2Q26 First Look: Organic Beat Driven by Consulting Segment

Research evidence excerpt

2Q26 First Look: Organic Beat Driven by Consulting Segment

H O T C O M M E N T

J u l y 2 1 , 2 0 2 6

Research Disclosures

Piper Sandler was a registered market maker in the securities of Marsh at the time this research report was published.

Affiliate disclosures: Piper Sandler is the trade name and registered trademark under which the corporate and investment banking products and services

of Piper Sandler Companies and its subsidiaries Piper Sandler & Co. and Piper Sandler Ltd. are marketed. This report has been prepared by Piper Sandler

& Co. and/or its affiliate Piper Sandler Ltd. Piper Sandler & Co. is regulated by FINRA, NYSE and the United States Securities and Exchange Commission,

and its headquarters are located at 350 North 5th Street, Minneapolis, MN 55401. Piper Sandler Ltd. is authorised and regulated by the Financial Conduct

Authority, and is located at 6th Floor, 2 Gresham Street, London EC2V 7AD. This report is distributed in the European Union by Piper Sandler Europe

SAS, a French “société par actions simplifiée” incorporated in France under the number RCS Paris 932 083 769 whose registered office is 10, place

Vendôme, 75001, Paris, France. Disclosures in this section and in the Other Important Information section referencing Piper Sandler include all affiliated

entities unless otherwise specified.

Rating Definitions

Stock Ratings: Piper Sandler fundamental research ratings are indicators of expected total return (price appreciation plus dividend) within the next

12 months. At times analysts may specify a different investment horizon or may include additional investment time horizons for specific stocks.

Stock performance is measured relative to the group of stocks covered by each analyst. Lists of the stocks covered by each are available at