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our profitability. In the past, we have occasionally experienced significant increases in these costs as a result of macro-economic factors beyond our control, including wage inflation and increases in health care costs. In 2025, our health care costs rose by approximately 20% compared to 2024 (includes impact of inflation, increased utilization and increased headcount) and our consolidated compensation expense ratio in 2025 as a percent of total consolidated revenue at 56.2% decreased slightly compared to 2024

strategy, not expected to occur on an ongoing basis in the future once we fully assimilate the applicable acquisition. These costs are typically associated with redundant workforce, compensation expense related to amortization of certain retention bonus arrangements, extra lease space, duplicate services and external costs incurred to assimilate the acquisition into our IT related systems. • Transaction-related costs, which are associated with completed, future and terminated acquisitions. Costs primarily rela

regulation in many countries. Our activities are also subject to a variety of other laws, rules and regulations addressing, licensing, cybersecurity, data privacy, AI, wage-and-hour standards, employment and labor relations, competition, anti-corruption, currency, the conduct of business, reserves and the amount of local investment with respect to our operations in certain countries. For example, the DOJ updated its guidance on corporate compliance programs to include AI risk management. The global nature of

The combination of increasing insurable values (due to inflation, including wage inflation), a tight labor market and low unemployment is likely contributing to increases in client insured exposures

regulation in many countries. Our activities are also subject to a variety of other laws, rules and regulations addressing, licensing, cybersecurity, data privacy, AI, wage-and-hour standards, employment and labor relations, competition, anti-corruption, currency, the conduct of business, reserves and the amount of local investment with respect to our operations in certain countries. For example, the DOJ updated its guidance on corporate compliance programs to include AI risk management. The global nature of

our profitability. In the past, we have occasionally experienced significant increases in these costs as a result of macro-economic factors beyond our control, including wage inflation and increases in health care costs. In 2025, our health care costs rose by approximately 20% compared to 2024 (includes impact of inflation, increased utilization and increased headcount) and our consolidated compensation expense ratio in 2025 as a percent of total consolidated revenue at 56.2% decreased slightly compared to 2024

The combination of increasing insurable values (due to inflation, including wage inflation), a tight labor market and low unemployment is likely contributing to increases in client insured exposures

strategy, not expected to occur on an ongoing basis in the future once we fully assimilate the applicable acquisition. These costs are typically associated with redundant workforce, compensation expense related to amortization of certain retention bonus arrangements, extra lease space, duplicate services and external costs incurred to assimilate the acquisition into our IT related systems. • Transaction-related costs, which are associated with completed, future and terminated acquisitions. Costs primarily rela

Furthermore, our exposure to these risks may increase if our vendors, suppliers, or other third-party providers employ AI in relation to the products or services they provide to us, as we have limited control over such use in third-party products or services

Furthermore, our exposure to these risks may increase if our vendors, suppliers, or other third-party providers employ AI in relation to the products or services they provide to us, as we have limited control over such use in third-party products or services

these notes. We realized a net cash gain of approximately $4 million on the hedging transactions that will be recognized on a pro rata basis as a decrease to our reported interest expense over ten years. We used the net proceeds of this offering to fund a portion of the cash consideration payable in connection with the AssuredPartners transaction and for general corporate purposes, including other acquisitions. 46 Table of Contents On February 12, 2024, we closed and funded an offering of $1,000 million of unsec

litigation matters, technology and other professional fees of $28 million in aggregate, and a net unrealized foreign exchange remeasurement loss of $(23) million. Interest expense - The interest expense for the three-month period ended March 31, 2026 was flat compared to the same period in 2025. Depreciation - Depreciation expense in the three-month period ended March 31, 2026 was flat compared to 2025 and includes capital improvements made at our corporate headquarters and Gallagher Centers of Excellenc

related to net adjustments in the estimated fair value of the liability for earnout obligations in connection with revised assumptions due to changes in interest rates, volatility and other assumptions and projections of future performance for 51 and 28 acquisitions, respectively

The weighted average interest rate is 5

same period in 2025, was primarily due to adjustments made to the estimated fair value of earnout obligations related to revised assumptions due to rising interest rates and increased market volatility and projections of future performance

While lower interest rates benefit us by reducing our cost of borrowing, they also reduce investment earnings on our cash, revenue from our premium financing operations and short-term investments of fiduciary and operating funds

