Arthur J. Gallagher & Co.

Strong results + sustained momentum (good/surprising) - Gallagher delivered Q2 2026 total revenue growth of 24% for its combined brokerage + risk management segments (2-pronged strategy: organic + tuck-in/acquisitions). - Organic growth was 6% (brokerage organic 5%, risk management organic 12%). - Notably, management highlighted 25 consecutive quarters of double-digit adjusted EBITAC growth and continued underlying margin expansion.

Guidance/outlook for 2026 remains confident (forecast) - Company reiterated a full-year total company organic growth outlook of 6%. - Segment outlooks: Brokerage ~5.5% organic and Risk Management ~9% organic (with Q3 organic outlook added; midpoint-based). - Adjusted EBITAC margin outlook: management expects Q3 and full-year 2026 adjusted EBITAC margins “north of 22%” and brokerage underlying margin expansion of ~40–60 bps for 2026.

AssuredPartners integration performing well; timing affects comparability (key detail) - CFO noted 2025 interest income on funds held to buy AssuredPartners created comparability noise—but that should lessen by Q4 2025 and beyond. - AssuredPartners Q2 2026 EBITA: $222 million, in line with June Investor Day, and outlook confidence maintained. - Organic contribution from AssuredPartners expected to become visible beginning in Q4 2026 (close August 18). Management said AP is running around ~4% growth currently and expects that to stack up vs similar U.S. businesses.