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CFO Commentary September 23, 2026
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Information Concerning Forward-Looking Statements July 30, 2026 Information Regarding Non-GAAP Measures Important Disclosures Arthur J. Gallagher & Co. Forward-Looking Statements and Non-GAAP Measures This CFO Commentary contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this CFO Commentary, the words “anticipates,” “believes,” “contemplates,” “see,” “should,” “could,” “will,” “estimates,” “expects,” “intends,” “plans” and variations thereof and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, anticipated future results or performance of any segment or Arthur J. Gallagher & Co. ("Gallagher") as a whole; estimates of the impact of foreign currency on EPS and revenues; integration costs; workforce and lease termination costs; EBITDAC Margin, as adjusted; amortiza tion of intangibles; depreciation; change in estimated earnout payables; interest income, premium finance revenue and other inco me; acquisition rollover revenues, including estimated rollover revenues particularly of our acquisitions larger than our usual tuck-in acquisitions; the adjusted effective tax rate; earnings from continuing operations attributable to noncontrolling interests and the weighted average multiple paid for tuck-in acquisitions. These forward-looking statements may also include, for our corporate segment, 2026 estimates, as applicable, of various items impacting net earnings attributable to controlling interests, including interest and banking costs, clean energy investments, acquisition costs, loss on extinguishment of debt, transaction-related costs, legal and income tax related expense, and corporate expenses. We also make forward-looking statements relating to our clean energy investments, including the low and high ranges of expenses (net of noncontrolling interests) and net after-tax cash flows from our clean energy investments. We further include forward-looking statements related to the acquisition of AssuredPartners, Inc. (“AssuredPartners” or “AP”), specifically with respect to our assumptions on the business, preliminary estimates of earnings and risks related to the integration of AssuredPartners. Actual results may differ materially from the estimates set forth herein, both as described in footnotes throughout this document as well as set forth generally below. Readers are cautioned against relying on any of the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. The forward-looking statements referred to herein could be materially impacted by various risks and uncertainties, including, among others, global economic and geopolitical events such as fluctuations in interest and inflation rates; protectionism in the form of tariffs or other trade disruptions; a recession or economic downturn; a U.S. Government shutdown; political instability, such as global armed conflicts; our actual acquisition opportunities, including closing risks related to pending acquisitions; risks with re spect to larger acquisitions such as AssuredPartners, the largest acquisition in our history, including risks related to our ability to successfully integrate operations; the possibility that our assumptions may be inaccurate resulting in unforeseen obligations or liabilities and failure to realize the expected benefi ts of such acquisitions; damage to our reputation due to our failure to uphold our culture or negative perceptions or publicity, including as a result of amplifying effects that the Internet and social media may have on such perceptions; reputational issues related to our sustainability-related activities, including potential backlash against such activities, and compliance with increasingly complex climate and other sustainability-related regulations, such as risks related to “greenwashing” and “greenhushing”; cybersecurity-related risks; our ability to apply technology, data analytics and artificial intelligence effectively to o ur business and potential increased costs resulting from such activities; risks associated with the use of artificial intelligence in our business operations, including regulatory, data p rivacy, cybersecurity, E&O, IP and competition risks; risks related to "AI -washing"; heightened competition for talent and increase d compensation costs; disasters or other business interruptions, including with respect to our operations in India; risks related to our international operations, such as those related to regulatory, tax, sustainability, sanctions and anti-corruption compliance and increased scrutiny of the use of off-shore centers of excellence such as those we operate in India and