Slides
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October 23, 2025 Q3 2025 Earnings Presentation
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© 2025 CBRE, INC. | 2 This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Ac t of 1995, including, but not limited to, statements concerning our business outlook, our business plans and capital allocation strategy and our earnings and cash flo w outlook. These statements involve risks and uncertainties that may cause actual results and trends to differ materially from those projected. Except to th e extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward - looking statements that you may hear today. Please refer to our third quarter earnings release, furnished on Form 8 - K, our SEC filings on Form 10 - K and Form 10 - Q, respectively, and in particular any discussion of risk factors or forward - looking statements therein, which are available on the SEC’s website (www.sec.gov), for a full discussion of the risks a nd other factors that may impact any forward - looking statements that you may hear today. We may make certain statements during the course of this presentation, which include references to “non - GAAP financial measures,” as defined by SEC regulations. Where required by these regulations, we have provided reconciliation s o f these measures to what we believe are the most directly comparable GAAP measures, which are included in the appendix. When citing financial performance re lative to expectations, we are referring to actual results against the outlook provided on our Q2 2025 earnings call, unless otherwise noted. Forward Looking Statements
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© 2025 CBRE, INC. | 3 Three Months Ended September 30, 2025 2024 % Change Revenue $10,258 $9,036 14% Pass - Through Costs 4,211 3,718 13% GAAP Net Income 363 225 61% Core Net Income 484 369 31% Core EBITDA 821 688 19% GAAP EPS $1.21 $0.73 66% Core EPS $1.61 $1.20 34% Consolidated Results Summary – Core EBITDA growth of 19% year - on - year, led by balanced strength of both our resilient businesses and transactional businesses during the current real estate market recovery. – Core EPS growth of 34% year - on - year. – CBRE resilient businesses generated revenue growth of 14%, surpassing the 13% increase in our transactional businesses. QTD Financials, $ in millions, except per share figures, % change for consolidated results in USD
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© 2025 CBRE, INC. | 4 – Revenue growth of 16% was ahead of expectations, led by outperformance in both leasing and sales. – Global leasing revenue grew 17%, reaching its highest level for any Q3. In the US, industrial activity rose 27%, data center lea sing picked up materially, and office leasing was strong. Outside of the US, growth was strongest in India and Japan. – Global property sales rose 28%, as growth accelerated from the second quarter. US sales saw strength in office, industrial an d d ata centers. – SOP growth of 23% reflected strong operating leverage. Advisory Services $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency 1. Other Advisory includes Commercial Mortgage Originations, Loan Servicing, Valuations and Other Portfolio Services $974 $1,145 $420 $544 $519 $546 $1,913 $2,235 Q3'24 Q3'25 Revenue $359 $444 Q3'24 Q3'25 Segment Operating Profit $17 $13 Q3'24 Q3'25 Pass - through Costs (1)
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© 2025 CBRE, INC. | 5 – Revenue grew 11%, tempered by 8% growth in pass - through costs. – Local business continued to see double - digit growth in revenue, led by the UK and market share gains in the Americas. The Enter prise business was supported by increased data center work and new client wins and expansions across multiple sectors. – Operating leverage driven by continued cost efficiencies, resulting in 15% SOP growth. Building Operations & Experience $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency $4,638 $5,137 $507 $657 $5,145 $5,794 Q3'24 Q3'25 Revenue $244 $285 Q3'24 Q3'25 Segment Operating Profit $2,804 $3,085 Q3'24 Q3'25 Pass - through Costs
