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AON
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Q1 2024 Results Presentation
| Greg Case; Christa Davies | Page 9 of 11 |
May 16, 2024
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"Q1 2024 Results Presentation"
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Aon United - Driving Top and Bottom-Line Results 1 Committed to Mid-Single-Digit or Greater Organic Revenue Growth Over the Long-Term ? Track record of +4% average annual organic revenue growth over the last 12 years, with +7% organic revenue growth in 2023 and strong start to 2024 ? Driven by three areas: Delivering client value with continued improvement in core businesses, portfolio mix-shift towards areas of faster growing client demand and data-driven solutions, and net new opportunities that increase our total addressable market Sustainable Operating Margin Expansion Net of Investment in Long-Term Growth ? Over the last 12 years, increased adjusted operating margins by +1,265 bps or over +100 bps per year ? Driven by three areas: Top-line growth, portfolio mix-shift to higher contribution margin businesses, and increased operating leverage from ongoing productivity improvements from our Aon Business Services platform Expected Free Cash Flow Growth Over the Long-Term ? Expect to deliver double-digit free cash flow growth over the long-term, driven by growth in operating income and ~$500 million long-term improvement opportunity in working capital Disciplined Portfolio Management and Capital Allocation Based on Return on Invested Capital (ROIC) ? Strong history of attractive M&A and portfolio management, including completion of 138 acquisitions for ~$4.0 billion and 142 divestitures for ~$5.8 billion from 2012-2023 2 , and completion of acquisition of NFP in 2024 for an enterprise value of ~$13 billion ? All capital allocation decisions based on ROIC. Share repurchase continues to be our highest return opportunity, based on our strong free cash flow generation outlook, noting history of $24 billion in share buyback from 2012-2023, or a net share reduction of approximately 39%, and $3.1 billion remaining repurchase authorization as of the end of Q1 2024 ? Acquisition of NFP strengthens our long-term free cash flow outlook and enables further capital allocation according to our ROIC framework, in which we expect to continue to prioritize share buyback and attractive M&A in priority areas Translating into a Significant Shareholder Value Creation Opportunity ? Going forward, we expect to build on our demonstrated track record of free cash flow growth, representing a significant long-term shareholder value creation opportunity 1. The results presented on this page are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures for historical periods in the Appendices of this presentation. Reflects the Company’s best estimates as of April 26, 2024, and the Company disclaims any obligations to update whether as a result of new information, future events, or otherwise. Actual results may differ materially. 12-year performance since 12/31/2011 to 12/31/2023. 9