elsewhere; changes to data privacy and protection laws and regulations; foreign exchange rates; changes in accounting standards; changes in premium rates and in insurance markets generally, including the impact of large natural or man-made events; tax, environmental or other compliance risks related to legacy clean energy investments; inability to receive dividends or other distributions from subsidiaries; and changes in the insurance brokerage industry’s competitive landscape. Statements regarding our net after-tax cash flows from our clean energy investments could be materially impacted by various risks and uncertainties, including uncertainties related to political, regulatory and taxation developments, such as the ongoing implem entation of Pillar 2 around the world, and challenges by the IRS eliminating or reducing the availability of tax credits under IRC Section 45 retroactively; sustainability concerns of shareholders or other stakeholder groups; and environmental risks. The after -tax cash flows from our clean energy investments also depend upon us generating sufficient taxable income in the U.S., which could be materially affected by the factors describ ed above for our other forward-looking statements. Please refer to Gallagher’s filings with the Securities and Exchange Commission, including Item 1A, “Risk Factors,” of its mo st recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, for a detailed discussion of these and other factors that could impact its forward-looking statements. Any forward-looking statement made by Gallagher in this presentation speaks only as of the date on which it is made. Except as required by applicable law, Gallagher does not undertake to update the information included herein. In this CFO Commentary, we have provided information regarding EBITDAC Margin, as adjusted (for the brokerage and risk manage ment segments) and Adjusted Net Earnings Attributable to Controlling Interests (for the corporate segment) presented on a forwar d-looking and historical basis. EBITDAC Margin, as adjusted, is EBITDAC, as adjusted divided by Adjusted Revenue (EBITDAC, Revenue (for the brokerage segment), and Revenue b efore Reimbursements (for the risk management segment), respectively, adjusted to exclude the impact of net gains realized on divestitures and costs relating to exiting businesses, acquisition integration costs, workforce related charges, lease termination related charges, acquisition related adjustments, the period-over-period impact of foreign currency translation, and, for the corporate segment, transaction-related costs related to certain of our larger acquisitions outside the scope of our usual tuck-in strategy and legal, tax and benefit plan related adjustments, as defined on page 8, notes 4 and 5). EBITDAC is net earnings before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables. Adjusted Net Earnings Attributable to Controlling Interests is net earnings attributable to controlling interests adjusted to exclude transaction -related costs, and legal, tax and benefit plan related adjustments, as defined on page 8, notes 3, 4 and 5. Management believes that both EBITDAC Margi n, as adjusted, and Adjusted Net Earnings Attributable to Controlling Interests are meaningful indicators of our operating performance. The adjustments made to each measure are int ended to improve the comparability of our results between periods by eliminating the impact of items that have a high degree of variability. In addition, we have provided information regarding quarterly and annual organic revenue change for our brokerage and risk ma nagement segments, covering the prior three years. We have also presented this information for certain businesses within our brokerage segment. GAAP reconciliations of our brokerage and risk management second quarter 2026 organic revenue can be found in our second quarter 2026 earnings release filed with the SEC. We believe the supplemental organic revenue growth information provided in this CFO Commentary is helpful to investors. Organic revenue change measures the year-over-year percentage change in organic revenue. Organic revenue consists of base commis sions and fees, supplemental revenues and contingent revenues, excluding the first twelve months of revenue generated from acquisitions (also Q3 2026 which excludes AssuredPartners revenue due to the mid-quarter close in 2025) and all revenue related to divested operations, which include disposals of a business through sale or closure, estimate changes, run-off of a business and the restructuring and/or repricing of programs and products. Such revenue is excluded from organic revenue in order to help investors analyze revenue growth associated