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© 2025 CBRE, INC. | 6 – Revenue grew 19% in the quarter, with pass - through costs accelerating 23%. – Project management delivered broad - based, double - digit revenue growth supported by the UK, the Middle East and North America. Fr om a client perspective, demand was driven by data center work for hyperscalers and a large mandate for the UK government. – Strong operating leverage with SOP growth of 16%. Project Management $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency $1,683 $2,027 Q3'24 Q3'25 Revenue $129 $153 Q3'24 Q3'25 Segment Operating Profit $897 $1,113 Q3'24 Q3'25 Pass - through Costs
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© 2025 CBRE, INC. | 7 – Investment Management saw growth in recurring asset management fees, though non - recurring fees were down from last year’s Q3 whe n larger incentive fees were achieved. – Assets under management ended the quarter at nearly $156 billion, up nearly $10 billion since the end of 2024, driven by net inf lows, higher asset values and favorable currency movement. – Development operating profit met expectations for the quarter. $67 $73 Q3'24 Q3'25 Segment Operating Profit $137 $143 $106 $63 $59 $5 $302 $211 Q3'24 Q3'25 Revenue Real Estate Investments $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency
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© 2025 CBRE, INC. | 8 Capital Allocation and Free Cash Flow 0.4x (0.3)x (0.3)x 0.1x 0.7x 0.9x 1.2x ~1.0x (0.5x) 0.0x 0.5x 1.0x 1.5x 2.0x 2019 2020 2021 2022 2023 2024 Q3'25 2025 Target Net Leverage Middle of Target Range High-End of Target Range $930 $1,564 $2,154 $1,369 $202 $1,543 $1,548 74% 141% 119% 73% 17% 98% 85% 2019 2020 2021 2022 2023 2024 Q3'25 FCF FCF Conversion TTM Free Cash Flow, $ in millions Net Leverage – We now expect to generate approximately $1.8 billion of free cash flow for the full year, reflecting our expectations for stronger operating results. – Strong free cash flow and an even stronger balance sheet provide CBRE with meaningful optionality for any economic scenario. – Net leverage stood at 1.2x as of Q3’25, and we continue to expect to de - lever through the end of the year. CBRE has not reconciled the (non - GAAP) free cash flow forward - looking guidance included in this presentation to the most directl y comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain items that could impact future cash flow, such as costs related to acquisitions, carried i nte rest incentive compensation and financing costs. We expect the variability of these items to have a potentially unpredictable , a nd a potentially significant, impact on our future GAAP financial results.
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© 2025 CBRE, INC. | 9 Updated 2025 Guidance Advisory Services Leasing Property Sales Commercial Mortgage Origination Loan Servicing Valuation Building Ops & Experience Facilities Management Property Management Project Management Real Estate Investments Development Investment Management Approximately 20% SOP growth Low - to - mid teens revenue growth in Leasing Continued recovery in Capital Markets Approximately 20% SOP growth Low to mid - teens SOP growth SOP higher, led by timing of Development gains Consolidated Guidance Raising 2025 Core EPS range to $6.25 - $6.35 Expect to generate ~$1.8 billion in full year free cash flow CBRE has not reconciled the (non - GAAP) Core EPS forward - looking guidance included in this presentation to the most directly comp arable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, carried interest incentive compensation and financing costs, which are potenti al adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potential ly significant, impact on our future GAAP financial results. – The midpoint of our new guidance range reflects 24% growth in Core EPS, which would be more than 10% ahead of our prior peak earnings. – Full year outlook includes large data center development site dispositions in the fourth quarter, that may slip into early 2026. – Comfortably surpassing prior peak earnings just two years after a commercial real estate market trough demonstrates the power of our resilient businesses working in combination with accelerating transactional businesses. – Our earnings expectations are expressed in USD and include a 1 – 2% FX tailwind.