Inflation tends to increase the levels of insured values and risk exposures, resulting in higher overall premiums and higher commissions

Risk Factor Summary Risks Relating to our Business Generally • Global economic and geopolitical events, such as fluctuations in interest and inflation rates

Rising insurable values, including those driven by inflationary pressures, employment levels, and changes in market risks, continue to contribute to growth in insured exposures

same period in 2025, was primarily due to adjustments made to the estimated fair value of earnout obligations related to revised assumptions due to rising interest rates and increased market volatility and projections of future performance

While lower interest rates benefit us by reducing our cost of borrowing, they also reduce investment earnings on our cash, revenue from our premium financing operations and short-term investments of fiduciary and operating funds

related to net adjustments in the estimated fair value of the liability for earnout obligations in connection with revised assumptions due to changes in interest rates, volatility and other assumptions and projections of future performance for 51 and 28 acquisitions, respectively

The weighted average interest rate is 5

Regulation Many of our activities throughout the world, such as our insurance brokerage, securities broker‑dealer and investment advisory services, are subject to supervision and regulations promulgated by regulatory or self‑regulatory bodies such as the S

the acquisitions of AssuredPartners and Woodruff Sawyer, which closed in August 2025 and April 2025, respectively. These - 27 - Table of Contents include costs related to regulatory filings, legal and accounting services, insurance and incentive compensation. • Workforce related charges, which primarily include severance costs (either accrued or paid) related to employee terminations and other costs associated with redundant workforce. • Lease termination related charges, which primarily include costs relate

We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the SEC

The IRS issued guidance in the fourth quarter of this year on CAMT to revise the proposed CAMT regulations and to provide taxpayers clarity related to the application of CAMT

or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K

• Changes in data privacy and protection laws and regulations, or any failure to comply with such laws and regulations, could adversely affect our business and financial results

The IRS issued guidance in the fourth quarter of this year on CAMT to revise the proposed CAMT regulations and to provide taxpayers clarity related to the application of CAMT

• Changes in data privacy and protection laws and regulations, or any failure to comply with such laws and regulations, could adversely affect our business and financial results

Regulation Many of our activities throughout the world, such as our insurance brokerage, securities broker‑dealer and investment advisory services, are subject to supervision and regulations promulgated by regulatory or self‑regulatory bodies such as the S

or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K

the acquisitions of AssuredPartners and Woodruff Sawyer, which closed in August 2025 and April 2025, respectively. These - 27 - Table of Contents include costs related to regulatory filings, legal and accounting services, insurance and incentive compensation. • Workforce related charges, which primarily include severance costs (either accrued or paid) related to employee terminations and other costs associated with redundant workforce. • Lease termination related charges, which primarily include costs relate

We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the SEC

P, we provide information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenue, adjusted compensation and operating expenses, adjusted compensation expense ratio, adjusted operating expense ratio and organic revenue. These measures are not in accordance with, or an alternative to, the GAAP information provided in this quarterly report on Form 10‑Q. We believe that these presentations provide useful information t

do not own or control. Since our founding in 1927, we have grown from a one-person insurance agency to the world’s third largest insurance broker/risk manager based on revenues according to Business Insurance magazine’s June/July 2025 edition, and one of the world’s largest property/casualty third party claims administrators, according to Business Insurance magazine’s April/May 2025 edition. We report our results in three segments: brokerage, risk management and corporate. The brokerage and risk managem

Statement of Earnings (Unaudited - in millions, except per share data) Three-month period ended March 31, 2026 2025 Commissions $ 3,123 $ 2,249 Fees 1,212 985 Supplemental revenues 180 114 Contingent revenues 115 93 Interest income, premium finance revenues and other income 86 247 Revenues before reimbursements 4,716 3,688 Reimbursements 42 39 Total revenues 4,758 3,727 Compensation 2,516 1,897 Operating 643 490 Reimbursements 42 39 Interest 158 158 Depreciation 61 45 Amortization 278 210 Change in estimated acqu

In addition, please see “Information Regarding Non-GAAP Measures and Other” beginning on page 38 for a reconciliation of the non-GAAP measures for adjusted total revenues, organic commission, fee and supplemental revenues and adjusted EBITDAC to the comparable GAAP measures, as well as other important information regarding these measures. We are engaged in providing insurance brokerage, reinsurance brokerage, consulting services, and third-party property/casualty claims settlement and administration ser