with the operations that were a part of Gallagher in both the current and prior period. In order to improve the comparability of Gallagher’s results between quarterly periods, we further exclude the period-over-period impact of foreign currency translation; revenue from certain large life product sales within Gallagher’s Executive Life and Benefits practice g roup (which are typically large, singular transactions with a high degree of variability in amount and timing); and revenue attr ibutable to changes in assumptions used to calculate estimated deferred revenues, which impact the quarterly timing of revenues during the annual contract period. We have not reconciled the forward-looking EBITDAC Margin, as adjusted, information to the most directly comparable GAAP measure because certain material items that impact this measure, including the timing and exact amount of highly variable elements of revenue (such as acquired revenue), gains from the sales of books of business and divestitures and acquisition related adjustments, have not yet occurred or are out of mana gement’s control or cannot be reasonably predicted. Accordingly, a reconciliation of forward -looking EBITDAC Margin, as adjusted to the corresponding GAAP measure is not available without unreasonable effort. Please see pages 9 and 10 of this CFO Commentary for reconciliations of historical non-GAAP information to the closest GAAP information for our brokerage and risk management segments and please see page 8 of this CFO Comment ary for reconciliations of historical non-GAAP information to the closest GAAP information for our corporate segment. The non-GAAP information provided in this CFO Commentary should be used in addition to, but not as a substitute for, GAAP information. Estimated synergies are not a guarantee of future performance and involve significant assumptions, risks and uncertainties that may not materialize or may differ materially from those projected. Estimated synergies include both uplifts for revenues and anticipated cost savings as AssuredPartners is consolidated with Gallagher. The revenue synergies and uplifts include commission rate adequacy, cross-sell, premium finance/fiduciary interest income and utilization of internal wholesalers and assumes that AssuredPartners' clients, products, markets and competitive position are comparable to those of Gallagher and that there are no adverse changes in the demand for or pricing of insurance products or services. The estimated revenue synergies as computed could vary significantly and are shown net of estimated associated costs that might accompany suc h revenue synergies and uplifts, such as integration expenses, employee retention or attrition, regulatory compliance, customer retention or loss, or litigation. Anticipated cost savings include estimates related to real estate, utilization of the Gallagher Center of Excellence and procurement program consolidation. These estimates assume that the consolidation can be achieved without disrupting operations, quality or service levels and that there are no unforeseen difficulties or delays in implementing the consolidation plan. The estimated synergies are expected to be reflected in Gallagher's consolidated results within three years, but there can be no assurance that this timeframe will be met or that the estimated synergies will be realized in full or at all. Investors should not place undue significance on the estimated synergies as a measure of the value or profitability of the combined company or as an indication of the actual results that may be achieved by the combined company. The non-GAAP information provided in this CFO Commentary should be used in addition to, but not as a substitute for, GA AP information. Page 2
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This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication. BROKERAGE SEGMENT Q1 2026 Q2 2026 2026 Quarterly Full Year 2026 2026 Quarterly Full Year 2026 $0.05 ($0.03) Q3: ($0.01) Q4: $0.01 Approx. $0.02 Q3: ($0.02) Q4: $0.01 Approx. $0.01 $57 million $1 million Q3: ($10 million) Q4: $5 million Approx. $55 million Q3: very little impact Q4: $10 million Approx. $70 million Integration Costs Per Share $0.25 $0.33 nep nep nep nep Workforce & Lease Termination Costs Per Share $0.08 $0.11 nep nep nep nep EBITDAC Margin, as adjusted (see page 7 for further discussion) $271 million pretax (1) $177 million pretax $277 million pretax (1) $179 million pretax $280 million pretax (2) nep $1,108 million pretax (1) (2) nep $281 million pretax (2) nep $1,110 million pretax (1) (2) nep $49 million pretax $39 million pretax $45 million pretax $35 million pretax $45 million pretax nep $184 million pretax