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Supplemental Slides
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© 2025 CBRE, INC. | 11 The following measures are considered “non - GAAP financial measures” under SEC guidelines: i. Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net inco me” ) ii. Core EBITDA iii. Core EPS iv. Business line operating profit/loss vi. Net debt vii. Free cash flow These measures are not recognized measurements under United States generally accepted accounting principles (GAAP). When anal yzi ng our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. Because n ot all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies. Our management generally uses these non - GAAP financial measures to evaluate operating performance and for other discretionary pu rposes. The company believes these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financia l p erformance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The company further uses certain of these measures, and believes that they are useful to investo rs, for purposes described below. With respect to core EBITDA, core EPS, core adjusted net income, and business line operating profit/loss, the company believe s t hat investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would inc lude impairment charges of goodwill and intangibles created from acquisitions, the effects of financings and income tax and the accounting effects of capital spending. The presentation of core adjusted net income, excluding amortization of i nta ngible assets acquired in business combinations, is useful to investors as a supplemental measure to evaluate the company’s ongoing operating performance. While amortization expense of acquisition - related intangible assets is excluded from co re adjusted net income, the revenue generated from the acquired intangible assets is not excluded. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of core EBITDA, th is measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The core EBITDA measure calculated herein may also di ffer from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non - cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt. The company also uses segment operating profit and core EPS as significant components when measuring our operating performanc e u nder our employee incentive compensation programs. With respect to free cash flow, the company believes that investors may find this measure useful to analyze the cash flow gen era ted from operations and real estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to net debt, the company believes that investors use this measure w hen calculating the company’s net leverage ratio. With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measur es useful to analyze the underlying performance of operations without the impact of strategic non - core equity investments that are not directly related to our business segments. These can be volatile and are often non - cash in nature. Non - GAAP Financial Measures
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© 2025 CBRE, INC. | 12 Core adjusted net income and core earnings per diluted share: Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from GAAP net i nc ome and GAAP earnings per diluted share as well as adjust the provision for income taxes and impact on non - controlling interest for such charges. Adjustments during the pe riods presented included non - cash amortization expense related to intangible assets and impairment charges of goodwill attributable to acquisitions, costs incurred related to legal entity restructuring, carried interest incentive compe nsa tion expense to align with the timing of associated revenue, write - off of financing costs on extinguished debt, integration and other costs related to acquisitions, charges and interest expense related to indirect tax audits and settlements, net res ult s related to the wind - down of certain businesses, impact of fair value non - cash adjustments related to unconsolidated equity investments, provision associated with Telford’s fire safety remediation efforts, and costs associated with business a nd finance transformation, efficiency and cost reduction initiatives. It also removes the fair value changes and related tax impact of certain strategic non - core non - controlling equity investments that are not directly related to our business segments. Core EBITDA: Core EBITDA represents earnings, inclusive of non - controlling interest, before net interest expense, write - off of financing cos ts on extinguished debt, income taxes, depreciation and amortization, asset impairments, adjustments related to carried interest incentive compensation expense to align with the timing of associated revenue, costs incurred rel ate d to legal entity restructuring, integration and other costs related to acquisitions, costs associated with business and finance transformation, efficiency and cost - reduction initiatives, net results related to the wind - down of certain businesses, i mpact of fair value non - cash adjustments related to unconsolidated equity investments, provision associated with Telford’s fire safety remediation efforts and charges related to indirect tax audits and settlements. It also removes