Marsh & McLennan Cos., Inc.

Solid Q3 performance + strong profitability + capital returns - Revenue: $6.9B (+8% YoY); underlying +5%. - Profit/EPS: Adjusted operating income +6% to $1.5B; Adjusted EPS +10% YoY to $2.03; GAAP EPS $1.69. - Q3 cash return: $500M share repurchase (and $2.0B total year-to-date). - 9M results: Underlying revenue +5%, Adjusted operating income +7% to $6.1B, Adjusted EPS +9% to $8.29.

Segment momentum: Consulting strong, Risk solid, Reinsurance still weak - RIS (Risk & Insurance Services): Revenue $4.2B (+7%) / underlying +3%; Adjusted operating income $1.0B (+4%), adjusted margin 24.6%. - At Risk: Revenue $3.7B (+10%) / underlying +5%; US/Canada underlying +4%, international +6% (EMEA +7%, APAC +4%, Latin America ~0%). - Reinsurance: Revenue $374M (-6%) (Q3 small quarter); softness driven by property reinsurance pricing pressure and tough comps. Through 9 months: -1% underlying (retention strong; rates drag). - Consulting: Revenue $2.7B (+9%) / underlying +8%; Adjusted operating income +9%; Adjusted margin 22.1%. - Management Consulting was +14% reported/underlying; cited as benefiting from AI-related work and timing of success fees (not fully representative of organic run-rate).

Full-year outlook: growth steady, margins expanding, EPS solid; conditions may persist - Company expects underlying revenue growth in 2026 similar to 2025 levels, another year of margin expansion, and solid adjusted EPS growth. - Market backdrop: business rate environment remains soft (company noted index down ~5% in Q3, after -6% in Q2). - Reinsurance pricing headwind expected to persist through the January 1 renewal cycle; they expect this environment to continue. - FX expected immaterial to Q4 earnings; interest expense guided around ~$255M in Q4; adjusted tax rate ~25% for 2026.