MARSH $MRSH Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $6.86B (Est. $6.64B) 🟢; +8% YoY 🔹 Adj. EPS: $2.03 (Est. $1.97) 🟢; +10% YoY 🔹 GAAP EPS: $1.69 🔹 Underlying Revenue Growth: +5% (Est. 3.9%) 🟢 🔹 Adj. Oper Income: $1.5B; +6% YoY 🔹 Adj. Oper Margin: 22.7% Revenue by Business (YoY underlying): 🔹 Risk and Insurance Services: $4.2B; +3% 🔹 Risk: $3.7B; +5% 🔹 U.S./Canada: $2.2B; +4% 🔹 Total International: $1.5B; +6% 🔹 Reinsurance: $374M; -6% 🔹 People and Investments: $1.7B; +5% 🔹 Total Consulting: $2.7B; +8% 🔹 Management Consulting: $1.0B; +14% Other Q3 Metrics: 🔹 RIS Adj. Op Inc: $1.0B; +4% YoY 🔹 Consulting Adj. Op Inc: $593M (Est. $565.7M) 🟢 🔹 Fiduciary Interest Income: $100M 🔹 Share Repurchases: $500M Key Updates: 🔸 Adjusted EPS excludes $164M ($0.34/share) of adjustments, net of tax 🔹 Total noteworthy items: $170M 🔹 Restructuring: $79M 🔹 McGriff integration and retention related costs: $35M 🔹 Greensill litigation: $144M 🔹 Legal matter: $30M 🔹 Identified intangible amortization expense: $142M 🔹 Investment income: $8M Comments: 🔸 “Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth.”