• Volatility or declines in premiums or other adverse trends in the insurance industry may seriously undermine our profitability. • Contingent and supplemental revenues we receive from underwriting enterprises are less predictable than standard commission revenues, and any decrease in the amount of these forms of revenue could adversely affect our results of operations. • We face a variety of risks in our benefit consulting operations distinct from those we face in our insurance brokerage operations

do not own or control. Since our founding in 1927, we have grown from a one-person insurance agency to the world’s third largest insurance broker/risk manager based on revenues according to Business Insurance magazine’s June/July 2025 edition, and one of the world’s largest property/casualty third party claims administrators, according to Business Insurance magazine’s April/May 2025 edition. We report our results in three segments: brokerage, risk management and corporate. The brokerage and risk managem

In addition, please see “Information Regarding Non-GAAP Measures and Other” beginning on page 38 for a reconciliation of the non-GAAP measures for adjusted total revenues, organic commission, fee and supplemental revenues and adjusted EBITDAC to the comparable GAAP measures, as well as other important information regarding these measures. We are engaged in providing insurance brokerage, reinsurance brokerage, consulting services, and third-party property/casualty claims settlement and administration ser

P, we provide information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenue, adjusted compensation and operating expenses, adjusted compensation expense ratio, adjusted operating expense ratio and organic revenue. These measures are not in accordance with, or an alternative to, the GAAP information provided in this quarterly report on Form 10‑Q. We believe that these presentations provide useful information t

• Volatility or declines in premiums or other adverse trends in the insurance industry may seriously undermine our profitability. • Contingent and supplemental revenues we receive from underwriting enterprises are less predictable than standard commission revenues, and any decrease in the amount of these forms of revenue could adversely affect our results of operations. • We face a variety of risks in our benefit consulting operations distinct from those we face in our insurance brokerage operations

Statement of Earnings (Unaudited - in millions, except per share data) Three-month period ended March 31, 2026 2025 Commissions $ 3,123 $ 2,249 Fees 1,212 985 Supplemental revenues 180 114 Contingent revenues 115 93 Interest income, premium finance revenues and other income 86 247 Revenues before reimbursements 4,716 3,688 Reimbursements 42 39 Total revenues 4,758 3,727 Compensation 2,516 1,897 Operating 643 490 Reimbursements 42 39 Interest 158 158 Depreciation 61 45 Amortization 278 210 Change in estimated acqu

• The impact of foreign currency translation, as applicable

The corporate segment reports the financial information related to our debt, external acquisition-related expenses, other corporate costs, the impact of foreign currency remeasurement and clean energy investments

Although we have used foreign currency hedging strategies in the past and currently have some in place, such risks cannot be eliminated entirely, and significant changes in exchange rates may adversely affect our results of operations

Consolidated Statement of Comprehensive Earnings (Unaudited - in millions) Three-month period ended March 31, 2026 2025 Net earnings $ 823 $ 709 Foreign currency translation, net of taxes ( 20 ) 217 Change in fair value of derivative investments, net of taxes ( 21 ) — Comprehensive earnings 782 926 Comprehensive earnings attributable to noncontrolling interests 1 5 Comprehensive earnings attributable

03) Levelized foreign currency translation — 57 — 8 — 13 — 0

Consolidated Statement of Comprehensive Earnings (Unaudited - in millions) Three-month period ended March 31, 2026 2025 Net earnings $ 823 $ 709 Foreign currency translation, net of taxes ( 20 ) 217 Change in fair value of derivative investments, net of taxes ( 21 ) — Comprehensive earnings 782 926 Comprehensive earnings attributable to noncontrolling interests 1 5 Comprehensive earnings attributable

• The impact of foreign currency translation, as applicable

The corporate segment reports the financial information related to our debt, external acquisition-related expenses, other corporate costs, the impact of foreign currency remeasurement and clean energy investments

Although we have used foreign currency hedging strategies in the past and currently have some in place, such risks cannot be eliminated entirely, and significant changes in exchange rates may adversely affect our results of operations

