Media List Expands Its Reach with New UK Media List Featuring Journalists Across England, Northern Ireland, Scotland, and Wale
Comprehensive UK Media List for Targeted Outreach
The new UK Media List features a meticulously curated collection of verified contact details for journalists and editors across print, digital, broadcast, and social media platforms throughout the UK. With Media List's intuitive interface, users can filter contacts by industry, media type, or specific region—England, Northern Ireland, Scotland, or Wales—ensuring precise and effective outreach. This robust database enables businesses to connect with the right media professionals for their campaigns, from local publications to prominent national outlets.
Tailored Regional Media Contacts Across the UK
The UK Media List is designed to address the unique media ecosystems of England, Northern Ireland, Scotland, and Wales. Whether a business is targeting tech journalists in London, cultural reporters in Edinburgh, or local outlets in Cardiff and Belfast, Media List provides access to regional media contacts that resonate with local audiences. This targeted approach allows users to engage journalists who understand the distinct dynamics of each market, fostering more relevant and impactful press interactions.
User-Friendly and Accessible for All
Built for ease of use, Media List's platform allows users of all experience levels—from seasoned PR professionals to small business owners new to media outreach—to browse, select, and download their chosen UK Media List in minutes. This streamlined process eliminates time-intensive research, enabling rapid campaign launches. Complementary services like PR Gun (https://prgun.com) can further enhance media exposure, making Media List an essential tool for businesses seeking professional-grade results with limited PR resources.
Commitment to Data Accuracy
Media List upholds the highest standards for its UK Media List, regularly updating its database to reflect journalist transitions, new publications, and other changes in the UK media landscape. This dedication to accurate and up-to-date contact information ensures users can pitch with confidence, minimizing the risk of contacting outdated contacts and increasing the likelihood of securing meaningful media coverage.
Explore the UK Media List Today
Businesses, PR professionals, and marketers are invited to explore the new UK Media List. This comprehensive database offers unparalleled access to media contacts across England, Northern Ireland, Scotland, and Wales, empowering users to achieve their PR goals in the UK market.
About Media List
Media List is a trusted provider of curated, up-to-date media contact lists and outreach solutions, simplifying media engagement for businesses, PR professionals, and individuals. Organized by location and industry, Media List's services help users secure the press coverage they need. Visit https://medialist.com to learn more.
Media Contact
Company Name: Media List
Contact Person: Rica
Email: Send Email
Country: United States
Website: https://medialist.com/
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We do not reconcile forward-looking Non-GAAP measures for reasons explained under "WTW Non-GAAP Measures" below. Conference Call The Company will host a conference call to discuss the financial results for the second quarter 2025. It will be held on Thursday, July 31, 2025, beginning at 9:00 a.m. Eastern Time. A live, listen-only webcast of the conference call will be available on WTW's website. Analysts and institutional investors may participate in the conference call's question-and-answer session by registering in advance here. An online replay will be available at shortly after the call concludes. About WTW At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at WTW Non-GAAP Measures In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW's management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin. We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results. Within the measures referred to as 'adjusted', we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following: Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded. Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the reconciliation tables below for more specificity on the litigation matter excluded from adjusted results. Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations. Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation. Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate. We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally. We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures. Our non-GAAP measures and their accompanying definitions are presented as follows: Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets. Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period. Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors. Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans. Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share. Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors. Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate. Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations. Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs. Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein. These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements. WTW Forward-Looking Statements This document contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisitions and dispositions; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future performance, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as 'may', 'will', 'would', 'anticipate', 'believe', 'estimate', 'expect', 'intend', 'plan', 'continues', 'seek', 'target', 'goal', 'focus', 'probably', or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature. There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics solutions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance ('ESG') practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries. The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at or Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements. Components of Revenue Change (i) Less: Less: Six Months Ended June 30, As Reported Currency Constant Currency Acquisitions/ Organic 2025 2024 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue excluding interest income $ 2,331 $ 2,578 (10)% 0% (10)% (13)% 3% Interest income 14 18 Total 2,345 2,596 (10)% 0 % (10)% (13)% 3 % Risk & Broking Revenue excluding interest income $ 2,029 $ 1,900 7% 0% 7% 0% 7% Interest income 45 57 Total 2,074 1,957 6 % 0 % 6 % 0 % 6 % Segment Revenue $ 4,419 $ 4,553 (3)% 0% (3)% (7)% 5% Corporate, reimbursable expenses and other 45 41 Interest income 20 12 Revenue $ 4,484 $ 4,606 (3)% 0 % (3)% (7)% 5% (ii) (i) Components of revenue change may not add due to rounding. (ii) Interest income did not contribute to organic change for the three and six months ended June 30, 2025. BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME Three Months Ended June 30, HWC R&B Corporate Total 2025 2024 2025 2024 2025 2024 2025 2024 Book-of-business settlements $ — $ — $ 3 $ 2 $ — $ — $ 3 $ 2 Interest income 7 9 23 29 10 6 40 44 Total $ 7 $ 9 $ 26 $ 31 $ 10 $ 6 $ 43 $ 46 Six Months Ended June 30, HWC R&B Corporate Total 2025 2024 2025 2024 2025 2024 2025 2024 Book-of-business settlements $ 2 $ — $ 3 $ 4 $ — $ — $ 5 $ 4 Interest income 14 18 45 57 20 12 79 87 Total $ 16 $ 18 $ 48 $ 61 $ 20 $ 12 $ 84 $ 91 SEGMENT OPERATING INCOME (i) Three Months Ended June 30, 2025 2024 Health, Wealth & Career $ 280 $ 276 Risk & Broking 222 202 Segment Operating Income $ 502 $ 478 (i) Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes. SEGMENT OPERATING MARGINS Three Months Ended June 30, 2025 2024 Health, Wealth & Career 23.8% 21.9% Risk & Broking 21.2% 20.6% Six Months Ended June 30, 2025 2024 Health, Wealth & Career 25.2% 23.6% Risk & Broking 21.6% 20.7% Three Months Ended June 30, 2025 2024 Segment Operating Income $ 502 $ 478 Amortization (49) (60) Restructuring costs — (3) Transaction and transformation (i) (2) (97) Unallocated, net (ii) (83) (106) Income from Operations 368 212 Interest expense (64) (68) Other income, net 9 23 Income from operations before income taxes and interest in earnings of associates $ 313 $ 167 Six Months Ended June 30, 2025 2024 Segment Operating Income $ 1,039 $ 1,017 Amortization (97) (120) Restructuring costs — (21) Transaction and transformation (i) (2) (222) Unallocated, net (ii) (140) (162) Income from Operations 800 492 Interest expense (129) (132) Other (loss)/income, net (55) 49 Income from operations before income taxes and interest in earnings of associates $ 616 $ 409 (i) In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program. (ii) Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes. Three Months Ended June 30, 2025 2024 Net income attributable to WTW $ 331 $ 141 Adjusted for certain items: Amortization 49 60 Restructuring costs — 3 Transaction and transformation 2 97 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits (13) (21) Tax effect on certain items listed above (ii) (10) (39) Tax effect of significant adjustments (74) (7) Adjusted Net Income $ 285 $ 247 Weighted-average ordinary shares, diluted 100 103 Diluted Earnings Per Share $ 3.32 $ 1.36 Adjusted for certain items: (iii) Amortization 0.49 0.58 Restructuring costs — 0.03 Transaction and transformation 0.02 0.94 Provision for specified litigation matter (i) — 0.13 Net periodic pension and postretirement benefits (0.13) (0.20) Tax effect on certain items listed above (ii) (0.10) (0.38) Tax effect of significant adjustments (0.74) (0.07) Adjusted Diluted Earnings Per Share (iii) $ 2.86 $ 2.39 Six Months Ended June 30, 2025 2024 Net income attributable to WTW $ 566 $ 331 Adjusted for certain items: Amortization 97 120 Restructuring costs — 21 Transaction and transformation 2 222 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits 62 (43) Gain on disposal of operations (14) — Tax effect on certain items listed above (ii) (38) (85) Tax effect of significant adjustments (74) (7) Adjusted Net Income $ 601 $ 572 Weighted-average ordinary shares, diluted 100 104 Diluted Earnings Per Share $ 5.64 $ 3.20 Adjusted for certain items: (iii) Amortization 0.97 1.16 Restructuring costs — 0.20 Transaction and transformation 0.02 2.14 Provision for specified litigation matter (i) — 0.13 Net periodic pension and postretirement benefits 0.62 (0.42) Gain on disposal of operations (0.14) — Tax effect on certain items listed above (ii) (0.38) (0.82) Tax effect of significant adjustments (0.74) (0.07) Adjusted Diluted Earnings Per Share (iii) $ 5.99 $ 5.53 (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations. (ii) The tax effect was calculated using an effective tax rate for each item. (iii) Per share values and totals may differ due to rounding. Three Months Ended June 30, 2025 2024 Net Income $ 332 14.7% $ 142 6.3% (Benefit from)/provision for income taxes (21) 26 Interest expense 64 68 Depreciation 57 57 Amortization 49 60 Restructuring costs — 3 Transaction and transformation 2 97 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits (13) (21) Adjusted EBITDA and Adjusted EBITDA Margin $ 470 20.8% $ 445 19.6% Six Months Ended June 30, 2025 2024 Net Income $ 571 12.7% $ 336 7.3% Provision for income taxes 44 74 Interest expense 129 132 Depreciation 111 116 Amortization 97 120 Restructuring costs — 21 Transaction and transformation 2 222 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits 62 (43) Gain on disposal of operations (14) — Adjusted EBITDA and Adjusted EBITDA Margin $ 1,002 22.3% $ 991 21.5% (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations. Three Months Ended June 30, 2025 2024 Income from operations and Operating margin $ 368 16.3% $ 212 9.4% Adjusted for certain items: Amortization 49 60 Restructuring costs — 3 Transaction and transformation 2 97 Provision for specified litigation matter (i) — 13 Adjusted operating income and Adjusted operating income margin $ 419 18.5% $ 385 17.0% Six Months Ended June 30, 2025 2024 Income from operations and Operating margin $ 800 17.8% $ 492 10.7% Adjusted for certain items: Amortization 97 120 Restructuring costs — 21 Transaction and transformation 2 222 Provision for specified litigation matter (i) — 13 Adjusted operating income and Adjusted operating income margin $ 899 20.0% $ 868 18.8% (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations. Three Months Ended June 30, 2025 2024 Income from operations before income taxes and interest in earnings of associates $ 313 $ 167 Adjusted for certain items: Amortization 49 60 Restructuring costs — 3 Transaction and transformation 2 97 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits (13) (21) Adjusted income before taxes $ 351 $ 319 (Benefit from)/provision for income taxes $ (21) $ 26 Tax effect on certain items listed above (ii) 10 39 Tax effect of significant adjustments 74 7 Adjusted income taxes $ 63 $ 72 U.S. GAAP tax rate (6.8)% 15.6 % Adjusted income tax rate 18.0 % 22.4 % Six Months Ended June 30, 2025 2024 Income from operations before income taxes and interest in earnings of associates $ 616 $ 409 Adjusted for certain items: Amortization 97 120 Restructuring costs — 21 Transaction and transformation 2 222 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits 62 (43) Gain on disposal of operations (14) — Adjusted income before taxes $ 763 $ 742 Provision for income taxes $ 44 $ 74 Tax effect on certain items listed above (ii) 38 85 Tax effect of significant adjustments 74 7 Adjusted income taxes $ 156 $ 166 U.S. GAAP tax rate 7.1 % 18.1 % Adjusted income tax rate 20.5 % 22.3 % (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations. (ii) The tax effect was calculated using an effective tax rate for each item. WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Income (In millions of U.S. dollars, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 2,261 $ 2,265 $ 4,484 $ 4,606 Costs of providing services Salaries and benefits 1,449 1,397 2,773 2,739 Other operating expenses 336 439 701 896 Depreciation 57 57 111 116 Amortization 49 60 97 120 Restructuring costs — 3 — 21 Transaction and