nep $45 million pretax nep $184 million pretax nep $13 million pretax $10 million pretax $9 million pretax $8 million pretax $10 million pretax nep $42 million pretax nep $9 million pretax nep $40 million pretax nep Rollover Revenues from Acquisitions (see pages 5 and 6 for further discussion) Adjusted Effective Tax Rate 25.6% 25.6% Earnings from continuing operations attributable to noncontrolling interests $1 million $0 million Q3 & Q4: $2 million Approx. $5 million Q3 & Q4: $2 million Approx. $5 million RISK MANAGEMENT SEGMENT no impact no impact Q3 & Q4: very little impact very little impact Q3: very little impact Q4: $0.01 Approx. $0.01 $7 million $5 million Q3 & Q4: $5 million Approx. $20 million Q3 & Q4: $5 million Approx. $20 million Workforce & Lease Termination Costs Per Share $0.00 $0.01 nep nep nep nep EBITDAC Margin (before reimbursements), as adjusted 21.7% 22.3% Amortization of intangibles $7 million pretax $7 million pretax $7 million pretax $28 million pretax $7 million pretax $28 million pretax Depreciation - Recurring $10 million pretax $10 million pretax $10 million pretax $40 million pretax $10 million pretax $40 million pretax Rollover Revenues from Acquisitions Adjusted Effective Tax Rate 26.6% 26.5% OTHER Weighted Average Multiple of EBITDAC for Tuck-in Acquisition Pricing 9.4x 11.3x Notes Yellow highlighted rows will be presented as adjustments to GAAP earnings. ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - SEPTEMBER 23, 2026 (1) Brokerage Segment amortization expense reflects revised balance sheet allocations related to specific external M&A valuations which resulted in a $6 million reduction to amortization expense in the first quarter 2026. Second quarter 2026 excludes approximately $17 million of expense related to the decision to exit a couple of small, non-core operations. (2) As we complete more acquisitions, for every dollar we spend, amortization increases by about 1% of the purchase price per quarter. In addition, interest expense will increase if the acquisition was financed, in whole or part, with debt. ESTIMATES ON SEPTEMBER 23, 2026 ------------------------- See page 7 ------------------------- ------------------------ See pages 5 and 6 ------------------------ ----------------------- 24.5% to 26.5% ---------------------- Approx. 21% to 22% ------------------------- See page 5 ------------------------- ----------------------- 25% to 27% ---------------------- ------------------------ 9.0x to 11.0x ------------------------ ESTIMATES ON JULY 30, 2026 ------------------------- See page 7 ------------------------- ------------------------ See pages 5 and 6 ------------------------ ----------------------- 24.5% to 26.5% ---------------------- Approx. 21% to 22% ------------------------- See page 5 ------------------------- ----------------------- 25% to 27% ---------------------- ------------------------ 9.0x to 11.0x ------------------------ ------------- See pages 5 and 6 -------------- ------------------ See page 7 -------------------- -------------------- See page 5 ---------------------- Amortization of intangibles Amortization of intangibles ex AP Depreciation - Recurring Depreciation - Recurring ex AP Change in Estimated Earnout Payable - Recurring Change in Estimated Earnout Payable - Recurring ex AP All estimates related to foreign currency are based on September 22, 2026 exchange rates. nep = no estimate provided Foreign Currency Impact on Earnings Per Share (shown as an adjustment to prior year numbers) Foreign Currency Impact on Revenues (shown as an adjustment to prior year numbers) Foreign Currency Impact on Earnings Per Share (shown as an adjustment to prior year numbers) Foreign Currency Impact on Revenues (shown as an adjustment to prior year numbers) ACTUAL Certain first and second quarter 2026 actuals have been provided both including and excluding AssuredPartners. Please see page 6 for more information on AssuredPartners financials and estimates. Page 3
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This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication. Brokerage & Risk Management Revenues - Other Information Actual Actual Actual Actual Organic Revenue Change By Business Group FY 2023 FY 2024 1st Q 2025 2nd Q 2025 3rd Q 2025 4th Q 2025 FY 2025 1st Q 2026 2nd Q 2026 3rd Q 2026 FY 2026 3rd Q 2026 FY 2026* Brokerage Segment (breakdown by business below): Americas Retail P&C Brokerage 8% 5% 6% 3% 7% 5% 5% 4% 5% Approx. 5% Approx. 5% Approx. 5% Approx. 5%* UK / EMEA P&C Brokerage 13% 5% 3% 6% 3% 7% 5% 4% 4% Approx. 5% Approx. 5% Approx. 7% Approx. 5%* APAC P&C Brokerage 11% 7% -1% 3% -3% 3% 0% 4% 7% Approx. 5% Approx. 5% Approx. 5% Approx. 