Slide 6: Exceptional track record of value creation
Exceptional track record of value creation GAAP Revenue $27.0 Adjusted Operating Margin 27.1% Adjusted EPS $9.75 $ billions 6% +1,360 13% CAGR bps CAGR Note: Reconciliation of Non-GAAP measures included in Appendix. © 2026 Marsh 6
Slide 7: Consistent track record of positive operating leverage
Consistent track record of positive operating leverage Consistent Operating Leverage Over Time • 2025 marked our 18th consecutive year of 10% 8% Underlying Revenue adjusted operating margin expansion Growth 6% 4% 2% • We consistently deliver revenue growth that 0% outpaces expense growth, fueling ma
Slide 8: Significant addressable market opportunity
Significant addressable market opportunity Global Non-Life US Health Direct Global Retirement Insurance Premiums1 Written Premiums2 Assets3 $4.6tn $1.2tn $63.1tn 6% 8% 6% CAGR CAGR CAGR $1.2tn $0.2tn $15.3tn 2001 2024 2001 2024 2001 2024 Vast addressable markets provide significant and sustainable d
Slide 9: Strong underpinnings for continued growth across cycles
Strong underpinnings for continued growth across cycles Solid demand for Innovating to Favorable Further upside Consistent our advice and serve clients in business mix shift from investments in solutions, driven new and emerging towards higher collaboration by talent, adding by macro areas of focus,
Slide 10: Marsh is well positioned in the digital infrastructure field
Marsh is well positioned in the digital infrastructure field The world’s largest insurance broker offering clients unique access to dedicated Nimbus capacity – our market-leading, large-scale data center construction insurance facility Global Data Center Capacity (GW)1 Trusted by over 75% of the top
Slide 11: Capital-light business model with substantial free cash flow generation
Capital -light business model with substantial free cash flow generation Free Cash Flow CAGR of 17%1 $5bn Free Cash Flow (FCF) FCF as % of Revenue • $5 billion of free cash flow in 2025, translating to a strong FCF margin of 19% 19% • 17% CAGR in free cash flow 18% 17% 16% from 2010 to 2025 16% 14%
Slide 12: Balanced and disciplined capital management is a core part of our strategy
Balanced and disciplined capital management is a core part of our strategy 1 2 3 4 5 Balance Drive growth Target raising Favor deploying Return excess efficiency and through organic dividend, reducing capital to capital through flexibility of investment share count grow through share capital structu
Slide 13: Significant value creation through acquisitions in key growth areas
Significant value creation through acquisitions in key growth areas 2025 built on Marsh’s track record of successful acquisitions Re Solutions ~$28bn1 $ billions • Marsh McLennan Agency • Geographic expansion • Mid-market international • Specialty capabilities • Expanding in the fast- • Building out
Slide 14: Marsh McLennan Agency has been central to our M&A strategy
Marsh McLennan Agency has been central to our M&A strategy 6.0 ~$5bn 5.0 130 • Marsh McLennan Agency has been a key part of our expansion in the 115 109 middle market, both at Marsh’s risk 4.0 94 business and Mercer 83 3.5 75 3.0 • The middle market is an attractive 3.0 56 segment of the market with
Slide 15: Consistent return of capital to shareholders through dividends and buybacks
Consistent return of capital to shareholders through dividends and buybacks Cumulative Share Repurchases ($bn) $13 Dividends Per Share Cumulative Current Year $3.43 $11 $10 $3.05 $9 11% $2.60 CAGR $2.25 $7 $2.00 $6 $6 $1.84 $1.74 $5 $1.58 $5 $1.43 $1.30 $4 $1.18 $1.06 $3 $0.90 $0.96 $2 $1 <$1 2012 2
Slide 16: Our Thrive program aims to deliver greater value to clients
Our Thrive program aims to deliver greater value to clients, accelerate growth, and improve efficiency A New, Unified Business and Thrive Program Marsh Brand Client Services (BCS) Savings BCS will help our businesses extract Automation and workforce valuable insights through AI and actions will opti
Slide 17: Innovative and impactful data & analytics capabilities
Innovative and impactful data & analytics capabilities address our clients’ most pressing needs Marsh Blue[i] Sentrisk Workforce Insights Next-generation analytics AI-powered supply chain risk AI-powered platform that helps suite of digital solutions management platform enables organizations gain a
Slide 18: A differentiated colleague value proposition