transformation 2 97 2 222 Total costs of providing services 1,893 2,053 3,684 4,114 Income from operations 368 212 800 492 Interest expense (64) (68) (129) (132) Other income/(loss), net 9 23 (55) 49 INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES 313 167 616 409 Benefit from/(provision for) income taxes 21 (26) (44) (74) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES 334 141 572 335 Interest in earnings of associates, net of tax (2) 1 (1) 1 NET INCOME 332 142 571 336 Income attributable to non-controlling interests (1) (1) (5) (5) NET INCOME ATTRIBUTABLE TO WTW $ 331 $ 141 $ 566 $ 331 EARNINGS PER SHARE Basic earnings per share $ 3.34 $ 1.37 $ 5.68 $ 3.22 Diluted earnings per share $ 3.32 $ 1.36 $ 5.64 $ 3.20 Weighted-average ordinary shares, basic 99 103 100 103 Weighted-average ordinary shares, diluted 100 103 100 104 June 30, December 31, 2025 2024 ASSETS Cash and cash equivalents $ 1,963 $ 1,890 Fiduciary assets 10,720 9,504 Accounts receivable, net 2,364 2,494 Prepaid and other current assets 558 1,217 Total current assets 15,605 15,105 Fixed assets, net 696 661 Goodwill 8,938 8,799 Other intangible assets, net 1,232 1,295 Right-of-use assets 495 485 Pension benefits assets 578 530 Other non-current assets 934 806 Total non-current assets 12,873 12,576 TOTAL ASSETS $ 28,478 $ 27,681 LIABILITIES AND EQUITY Fiduciary liabilities $ 10,720 $ 9,504 Deferred revenue and accrued expenses 1,726 2,211 Current debt 549 — Current lease liabilities 124 118 Other current liabilities 752 765 Total current liabilities 13,871 12,598 Long-term debt 4,762 5,309 Liability for pension benefits 550 615 Provision for liabilities 369 341 Long-term lease liabilities 500 502 Other non-current liabilities 246 299 Total non-current liabilities 6,427 7,066 TOTAL LIABILITIES 20,298 19,664 COMMITMENTS AND CONTINGENCIES EQUITY (i) Additional paid-in capital 11,012 10,989 (Accumulated deficit)/retained earnings (206) 109 Accumulated other comprehensive loss, net of tax (2,706) (3,158) Total WTW shareholders' equity 8,100 7,940 Non-controlling interests 80 77 Total Equity 8,180 8,017 TOTAL LIABILITIES AND EQUITY $ 28,478 $ 27,681 (i) Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 97,853,208 (2025) and 99,805,780 (2024); Outstanding 97,853,208 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024. Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES NET INCOME $ 571 $ 336 Adjustments to reconcile net income to total net cash from operating activities: Depreciation 111 116 Amortization 97 120 Non-cash restructuring charges — 12 Non-cash lease expense 47 49 Net periodic cost/(benefit) of defined benefit pension plans 94 (11) Provision for doubtful receivables from clients 7 10 Benefit from deferred income taxes (70) (25) Share-based compensation 68 54 Net gain on disposal of operations (14) — Non-cash foreign exchange loss/(gain) 30 (12) Other, net 18 22 Changes in operating assets and liabilities, net of effects from purchase of subsidiaries: Accounts receivable 225 118 Other assets (99) (161) Other liabilities (778) (242) Provisions 19 45 Net cash from operating activities 326 431 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software (109) (126) Acquisitions of operations, net of cash acquired (14) (18) Contributions to investments in associates (8) — Net proceeds from sale of operations 836 — Net purchases of held-to-maturity securities (50) — Net purchases of available-for-sale securities (43) (14) Net cash from/(used in) investing activities 612 (158) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Senior notes issued — 746 Debt issuance costs — (9) Repayments of debt (2) (652) Repurchase of shares (700) (301) Net proceeds from fiduciary funds held for clients 141 783 Payments of deferred and contingent consideration related to acquisitions (15) — Cash paid for employee taxes on withholding shares (43) (24) Dividends paid (179) (176) Acquisitions of and dividends paid to non-controlling interests (2) (3) Net cash (used in)/from financing activities (800) 364 INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 138 637 Effect of exchange rate changes on cash, cash equivalents and restricted cash 207 (53) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (i) 4,998 3,792 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i) $ 5,343 $ 4,376 (i) The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Six Months Ended June 30, 2025 2024 Supplemental disclosures of cash flow information: Cash and cash equivalents $ 1,963 $ 1,247 Fiduciary funds (included in fiduciary assets) 3,380 3,129 Total cash, cash equivalents and restricted cash $ 5,343 $ 4,376 Decrease in cash, cash equivalents and other restricted cash $ (3) $ (154) Increase in fiduciary funds 141 791