5% Specialty / US Wholesale 9% 10% 14% 11% 5% 7% 9% 4% 4% Approx. 6% Approx. 6% Approx. 5% Approx. 5%* Reinsurance 15% 14% 21% 5% 9% 8% 14% 8% 7% Approx. 9% Approx. 9% Approx. 7% Approx. 9% Benefits Brokerage & Consulting 6% 7% 8% 2% 1% 1% 4% 4% 3% Approx. 3% Approx. 4% Approx. 2% Approx. 4%* Brokerage Segment 10% 7% 10% 5% 5% 5% 6% 5% 5% Approx. 5% Approx. 5.5% Approx. 5% Approx. 5%* Risk Management Segment 16% 8% 4% 6% 7% 7% 6% 10% 12% Approx. 8% Approx. 9% Approx. 10% Approx. 9% Brokerage & Risk Management Segments 10% 7% 9% 5% 5% 5% 6% 5% 6% Approx. 6% Approx. 6% Approx. 6% Approx. 6%* Other Brokerage Revenues - estimated organic growth impact Actual Actual Actual Actual (for informational purposes): FY 2023 FY 2024 1st Q 2025 2nd Q 2025 3rd Q 2025 4th Q 2025 FY 2025 1st Q 2026 2nd Q 2026 Large life product sales (1) 0% 0% 0% 0% 0% -1% 0% 1% 0% Deferred revenue assumption changes (2) 0% 0% 0% 0% 0% -2% -1% 0% 0% Notes Organic revenue changes for the Brokerage and Risk Management Segments exclude items (1) and (2) as described below. (1) The period over period revenue change impact from certain large life product sales within Gallagher's Executive Life and Benefits practice group. (2) The period over period revenue change impact from revenue attributable to changes in assumptions used to calculate estimated deferred revenues. Estimates on September 23, 2026 ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - SEPTEMBER 23, 2026 Estimates on July 30, 2026 * Full-year 2026 organic growth estimates include AssuredPartners (“AP”), reflecting AP’s inclusion in organic growth metrics beginning in Q4 2026. Estimates for applicable businesses therefore may not be directly comparable with those presented in our July 30, 2026 CFO Commentary. All figures below exclude the August 18, 2025 acquisition of AssuredPartners (“AP”), except for the full-year 2026 estimates marked with an asterisk, which include AP beginning in Q4 2026. See page 6 for additional information on AP’s financials and estimates. Page 4
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This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication. Interest Income, Premium Finance Revenues, and Other Income Brokerage Segment Actual Actual Estimates** (in millions) 1st Q 2025 2nd Q 2025 3rd Q 2025 4th Q 2025 FY 2025 1st Q 2026 2nd Q 2026 3rd Q 2026 4th Q 2026 FY 2026 66$ 50$ 57$ 59$ 232$ 52$ 59$ 59$ 55$ 225$ 143 144 76 - 363 - - - - - Net gains (losses) on divestitures 6 6 (8) 20 24 7 8 nep nep nep 23 24 32 34 113 24 23 29 31 107 238$ 224$ 157$ 113$ 732$ 83$ 90$ Acquisition Rollover Revenues All figures below exclude the August 18, 2025 acquisition of AssuredPartners. Please see page 6 for more information on AssuredPartners financials and estimates. Brokerage Segment Actual Actual (in millions) 1st Q 2025 2nd Q 2025 3rd Q 2025 4th Q 2025 1st Q 2026 2nd Q 2026 3rd Q 2026 4th Q 2026 2nd Quarter 2024 Acquisition Activity 22 8 NA NA NA NA NA NA 3rd Quarter 2024 Acquisition Activity 13 6 3 NA NA NA NA NA 4th Quarter 2024 Acquisition Activity 49 47 47 14 NA NA NA NA 1st Quarter 2025 Acquisition Activity 8 16 18 24 11 NA NA NA 2nd Quarter 2025 Acquisition Activity NA 56 65 79 66 6 NA NA 3rd Quarter 2025 Acquisition Activity NA NA 5 12 9 10 2 NA 4th Quarter 2025 Acquisition Activity NA NA NA 16 35 34 32 13 1st Quarter 2026 Acquisition Activity NA NA NA NA 5 5 7 6 2nd Quarter 2026 Acquisition Activity NA NA NA NA NA 11 16 16 3rd Quarter 2026 Acquisition Activity NA NA NA NA NA NA 23 26 92$ 133$ 137$ 145$ 126$ 66$ 80$ 61$ Divestitures & Other (60)$ (50)$ Risk Management Segment Actual (in millions) 1st Q 2025 2nd Q 2025 3rd Q 2025 4th Q 2025 1st Q 2026 2nd Q 2026 3rd Q 2026 4th Q 2026 10$ 15$ 13$ 21$ 15$ 12$ 13$ 4$ Divestitures & Other -$ -$ Notes Yellow highlighted rows will be presented as adjustments to GAAP earnings. nep = no estimate provided Estimates (1) ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - SEPTEMBER 23, 2026 The following table provides the components of brokerage segment interest income, premium finance revenue, and other income, as reported in our quarterly and full-year GAAP financial statements. *Gross premium finance revenues have associated compensation and operating expenses reported in the expense section of our GAAP financial statements. These operations generate EBITDAC margins similar to our overall brokerage segment. Interest income from cash, cash equivalents, and fiduciary cash Interest income related to AssuredPartners Financing Premium financing revenues & net earnings from equity interests* Interest income, premium finance revenues, and other income **Estimates for 2026 represent the mid-point of our forecasted range for interest income from cash, cash equivalents, and