03) Levelized foreign currency translation — 57 — 8 — 13 — 0

placing all forms of reinsurance coverage, as well as providing capital markets services, including acting as underwriter, with respect to insurance linked securities, weather derivatives, capital raising and selected merger and acquisition advisory activities; • Acting as an agent or broker for multiple underwriting enterprises by providing services such as sales, marketing, selecting, negotiating, underwriting, servicing and placing insurance coverage on their behalf; • Providing consulting services rel

enterprises merge, fail, or withdraw from offering certain lines of coverage, for example, because of large payouts related to natural or man-made disasters, climate or weather events, or other emerging risk areas, overall risk-taking capital capacity could be negatively affected, which could reduce our ability to place certain lines of coverage, reduce demand from the insurance company clients of our reinsurance and third-party claims administration operations and, as a result, reduce our revenues and profita

Additionally, through Gallagher Securities, Gallagher Re provides capital markets services, including acting as underwriter, with respect to insurance‑linked securities, weather derivatives, capital raising and selected merger and acquisition advisory activities. We anticipate growing Gallagher Re by increasing the number of underwriting enterprise clients, deepening our relationships with current underwriting enterprise clients, developing new products, further building out our facultative capabilities, and th

placing all forms of reinsurance coverage, as well as providing capital markets services, including acting as underwriter, with respect to insurance linked securities, weather derivatives, capital raising and selected merger and acquisition advisory activities; • Acting as an agent or broker for multiple underwriting enterprises by providing services such as sales, marketing, selecting, negotiating, underwriting, servicing and placing insurance coverage on their behalf; • Providing consulting services rel

enterprises merge, fail, or withdraw from offering certain lines of coverage, for example, because of large payouts related to natural or man-made disasters, climate or weather events, or other emerging risk areas, overall risk-taking capital capacity could be negatively affected, which could reduce our ability to place certain lines of coverage, reduce demand from the insurance company clients of our reinsurance and third-party claims administration operations and, as a result, reduce our revenues and profita

Additionally, through Gallagher Securities, Gallagher Re provides capital markets services, including acting as underwriter, with respect to insurance‑linked securities, weather derivatives, capital raising and selected merger and acquisition advisory activities. We anticipate growing Gallagher Re by increasing the number of underwriting enterprise clients, deepening our relationships with current underwriting enterprise clients, developing new products, further building out our facultative capabilities, and th

We experience substantial geopolitical and regulatory changes on a real-time basis, which may lead to uncertainty and increase the complexity, difficulty, and cost of compliance

Risk Factor Summary Risks Relating to our Business Generally • Global economic and geopolitical events, such as fluctuations in interest and inflation rates

To date, the dispute between India and Pakistan involving the Kashmir region, rising tensions between India and China, incidents of terrorism in India, the potential for civil unrest and general geopolitical 16 Table of Contents uncertainties have not adversely affected our operations in India

For example, China has in place a “blocking” statute similar to that of the European Union (which we refer to as the E

were computed using the normalized effective tax rate for each respective period. • Adjusted measures - Revenues (for the brokerage segment), revenues before reimbursements (for the risk management segment), net earnings, compensation expense and operating expense, respectively, are each adjusted to exclude the following, as applicable: • Net (gains) losses on divestitures, which are primarily net proceeds received related to sales of books of business and other divestiture transactions, such as t

$ 3,488 27 % Adjusted EBITDAC margin 36.5 % 35.1 % + 145 bpts Diluted net earnings per share $ 7.85 $ 12.10 $ 7.46 $ 10.85 5 % 12 % Risk Management Segment Revenues before reimbursements $ 1,585 $ 1,583 $ 1,451 $ 1,450 9 % 9 % Organic revenues $ 1,489 $ 1,404 6 % Net earnings $ 183 $ 175 5 % Net earnings margin (before reimbursements) 11.6 % 12.1 % - 51 bpts Adjusted EBITDAC $ 336 $ 300 12 % Adjusted EBITDAC margin (before reimbursements) 21.2 % 20.7 % + 54 bpts Diluted net earnings per share $ 0.70 $ 0.83 $ 0.78

$ 3,123 $ 2,249 Fees 1,212 985 Supplemental revenues 180 114 Contingent revenues 115 93 Interest income, premium finance revenues and other income 86 247 Revenues before reimbursements 4,716 3,688 Reimbursements 42 39 Total revenues 4,758 3,727 Compensation 2,516 1,897 Operating 643 490 Reimbursements 42 39 Interest 158 158 Depreciation 61 45 Amortization 278 210 Change in estimated acquisition earnout payables 17 15 Total expenses 3,715 2,854 Earnings before income taxes 1,043 873 Provision for income taxes 22

as more information becomes known, which could impact the amounts reported and disclosed in our consolidated financial statements. Further, in 2022, the U.S. enacted the Inflation Reduction Act (which we refer to as the IRA) which, among other things, implements a corporate book minimum tax and an excise tax on stock buy backs. While guidance is still being issued and the administration may enact significant amendments to the IRA, our current understanding of the IRA suggests that we will not face significant i