the fa ir value changes, on a pre - tax basis, of certain strategic non - core non - controlling equity investments that are not directly related to our business segments. Free cash flow: Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expen dit ures (reflected in the investing section of the consolidated statement of cash flows). Liquidity: includes cash available for company use, as well as availability under the Company’s revolving credit facilities and commerci al paper program. Net debt (net cash): calculated as total debt (excluding non - recourse debt) less cash and cash equivalents. Operating leverage: reflects when segment operating profit grows more quickly than revenue excluding pass - through costs. Segment operating profit: Segment operating profit (loss) is the measure reported to the chief operating decision maker (CODM) for purposes of making d eci sions about allocating resources to each segment and assessing performance of each segment. Segment operating profit represents earnings, inclusive of non - controlling interest, before net interest expense, write - off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: certain carried interest incentive compensation expense to alig n w ith the timing of associated revenue, integration and other costs related to acquisitions, business and finance transformation, costs associated with efficiency and cost - reduction initiatives, net results related to the wind down of certain businesses, impact of fair value non - cash adjustments related to unconsolidated equity investments, provision associated with Telford’s fire safety remediation efforts and charges related to indirect tax audits and settlement. Business line operating profit: contribution from each line of business to the respective reportable segment’s operating profit. Resilient businesses: includes facilities management, project management, loan servicing, valuations, other portfolio services, property management a nd recurring investment management fees. Transactional businesses: includes property sales, leasing, mortgage origination, carried interest and incentive fees in the investment management busi nes s, and development fees. Definitions
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© 2025 CBRE, INC. | 13 QTD Financials, $ in millions Advisory Services Three Months Ended September 30, 2025 2024 % Change Disaggregated Revenue Advisory Leasing 1,145 974 18% Advisory Sales 544 420 30% Commercial Mortgage Origination 135 115 17% Valuation 194 178 9% Loan Servicing 127 130 (2)% Other Portfolio Services Revenue 90 96 (6)% Pass - through costs 13 17
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© 2025 CBRE, INC. | 14 QTD Financials, $ in millions, totals may not sum due to rounding Real Estate Investments Three Months Ended September 30, 2025 2024 % Change Asset Management Fees $143 $137 4% Acquisition, disposition & other 6 59 (90)% Carried interest (1) — n/a Development 63 106 (41)% REI Revenue $211 $302 (30)% REI Segment Operating Profit $73 $67 9% Business Line Operating Profit to Segment Operating Profit Investment Management Operating Profit 43 75 (43)% Development Operating Profit ( Loss ) 35 (8) n/a Segment Overhead (5) — n/a REI Segment Operating Profit $73 $67 9%
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© 2025 CBRE, INC. | 15 CBRE Capital Structure, $ in millions, totals may not sum due to rounding Debt, Leverage and Liquidity September 30, December 31, 2025 2024 Revolving Credit Facilities $ — $132 Commercial paper program 1,085 175 Senior term loans, net 1,267 682 Senior notes, net 3,050 2,563 Current portion LTD 71 36 O ther debt and short - term borrowings 9 47 Total Debt $5,482 $3,635 less: Cash (1,669) (1,114) Net Debt $3,813 $2,521 TTM Core EBITDA 3,105 2,704 Net Leverage 1.2x 0.9x Cash 1,669 1,114 Available Revolving Credit Facilities 3,542 3,324 Liquidity $5,211 $4,438
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© 2025 CBRE, INC. | 16 Free Cash Flow and Net Leverage TTM Free Cash Flow, $ in millions Net Leverage, $ in millions – xx Sept 30, December 31, 2025 2024 2023 2022 2021 2020 2019 Revolving Credit Facilities $ — $132 -- $178 -- -- -- Commercial Paper Program 1,085 175 -- -- -- -- -- Senior term loans (1) 1,267 682 743 -- 455 786 745 Senior notes (1) 3,050 2,563 2,061 1,085 1,084 595 1,017 Current portion LTD 71 36 9 428 -- -- -- Other debt (2) 9 47 16 43 33 7 6 Total Debt 5,482 3,635 2,830 1,734 1,571 1,387 1,768 Less: Cash (1,669) (1,114) (1,265) (1,318) (2,431) (1,896) (972) Net Debt (Cash) 3,813 2,521 1,565 416 (860) (509) 796 TTM Core EBITDA 3,105 2,704 2,209 2,924 2,864 1,898 2,070 Net Leverage 1.2x 0.9x 0.7x 0.1x (0.3x) (0.3x) 0.4x 1. Outstanding amounts are reflected net of unamortized discount and debt issuance costs. 2. Includes outstanding balances of $44M, $10M and $32M as of December 31, 2024, 2023 and 2022, respectively, related to the 120 M G BP Turner & Townsend revolver which matures in 2027 and an outstanding balance of $27M as of December 31, 2021 related to the prior 80M GBP revolver that was replaced by the current facility in 20 22. Trailing Twelve Months Ended, Sep - 25 Dec - 24 Dec - 23 Dec - 22 Dec - 21 Dec - 20 Dec - 19 Net cash provided by Operating Activities $ 1,678 $1,708 $480 $1,629 $2,364 $1,831 $1,223 Add: Gain on disposition of real estate sales 185 142 27 n/a n/a n/a n/a Less: Capital expenditures ( 315 ) (307) (305) (260) (210) (267) (294) Free Cash Flow 1,548 1,543 202 1,369 2,154 1,564 930