fiduciary cash and premium financing revenues & net earnings from equity interests. Estimates for third and fourth quarter 2026 include the recently- announced 25 basis short-term rate increase in the U.S. We have assumed no further changes in short-term rates for the remainder of 2026. Additionally, forecasted interest income, premium finance revenue and net earnings from equity interests are presented in U.S. dollars at foreign exchange rates as of September 22, 2026. Any future strengthening or weakening of the U.S. dollar will impact the amounts forecasted above. (1) Values for 2026 represent forecasted revenue for acquisitions completed by September 22, 2026 excluding AssuredPartners. No other future acquisitions are reflected in these forecasts. Actual revenues may be different than forecasted and could potentially vary materially. Also, forecasted acquisition rollover revenues are shown in U.S. dollars at foreign exchange rates as of September 22, 2026. Any future strengthening or weakening of the U.S. dollar will impact the amounts forecasted above. Total - Acquisitions Actual Estimates (1) Total - Acquisitions Page 5
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This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication. Inter-quarter Seasonality of AssuredPartners Actual Estimates on September 23, 2026 (1) (in millions) 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026 Revenue Comp & Operating Expense Pre-tax Income Income Tax Expense After-tax Income Adjusted EBITDAC Adjusted EBITDAC Margin Inter-quarter Revenue Seasonality 28% 23% 26% 23% Inter-quarter EBITDAC Seasonality 30% 21% 27% 22% $ 701 479 11 211 55 Depr & Chg in Est Acq Earnout Payable 71 202 $ 285 $ 839 519 13 307 80 $ 704 489 $ 306 244 7 55 14 57 31% 14 227 $ 320 38% 12 273 36% 156 $ 222 32% $ 1,057 (1) On August 18, 2025, Gallagher completed the acquisition of AssuredPartners. Estimates for 2026 represent the mid-point of our forecasted range for revenue and expense in U.S. dollars, which includes an assumption for growth, but is before the impact of synergies (Gallagher expects to achieve annualized run-rate synergies of approximately $160 million by the end of 2026 and approximately $325 million of annual run-rate synergies by early 2028). Additionally, these estimates are dependent on final closing balance sheet valuations and accounting policy harmonization, and results could vary significantly from these estimates. Non-cash expense includes depreciation and earnout payable expense, but excludes amortization expense which is consistent with Gallagher's adjusted non-GAAP earnings presentation. Notes 162 $ 230 36% 33% 35% 748 $ 285 203 149 $ 215 20% 41 $ 62 ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - SEPTEMBER 23, 2026 201 1,968 46 1,011 263 $ 785 500 11 274 71 3rd Quarter 2026 52 Full Year 2026 $ 3,025 4th Quarter 2026 219 $ 700 470 11 Estimates on July 30, 2026 (1) 3rd Quarter 2026 $ 800 515 Page 6
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This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication. EBITDAC Margin Bridge 2026 Brokerage EBITDAC Margin, as Adjusted Modeling Helper Actual 2025 EBITDAC Margin, as adjusted Levelize for AP Financing Income (APFI) Levelize for estimated impact from FX 2025 EBITDAC Margin, as adjusted ex FX and APFI Estimated 2026 Impact from: Roll in of AP (Pre-Synergies) AP Synergies AP Financing Income (APFI) Roll in of other known M&A Lower short-term rates on cash & fiduciary cash Roll in of unknown M&A Underlying performance 2026 EBITDAC Margin, as adjusted nep = no estimate provided 0.6% no impact 0.0% 0.0% no impact 0.5% 33.3% 2nd Quarter 36.4% -3.5% -0.4% 32.5% -0.3% ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - SEPTEMBER 23, 2026 1st Quarter 3rd Quarter 4th Quarter Full Year Estimates on September 23, 2026 33.5% 32.2% 36.5% -0.2% 0.0% -0.1% -1.8% 0.0% -2.0% very little impact very little impact no impact no impact no impact 31.5% 32.2% 34.4% +70 to +90 bps +130 to +150 bps +50 to +90 bps +200 to +240 bps no impact +10 to +50 bps 40.1% 34.3% to 35.3% 33.6% to 34.2% 35.1% to 36.3% -10 to -30 bps -10 to -30 bps 0.5% +40 to +60 bps +40 to +60 bps +40 to +60 bps -0.3% no impact nep nep nep -10 to -30 bps very little impact nep +40 to +60 bps 34.4% to 35.4% 43.4% -0.5% -2.6% -0.1% 40.7% 0.2% -0.5% no impact very little impact -10 to -30 bps 3rd Quarter 33.5% -1.8% -0.1% 31.6% July 30, 2026 Estimates on +200 to +240 bps +70 to +90 bps no impact Page 7