A differentiated colleague value proposition: colleagues can be at their best at Marsh Thoughtfully and strategically investing Impact Leadership Career in our talent Create solutions Develop as Learn that have impact a leader without limits ~13k organic colleague adds since year-end 20201 Rewards C
Slide 19: Business Responsibility is a commitment to our shareholders, colleagues and communities
Business Responsibility is a commitment to our shareholders, colleagues and communities Environmental Social Governance Marsh’s unique • Achieved certification as a • Empower our colleagues to • Commitment to capabilities enable CarbonNeutral® company be their best and make a maintaining a Board wit
Slide 20: Marsh is well-positioned for continued outstanding performance
Marsh is well -positioned for continued outstanding performance Marsh had another great year in 2025 Focus M&A Investments Growth Our focus on investing M&A strengthens our We are investing in our Our outlook for sustained growth client value proposition, talent, capabilities, contemplates continued
Slide 21: Appendix
Appendix
Slide 22: Diversified Across Businesses and Geographies
Diversified Across Businesses and Geographies Marsh 2025 Revenue: $27.0 billion1 Revenue By Business Revenue By Geography Guy Carpenter 10% EMEA 32% Mercer 23% Marsh Risk Asia Pacific 54% U.S. & Canada 11% Marsh 53% Management Consulting 13% Latin America 4% 1 For trailing twelve months ended Decemb
Slide 23: Marsh's risk business: world's leading insurance broker and risk advisor
EMEA 27% Marsh’s risk business is the world’s leading insurance broker and risk advisor We deliver industry-focused brokerage, consulting, and claims advocacy services that leverage data, technology, $14.6 bn Asia Pacific FY2025 Revenue1 10% and analytics to lower our clients’ total cost of risk. Ou
Slide 24: Leading global reinsurance broker
EMEA 40% Leading global reinsurance broker Guy Carpenter delivers a powerful combination of reinsurance broking expertise, capital solutions, and global analytics and strategic advisory. $2.6 bn • Traditional Reinsurance Broking – treaty and facultative FY2025 Revenue1 • Alternatives to Traditional
Slide 25: Mercer is a global leader across health, wealth and career
EMEA 36% Mercer is a global leader across health, wealth and career Mercer helps clients realize their investment objectives, shape the future of work, and enhance health and retirement outcomes of their people. $6.2 bn • Health (37% of 2025 revenue) – empowers employers FY2025 Revenue Asia Pacific
Slide 26: Marsh Management Consulting
Marsh Management Consulting EMEA 45% Marsh is a global leader in management consulting Marsh offers advisory services across diverse industries and practices through three industry-leading operating $3.6 bn FY2025 Revenue units, helping clients address their most complex challenges and opportunities
Slide 27: Reconciliation of Non-GAAP Measures: Marsh
Marsh Reconciliation of Non-GAAP Measures ($ millions) Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue 10,730 9,831 10,550 11,526 11,924 12,261 12,951 12,893 13,211 14,024 14,950 16,652 17,224 1
Slide 28: Risk & Insurance Services
Risk & Insurance Services Reconciliation of Non-GAAP Measures ($ millions) Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue 5,466 5,284 5,557 6,079 6,350 6,596 6,931 6,869 7,143 7,630 8,228 9,599
Slide 29: Consulting
Consulting Reconciliation of Non-GAAP Measures ($ millions) Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue 5,196 4,609 5,042 5,487 5,613 5,701 6,059 6,064 6,112 6,444 6,779 7,143 6,976 7,789 8,
Slide 30: Adjusted Earnings Per Share (EPS)
Marsh Reconciliation of Non-GAAP Measures Adjusted Earnings Per Share (EPS) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Diluted EPS, Continuing $0.88 $0.70 $0.96 $1.00 $1.73 $2.13 $2.42 $2.61 $2.98 $3.38 $2.87 $3.23 $ 3.41 $ 3.94 $ 6.13 $6.04 $7.53
Slide 31: Free Cash Flow
Free Cash Flow Reconciliation of Non-GAAP Measures ($ millions) Free Cash Flow 20081 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net cash provided by 940 640 722 1,705 1,322 1,341 2,119 1,888 2,007 1,893 2,428 2,361 3,382 3,516 3,465 4,258 4,302 5,292 operati
Slide 32: We are leaders in risk, strategy and people
We are leaders in risk, strategy and people. One company, with four global businesses, united by a shared purpose to build the confidence to thrive through the power of perspective. © 2025 Marsh