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© 2025 CBRE, INC. | 17 Resilient and Transactional Revenue $ in millions, totals may not sum due to rounding 1. Total Resilient and Transactional Businesses excludes Corporate Expenses and revenue eliminations Revenue Less: Pass - through costs Q3’25 Q3’24 Q3’25 Q3’24 Transactional $1,893 $1, 674 $ — $ — Resilient 8,374 7,369 4,211 3,718 Total Resilient and Transactional Businesses (1) 10,267 9,043 4,211 3,718 September 30, December 31, Trailing Twelve Months Ended, 2025 2024 Advisory Services $1,748 $1,502 Building Operations & Experience 1,040 894 Project Management 555 500 Real Estate Investments 273 261 Total Reportable Segment Operating Profit 3,616 3,157 less: Corporate, other and eliminations (514) (569) Total Segment Operating Profit 3,102 2,587 add - back: Non - Core Corporate (3) 117 Core EBITDA 3,105 2,704 Transactional Businesses 1,411 1,160 Resilient Businesses 2,205 1,997 Total Resilient and Transactional Businesses (1) 3,616 3,157
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© 2025 CBRE, INC. | 18 Reconciliation of Net Income to Core EBITDA $ in millions, totals may not sum due to rounding Twelve Months Ended, Three Months Ended September 30, December 31, September 30, 2025 2024 2023 2022 2021 2020 2019 2025 2024 Net income attributable to CBRE Group, Inc. $1,228 $968 $986 $1,407 $1,837 $752 $1,282 $363 $225 Net income attributable to non - controlling interests 99 68 42 17 5 4 9 33 20 Net income 1,327 1,036 1,027 1,424 1,842 756 1,291 396 245 Adjustments: Depreciation and amortization 717 674 622 613 526 502 439 181 178 Asset impairments — — — 59 — 89 90 — — Interest expense, net of interest income 212 215 149 69 50 68 86 50 64 Write - off of financing costs on extinguished debt 2 — — 2 — 76 3 — — Provision for income taxes 316 182 250 234 567 214 70 91 67 Costs associated with our reorganization, including cost - savings initiatives — — — — — — 50 — — Integration and other costs related to acquisitions 266 93 63 41 45 2 15 60 22 Costs associated with workforce optimization efforts — — — — — 38 — — — Costs associated with transformation initiatives — — — — — 155 — — — Costs incurred related to legal entity restructuring — 2 13 13 — 9 7 — — Impact of fair value non - cash adjustments related to unconsolidated equity investments 2 9 — — — — — — 9 Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period — — — (5) (6) 12 9 — — Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue 6 8 (7) (4) 50 (23) 13 3 (4) Costs associated with efficiency and cost - reduction initiatives 135 259 159 118 — — — — 41 Provision associated with Telford’s fire safety remediation efforts — 33 — 186 — — — — 33 Charges related to indirect tax audits and settlements 36 76 — — — — — — 25 One - time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired — — (34) — — — — — — Net results related to the wind - down of certain businesses 45 — — — — — — 30 — Net fair value adjustments on strategic non - core investments 3 117 (32) 175 (54) 2 (3) — 8 Business and finance transformation 38 — — — — — — 10 — Net gain on deconsolidation upon merger of the SPAC with and into Altus Power, net of associated costs — — — — (156) — — — — Core EBITDA 3,105 2,704 2,209 2,924 2,864 1,898 2,070 821 688
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© 2025 CBRE, INC. | 19 CBRE has not reconciled the (non - GAAP) Core EPS forward - looking guidance included in this presentation to the most directly comp arable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, carried interest incentive compensation and financing costs, which are potenti al adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potential ly significant, impact on our future GAAP financial results. Reconciliation of Net Income to Core EPS $ in millions, except per share data, totals may not sum due to rounding Three Months Ended September 30, 2025 2024 Net income attributable to CBRE Group, Inc. $363 $225 Adjustments: Non - cash amortization expense related to intangible assets and impairment charges of goodwill attributable to acquisitions 55 58 Interest expense related to indirect tax audits and settlements — 3 Impact of adjustments on non - controlling interest — (6) Net fair value adjustments on strategic non - core investments — 8 Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue 3 (4) Integration and other costs related to acquisitions 60 22 Costs associated with efficiency and cost - reduction initiatives — 41 Impact of fair value non - cash adjustments related to unconsolidated equity investments — 9 Charges related to indirect tax audits and settlements — 25 Business and finance transformation 10 — Net results related to the wind - down of certain businesses 30 — Tax impact of adjusted items and strategic non - core investments (37) (45) Core net income attributable to CBRE Group, Inc., as adjusted 484 369 Core diluted income per share attributable to CBRE Group, Inc., as adjusted $ 1.61 $ 1.2 0 Weighted average shares outstanding for diluted income per share 300. 3 308.3