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ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - SEPTEMBER 23, 2026 This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication. CORPORATE SEGMENT Notes: (in millions) Net Earnings Net Earnings Pretax Income Tax (Loss) Attributable Pretax Income Tax (Loss) Attributable Earnings Benefit to Controlling Earnings Benefit to Controlling (Loss) (Expense) Interests (Loss) (Expense) Interests 1st Quarter Interest and banking costs (159)$ 42$ (117)$ (158)$ 41$ (117)$ Clean-energy related (1) (2) 1 (1) (7) 2 (5) Acquisition costs (26) 3 (23) (10) 2 (8) Corporate (2) (95) 88 (7) (76) 66 (10) Reported 1st quarter (282) 134 (148) (251) 111 (140) Clean-energy related (1) 5 (2) 3 Transaction-related costs (3) 23 (3) 20 7 (1) 6 Legal and tax related (4) 18 (17) 1 Total Adjustments 23 (3) 20 30 (20) 10 Interest and banking costs (159) 42 (117) (158) 41 (117) Clean-energy related (1) (2) 1 (1) (2) - (2) Acquisition costs (3) 0 (3) (3) 1 (2) Corporate (2) (95) 88 (7) (58) 49 (9) Adjusted 1st quarter (259)$ 131$ (128)$ (221)$ 91$ (130)$ 2nd Quarter Interest and banking costs (159)$ 41$ (118)$ (169)$ 44$ (125)$ Clean-energy related (1) (2) - (2) (2) 1 (1) Acquisition costs (34) 6 (28) (18) 3 (15) Corporate (2) (76) 39 (37) (79) 37 (42) Reported 2nd quarter (271) 85 (185) (268) 85 (183) Transaction-related costs (3) 29 (5) 24 12 (2) 10 Legal and tax related (4) 13 (3) 10 Benefit plan related (5) 8 (2) 6 Total Adjustments 29 (5) 24 33 (7) 26 Interest and banking costs (159) 41 (118) (169) 44 (125) Clean-energy related (1) (2) - (2) (2) 1 (1) Acquisition costs (5) 1 (4) (6) 1 (5) Corporate (2) (76) 39 (37) (58) 32 (26) Adjusted 2nd quarter (242)$ 81$ (161)$ (235)$ 78$ (157)$ 3rd Quarter Interest and banking costs (162)$ 42$ (120)$ (125)$ (122)$ (125)$ (122)$ Clean-energy related (1) (2) 1 (1) (2) (1) (2) (1) Acquisition costs (38) (1) (39) (5) (4) (5) (4) Corporate (2) (70) 44 (26) (25) (23) (38) (36) Reported 3rd quarter (272) 86 (186) (157) (150) (170) (163) Transaction-related costs (3) 34 2 36 Legal and tax related (4) 24 (16) 8 Total Adjustments 58 (14) 44 nep nep nep nep Interest and banking costs (162) 42 (120) (125) (122) (125) (122) Clean-energy related (1) (2) 1 (1) (2) (1) (2) (1) Acquisition costs (4) 1 (3) (5) (4) (5) (4) Corporate (2) (46) 28 (18) (25) (23) (38) (36) Adjusted 3rd quarter (214)$ 72$ (142)$ (157)$ (150)$ (170)$ (163)$ 4th Quarter Interest and banking costs (162)$ 42$ (120)$ (122)$ (119)$ (122)$ (119)$ Clean-energy related (1) (2) 1 (1) (2) (1) (2) (1) Acquisition costs (41) 9 (32) (5) (4) (5) (4) Corporate (2) (106) 47 (59) (25) (23) (25) (23) Reported 4th quarter (311) 99 (212) (154) (147) (154) (147) Clean-energy related (1) - - - Transaction-related costs (3) 36 (9) 27 Legal and tax related (4) 10 (9) 1 Benefit plan related (5) 44 (11) 33 Total Adjustments 90 (29) 61 nep nep nep nep Interest and banking costs (162) 42 (120) (122) (119) (122) (119) Clean-energy related (1) (2) 1 (1) (2) (1) (2) (1) Acquisition costs (5) - (5) (5) (4) (5) (4) Corporate (2) (52) 27 (25) (25) (23) (25) (23) Adjusted 4th quarter (221)$ 70$ (151)$ (154)$ (147)$ (154)$ (147)$ Full Year Interest and banking costs (642)$ 167$ (475)$ (489)$ (483)$ (489)$ (483)$ Clean-energy related (1) (8) 3 (5) (10) (8) (10) (8) Acquisition costs (139) 17 (122) (33) (31) (33) (31) Corporate (2) (348) 218 (130) (102) (98) (115) (111) Reported Full Year (1,137) 405 (732) (634) (620) (647) (633) Clean-energy related (1) - - - 3 3 3 3 Transaction-related costs (3) 122 (15) 107 16 16 16 16 Legal and tax related (4) 34 (25) 9 11 11 11 11 Benefit plan related (5) 44 (11) 33 6 6 6 6 Total Adjustments 200 (51) 149 36 36 36 36 Interest and banking costs (642) 167 (475) (489) (483) (489) (483) Clean-energy related (1) (8) 3 (5) (7) (5) (7) (5) Acquisition costs (17) 2 (15) (17) (15) (17) (15) Corporate (2) (270) 182 (88) (85) (81) (98) (94) Adjusted Full Year (937)$ 354$ (583)$ (598)$ (584)$ (611)$ (597)$ nep = no estimate provided Net Earnings (Loss) Attributable to Controlling Interests 2025 RECONCILIATION OF REPORTED TO ADJUSTED 2026 RECONCILIATION OF REPORTED TO ADJUSTED Clean Energy Investments & Other Tax Note: 2026 ESTIMATES ON JULY 30, 2026 Range Low to High 2026 ESTIMATES ON SEPTEMBER 23, 2026 Net Earnings (Loss) Attributable to Controlling Interests Range Low to High (1) Consists of operating results related to Gallagher’s investments in new clean energy projects, primarily fusion and carbon sequestration projects, and includes costs related to the resolution of various partnership matters related to our clean energy investments. Pretax earnings are presented net of amounts attributable to noncontrolling interests. (2) The quarterly impact related to unrealized foreign exchange remeasurement gains (loss) are listed below: (3) Gallagher incurred transaction-related costs, which include legal, consulting, employee compensation and other professional