Marsh Reports Solid Fourth Quarter and Full-Year 2025 Results

• Full-Year Revenue Growth of 10%; Underlying Revenue Growth of 4%
• Full-Year GAAP Operating Income Increases 7%; Adjusted Operating Income Increases 11%
• Full-Year GAAP EPS of $8.43; Adjusted EPS Increases 9% to $9.75
• Fourth Quarter GAAP EPS of $1.68; Adjusted EPS Increases 10% to $2.12

Marsh (NYSE:MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the fourth quarter and year ended December 31, 2025.

John Doyle, President and CEO, said: "Our fourth quarter results capped another solid year for Marsh. For the full year, we generated 10% revenue growth, 4% underlying revenue growth, double-digit adjusted NOI growth, 9% adjusted EPS growth and our 18th consecutive year of reported margin expansion. We also launched our new brand, successfully completed the integration of McGriff and announced our Thrive program."

"Our team performed well in a complex environment, and we are positioned for sustained momentum in 2026."

Consolidated Results

As a result of the Company's previously announced brand change, results that were previously reported under our Marsh business will now be reported as "Marsh Risk" and results that were previously reported as "Oliver Wyman Group" will now be reported as "Marsh Management Consulting." Mercer and Guy Carpenter will continue to be reported under their current brands through a transition period.

Consolidated revenue in the fourth quarter of 2025 was $6.6 billion, an increase of 9% compared with the fourth quarter of 2024, or 4% on an underlying basis. Operating income rose 7% to $1.2 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 12% to $1.6 billion. Net income attributable to the Company was $821 million. Earnings per share were $1.68.

Adjusted earnings per share increased 10% to $2.12, and included a benefit of 7 cents per share from favorable discrete tax items as well as a benefit of 2 cents per share from foreign exchange.

For the full year 2025, revenue was $27.0 billion, an increase of 10% on a GAAP basis or 4% on an underlying basis compared to 2024. Operating income was $6.2 billion, an increase of 7% from 2024. Adjusted operating income rose 11% to $7.3 billion. Net income attributable to the Company was $4.2 billion or $8.43 per diluted share, compared with $8.18 in 2024. Adjusted earnings per share increased 9% to $9.75.

Risk & Insurance Services

Risk & Insurance Services revenue was $4.0 billion in the fourth quarter of 2025, an increase of 9%, or 2% on an underlying basis. Operating income increased 8% to $830 million, while adjusted operating income increased 11% to $1.1 billion. For the year 2025, revenue was $17.3 billion, an increase of 12%, or 4% on an underlying basis. Operating income rose 6% to $4.6 billion, and adjusted operating income increased 12% to $5.5 billion.

Marsh Risk's revenue in the fourth quarter of 2025 was $3.7 billion, an increase of 10%, or 3% on an underlying basis. In U.S./Canada, underlying revenue growth was 3%. In International, underlying revenue growth was 4%, and included 6% growth in EMEA, 2% growth in Asia Pacific, and a 4% decline in Latin America. For the year 2025, Marsh Risk's revenue was $14.4 billion, an increase of 15% compared to a year ago, or 4% on an underlying basis.

Guy Carpenter's revenue in the fourth quarter was $215 million, an increase of 7%, or 5% on an underlying basis. For the year 2025, Guy Carpenter's revenue was $2.5 billion, an increase of 6% compared to a year ago, or 5% on an underlying basis.

Consulting

Consulting revenue was $2.6 billion in the fourth quarter of 2025, an increase of 8%, or 5% on an underlying basis. Operating income increased 4% to $483 million, while adjusted operating income increased 10% to $550 million. For the year 2025, revenue was $9.8 billion, an increase of 7%, or 5% on an underlying basis. Operating income rose 7% to $1.9 billion, and adjusted operating income increased 10% to $2.1 billion.

Mercer's revenue in the fourth quarter was $1.6 billion, an increase of 9%, or 4% on an underlying basis. Wealth revenue grew 5%, Health revenue increased 6%, and Career revenue declined 2%, all on an underlying basis. For the year 2025, Mercer's revenue was $6.2 billion, an increase of 8%, or 4% on an underlying basis.

Marsh Management Consulting's revenue in the fourth quarter of 2025 was $1.0 billion, an increase of 8% on a GAAP and underlying basis. For the year 2025, Marsh Management Consulting's revenue was $3.6 billion, an increase of 6% on a GAAP and underlying basis.

Other Items

The Company repurchased 10.1 million shares for $2.0 billion in 2025.

On January 14, the Company's stock ticker symbol on the NYSE changed to MRSH.

Conference Call

A conference call to discuss fourth quarter 2025 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at corporate.marsh.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.

About Marsh

Marsh (NYSE:MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit corporate.marsh.com, or follow us on LinkedIn and X.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".

Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:

• the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars and global conflicts, social unrest, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates;
• the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business' ability to execute timely trades;
• the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information;
• the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations;
• our ability to attract, retain and develop industry leading talent;
• our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence;
• our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests;
• our ability to fully realize the opportunities and efficiencies from the Thrive program, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency;
• the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams; and
• the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment.

The factors identified above are not exhaustive. Marsh and its subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made.

Further information concerning the Company, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K.

Marsh & McLennan Companies, Inc.

Supplemental Information - Revenue Analysis

Three Months Ended December 31

(Millions) (Unaudited)

The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

Marsh & McLennan Companies, Inc.

Supplemental Information - Revenue Analysis

Twelve Months Ended December 31

(Millions) (Unaudited)

The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Three Months Ended December 31

(Millions) (Unaudited)

Overview

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (referred to in this release as in accordance with "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G and item 10(e) Regulation S-K in accordance with the Securities Exchange Act of 1934. These measures are: non-GAAP revenue, adjusted operating income (loss), adjusted operating margin, adjusted income, net of tax and adjusted earnings per share (EPS). The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP in the following tables.

The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the Company's performance across periods. Management also uses these measures internally to assess the operating performance of its businesses and to decide how to allocate resources. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures include adjustments that reflect how management views its businesses, and may differ from similarly titled non-GAAP measures presented by other companies.

In the first quarter of 2025, the Company changed its methodology to report adjusted operating income (loss), adjusted income, net of tax and adjusted EPS to exclude the impact of intangible amortization and other net benefit credits. Prior year results are presented using the new methodology for comparative purposes.

Adjusted Operating Income (Loss) and Adjusted Operating Margin

Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items and identified intangible amortization expense from the Company's GAAP operating income (loss). The following tables reconcile adjusted operating income (loss) to GAAP operating income (loss) on a consolidated and reportable segment basis for the three and twelve months ended December 31, 2025 and 2024. The following tables also present adjusted operating margin. For the three and twelve months ended December 31, 2025 and 2024, adjusted operating margin is calculated by dividing the sum of adjusted operating income by consolidated or segment adjusted revenue. The Company's adjusted revenue used in the determination of adjusted operating margin is calculated by excluding the impact of certain noteworthy items from the Company's GAAP revenue.

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Three and Twelve Months Ended December 31

(In millions, except per share data)

(Unaudited)

Adjusted income, net of tax is calculated as the Company's GAAP income from continuing operations, adjusted to reflect the after tax impact of the operating income adjustments in the preceding tables and the additional items listed below. Adjusted EPS is calculated by dividing the Company's adjusted income, net of tax, by the average number of shares outstanding-diluted for the relevant period. The following tables reconcile adjusted income, net of tax to GAAP income from continuing operations and adjusted EPS to GAAP EPS for the three and twelve months ended December 31, 2025 and 2024.