AI and other developments in technology. These may include new applications or insurance-related services based on AI (e.g., generative AI, machine learning), robotics, blockchain, or new approaches to data mining that impact the nature of how we generate revenue. We may be exposed to competitive risks related to the adoption and application of new technologies by established market participants (for example, through disintermediation) or new entrants such as technology companies, “Insurtech” start-up comp

Colorado AI Act, and the California AI Transparency Act

to herein as we, our, us or Gallagher, are engaged in providing insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals around the world

to herein as we, our, us or Gallagher, are engaged in providing insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals around the world

Colorado AI Act, and the California AI Transparency Act

to coordinate the Pillar 2 global minimum tax regime with certain domestic minimum tax systems, including those in the U.S. Subject to eligibility requirements and elections, this safe harbor may substantially reduce or eliminate the application of Pillar 2 “top-up taxes,” including the Income Inclusion Rule and Undertaxed Profits Rule for affected MNE groups for fiscal years beginning on or after January 1, 2026. These developments, once actually enacted into domestic law by Pillar 2 adopters, signif

basis or after‑tax basis. Under the terms of the Supplemental Plan, all amounts credited to an employee’s account may be deemed invested, at the employee’s election, in a number of investment options that include various mutual funds, an annuity product and a fund representing our common stock. When an employee elects to have some or all of the amounts credited to the employee’s account under the Supplemental Plan deemed to be invested in the fund representing our common stock, the trustee of th

to coordinate the Pillar 2 global minimum tax regime with certain domestic minimum tax systems, including those in the U.S. Subject to eligibility requirements and elections, this safe harbor may substantially reduce or eliminate the application of Pillar 2 “top-up taxes,” including the Income Inclusion Rule and Undertaxed Profits Rule for affected MNE groups for fiscal years beginning on or after January 1, 2026. These developments, once enacted into domestic law by Pillar 2 adopters, have the potent

Our activities are also subject to a variety of other laws, rules and regulations addressing, licensing, cybersecurity, data privacy, AI, wage-and-hour standards, employment and labor relations, competition, anti-corruption, currency, the conduct of business, reserves and the amount of local investment with respect to our operations in certain countries

11 Table of Contents Regulatory, Legal and Accounting Risks • Improper disclosure of confidential, personal or proprietary information and cybersecurity attacks or other security breach of our information systems, or those of third-party vendors we rely on, could result in regulatory scrutiny, legal liability or reputational harm, and could adversely affect our business, financial condition and r

as cybersecurity incidents, security breaches, human error, capacity constraints, hardware failures or defects, natural or man-made disasters, climate and weather events, pandemics, fires, power outages, telecommunication failures, break-ins, sabotage, intentional acts of vandalism, acts of terrorism, civil disruption, political violence and unrest, military actions or war. While we have disaster recovery procedures in place, they may not be effective. Additionally, insurance covering such disruptions may not co

as cybersecurity incidents, security breaches, human error, capacity constraints, hardware failures or defects, natural or man-made disasters, climate and weather events, pandemics, fires, power outages, telecommunication failures, break-ins, sabotage, intentional acts of vandalism, acts of terrorism, civil disruption, political violence and unrest, military actions or war. While we have disaster recovery procedures in place, they may not be effective. Additionally, insurance covering such disruptions may not co

inflation and exchange rates, geo-economic fragmentation and protectionism resulting in greater restrictions on international trade and market uncertainty, tariffs, trade wars and other governmental actions affecting the flow of goods, services or currency, military actions and war, including between Russia and Ukraine, the Middle East, Latin America and the Caribbean, political crises like U

inflation and exchange rates, geo-economic fragmentation and protectionism resulting in greater restrictions on international trade and market uncertainty, tariffs, trade wars and other governmental actions affecting the flow of goods, services or currency, military actions and war, including between Russia and Ukraine, the Middle East, Latin America and the Caribbean, political crises like U