Marsh & McLennan: 2Q26 Wrap: Raising EPS Slightly on Higher Capital Deployment and Modestly Better Organic Growth

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Marsh & McLennan: 2Q26 Wrap: Raising EPS Slightly on Higher Capital Deployment and Modestly Better Organic Growth

J P M O R G A N North America Equity Research

24 July 2026

Marsh & McLennan Overweight

MRSH, MRSH US

2Q26 Wrap: Raising EPS Slightly on Higher Capital Price (23 Jul 26):$176.40

Deployment and Modestly Better Organic Growth Price Target (Dec-27):$212.00

Raising EPS, no change to $212 price target or Overweight rating. MRSH Insurance - Life & Nonlife

ACreported 2Q26 earnings on 7/21/26 and hosted its earnings call on the same day. Pablo S. Singzon

(1-212) 622-2295

• Raising EPS estimates. We are adjusting EPS as follows: 3Q26 from $1.96 to pablo.s.singzon@jpmorgan.com

$1.95, 4Q26 from $2.17 to $2.21, and 2027 from $11.11 to $11.39. Our updated Kevin Wijendra

model reflects (1) modestly higher organic growth (higher growth at Marsh (1-212) 622-7054

Management Consulting, partly offset by slower growth in Guy Carpenter; for kevin.wijendra@jpmorgan.com

Marsh Management Consulting, the company is guiding to mid- to high- J.P. Morgan Securities LLC

single-digit organic growth in 3Q26); (2) higher share buybacks and M&A

revenues given management’s expected $5.5 billion of capital deployment in

Quarterly Forecasts (FYE Dec)

2026, up from $5 billion previously (our prior assumption of $4 billion was too

Adj. EPS ($)

conservative); and (3) higher fiduciary investment income (management 2025A 2026E 2027E

expects fiduciary investment income of $95 million in 3Q26, above our prior Q1 3.06 3.29A

estimate of $81 million). We have also updated the pattern of quarterly margins Q2 2.72 2.96A

Q3 1.85 1.95

in 2026 (3Q26 lower, 4Q26 higher) to reflect MRSH’s expectation of margin Q4 2.12 2.21

expansion being more weighted to the end of the year. FY 9.75 10.42 11.39