Aon plc. - Ordinary Shares - Class A

Strong Q2 + resilient through-the-cycle performance (good/surprising): - Organic revenue +5%; total revenue +2% YoY to $4.2B. - Adjusted operating margin +70 bps to 28.9% and adjusted EPS +9% YoY to $3.81. - Free cash flow $483M (management notes strong cash generation; guidance assumes durability). - Emphasis that results are in line with objectives despite a transitioning pricing cycle and accelerated AI/tech change.

Growth is broad-based and driven by fundamentals, not pricing (good): - All four solution lines grew ~5% organic. - New business contribution is highly durable: new business contributed ~10 points in Q2 and has been 9–11 points for nine consecutive quarters. - Retention mid-90s; commercial risk +40 bps and reinsurance +20 bps improvement in retention-related performance. - Management says growth is correlated more to business investment/clients’ demand (e.g., property & equipment/large accounts) than to pure pricing.

Commercial Risk + Reinsurance: property pressure offset, pipeline strengthening (good + mixed): - Commercial Risk organic +5%; highlighted P&C strength in EMEA and North America and 5th consecutive double-digit Construction growth (data-center pipeline conversion). - M&A services tempered Q2 growth due to tougher comps (Q2 2025 had elevated close activity), but announced transaction volumes are up 60% → expected tailwind for rest of 2026. - Reinsurance organic +5% despite meaningful rate pressure; driven by new logos (+15–20% lower rates offset by strong new business) and continued strategy/tech demand.