fees associated with completed, future and terminated acquisitions. Adjustments primarily relate to our larger acquisitions over the past two years, including AssuredPartners which closed on August 18, 2025. (4) Adjustments in first and second quarter 2026 and third quarter 2025 include costs associated with legal and tax matters. Period 2025 2026 1Q (23)$ 6$ 2Q (25) 0 3Q 5 (20)$ 4Q (4) Total (47)$ Unrealized FX (5) Adjustments in second quarter 2026 and fourth quarter 2025 include costs associated with the termination of the Gallagher US defined pension plan and other benefit plan changes. Tax credit carryforwards at June 30, 2026 totaled $628 million which will be utilized over the next 2 to 3 years. Unamortized amortization at June 30, 2026 totaled approximately $11 billion related to historical acquisitions which will be deductible over future periods. Gallagher estimates cash taxes paid will be approximately 10% of EBITDAC in the coming years. Note: Future estimated net after-tax cash flows are dependent upon the magnitude of U.S. taxable income generated in the future and may vary materially, higher or lower, from the estimates provided. Potential future changes in domestic and international tax policy have not been contemplated in these estimates. QTD through August 2026 Page 8
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Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Net Earnings to EBITDAC as Adjusted (Non-GAAP) 1st Q 2026 2nd Q 2026 Net Earnings to EBITDAC as Adjusted (Non-GAAP) 1st Q 2026 2nd Q 2026 Net earnings, as reported 913$ 450$ Net earnings, as reported 50$ 57$ Provision for income taxes 313 154 Provision for income taxes 18 21 Depreciation 49 45 Depreciation 10 10 Amortization 271 294 Amortization 7 7 Change in estimated acquisition earnout payables 16 5 Change in estimated acquisition earnout payables 1 1 EBITDAC 1,562 948 EBITDAC 86 96 Net (gains) on divestitures (7) (8) Net (gains) losses on divestitures - - Acquisition integration 87 113 Acquisition integration 1 1 Workforce and lease termination related charges 27 40 Workforce and lease termination related charges 1 2 Acquisition related adjustments 50 70 Acquisition related adjustments 6 2 EBITDAC, as adjusted 1,719$ 1,163$ EBITDAC, as adjusted 94$ 101$ Revenue to Adjusted Revenue (Non-GAAP) Revenue to Adjusted Revenue (Non-GAAP) Revenues, as reported 4,293$ 3,502$ Revenues (before reimbursements), as reported 428$ 453$ Net (gains) on divestitures (7) (8) Net (gains) losses on divestitures - - Revenues, as adjusted 4,286$ 3,494$ Revenues (before reimbursements), as adjusted 428$ 453$ Reported & Adjusted Margins Reported & Adjusted Margins Net earnings margin, as reported 21.3% 12.9% Net earnings margin, as reported 11.7% 12.6% EBITDAC margin, as adjusted 40.1% 33.3% EBITDAC margin, as adjusted 21.7% 22.3% ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - SEPTEMBER 23, 2026 This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication. Brokerage Segment Risk Management Segment Page 9
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This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication. Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions): Earnings Provision Earnings Provision (Loss) (Benefit) (Loss) (Benefit) Before Income for Income Net Earnings Before Income for Income Net Earnings 1st Q Ended March 31, 2026 Taxes Taxes (Loss) Tax Rate 2nd Q Ended June 30, 2026 Taxes Taxes (Loss) Tax Rate Brokerage, as reported 1,226$ 313$ 913$ 25.5% Brokerage, as reported 604$ 154$ 450$ 25.5% Net (gains) on divestitures (7) (2) (5) Net (gains) on divestitures (8) (2) (6) Acquisition integration 87 22 65 Acquisition integration 113 29 84 Workforce and lease termination 27 7 20 Workforce and lease termination 40 10 30 Acquisition related adjustments 53 14 39 Acquisition related adjustments 66 17 49 Amortization of intangible assets 271 70 201 Amortization of intangible assets 294 76 218 Brokerage, as adjusted 1,657$ 424$ 1,233$ 25.6% Brokerage, as adjusted 1,109$ 284$ 825$ 25.6% Risk Management, as reported 68$ 18$ 50$ 26.5% Risk Management, as reported 78$ 21$ 57$ 26.5% Net (gains) losses on divestitures - - - Net (gains) losses on divestitures - - - Acquisition integration 1 - 1 Acquisition integration 1 - 1 Workforce and lease termination 1 - 1 Workforce and lease termination 2 1 1 Acquisition related adjustments 6 2 4 Acquisition related adjustments 2 0 2 Amortization of intangible assets 7 2 5 Amortization of intangible assets 7 2 5 Risk Management, as adjusted 83$ 22$ 61$ 26.5% Risk Management, as adjusted 90$ 24$ 66$ 26.5% Earnings Provision Earnings Provision ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - SEPTEMBER 23, 2026 Page 10