Slides
Page 1
2025 INVESTOR DAY DRIVING PROFITABLE GROWTH
Page 2
AGENDA 2 TRANSFORMING OUR OPERATING MODEL Andrew McDonald Global President & Chief Operating Officer Sal Companieh Chief Digital & Information Officer LEASING Expanding from a Position of Strength CAPITAL MARKETS Unlocking New Growth Opportunities DATA CENTERS Deep Dive SERVICES Moving up the Value Chain FINANCIAL PRIORITIES & 3 - YEAR OUTLOOK Q&A Michelle MacKay Global Chief Executive Officer Neil Johnston Global Chief Financial Officer Michelle MacKay Global Chief Executive Officer Miles Treaster President, Americas Capital Markets Abby Corbett Global Head of Investor Insights Brad Kreiger Co - Chief Executive Officer , Americas Andrew McDonald Global President & Chief Operating Officer Mia Mends Chief Executive Officer, C&W Services Marla Maloney Co - Chief Executive Officer, Americas Aubrey Waddell Chief Executive Officer , Global Occupier Services Michelle MacKay Global Chief Executive Officer Ali Greenwood Vice Chair, Global Data Center Advisory John McWilliams Head of Data Center Insights Michael Koeller Director, Data Center Advisory, Americas DRIVING PROFITABLE GROWTH Michelle MacKay Global Chief Executive Officer Andrew McDonald Global President & Chief Operating Officer Neil Johnston Global Chief Financial Officer
Page 3
3 CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation (and any related oral statements) other than historical facts are forward - looking statements , which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside Cushman & Wakefie ld’ s control. Such factors include, but are not limited to, disruptions in general macroeconomic conditions and global and regional demand for commercial real estate services; our ability to attract a nd retain qualified revenue producing employees and senior management; our ability to preserve, grow and leverage the value of our brand; the concentration of business with specific corporate clie nts ; our ability to maintain and execute our information technology strategies; interruption or failure of our information technology, communications systems or data services; our vulnerability to potentia l b reaches in security or other threats related to our information systems; our ability to comply with cybersecurity and data privacy regulations and other confidentiality obligations; the extent to which inf rastructure disruptions may affect our ability to provide our services; our ability to compete globally, regionally and locally; the failure of our acquisitions and investments to perform as expected o r t he lack of future acquisition opportunities; the potential impairment of our goodwill and other intangible assets; our ability to comply with laws and regulations and any changes thereto; changes in tax la ws or tax rates and our ability to make correct determinations in complex tax regimes; the failure of third parties performing on our behalf to comply with contract, regulatory or legal requirements; ri sks associated with climate change, environmental reporting obligations and other environmental conditions; risks associated with sociopolitical polarization; social, geopolitical and economic risks as soc iated with our international operations; foreign currency volatility; the seasonality of significant portions of our revenue and cash flow; restrictions imposed on us by the agreements governing our ind ebtedness; our amount of indebtedness and its potential adverse impact on our available cash flow and the operation of our business; our ability to incur more indebtedness; risks related to our ca pit al allocation strategy including current intentions to not pay cash dividends; risks related to litigation; the fact that the rights of our shareholders differ in certain respects from the rights typicall y o ffered to shareholders of a Delaware corporation; the fact that U.S. investors may have difficulty enforcing liabilities against us or be limited in their ability to bring a claim in a judicial forum they fin d f avorable in the event of a dispute; the possibility that Bermuda law and provisions in our Bye - Laws may have anti - takeover effects that could discourage an acquisition of us by others or require shareholder approval for certain capital structure decisions; and the risk that the Company’s redomiciliiation to Bermuda may not result in the anticipated benefits to the Company and its shareholders. Should any Cushma n & Wakefield estimates, projections and assumptions or these other uncertainties and factors materialize in ways that Cushman & Wakefield did not expect, there is no guarantee of future perfor man ce and the actual results could differ materially from the forward - looking statements in this presentation, including the possibility that recipients may lose a material portion of the amounts investe d. While Cushman & Wakefield believes the assumptions underlying these forward - looking statements are reasonable under current circumstances, such assumptions are inherently uncertain and subjective and past or projected performance is not necessarily indicative of future results. No representation or warranty, express or implied, is made as to the accuracy or completeness of the informat ion contained in this presentation, and nothing shall be relied upon as a promise or representation as to the performance of any investment. You are cautioned not to place undue reliance on such forw ard - looking statements or other information in this presentation and should rely on your own assessment of an investment or a transaction. Any estimates or projections as to events that may occu r i n the future are based upon the best and current judgment of Cushman & Wakefield as actual results may vary from the projections and such variations may be material. Any forward - looking statements speak only as of the date of this presentation and, except to the extent required by applicable securities laws, Cushman & Wakefield expressly disclaims any obligation to update or revise any of the m, whether as a result of new information, future events or otherwise. Additional information concerning factors that may influence the Company’s results is discussed under “Risk Factors” in Part I, Item 1A of its Annual Report on Form 10 - K for the year ended December 31, 2024 and in its other periodic reports filed with the Securities and Exchange Commission (the “SEC”). Cushman & Wakefield routinely posts important information about its business on the Company’s Investors Relations website at htt ps://ir.cushmanwakefield.com. The Company uses its website as a means of disclosing material, nonpublic information and for complying with its disclosure obligations under Regulation FD. In ves tors should monitor the Company’s Investor Relations website in addition to following the Company’s press releases, filings with the SEC, public conference calls, and webcasts.
Page 4
4 NON - GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION This presentation includes the following measures, which are considered “non - GAAP financial measures” under SEC guidelines: i. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin; ii. Adjusted net income and Adjusted earnings per share; iii. Free cash flow and Free cash flow conversion; iv. Local currency; and v. Net debt. Management principally uses these non - GAAP financial measures to evaluate operating performance, develop budgets and forecasts, improve comparability of results and assist our investors in analyzing the underlying performance of our business. These measures are not recognized measurements under GAAP. When analyzing our operating results, in vestors should use them in addition to, but not as an alternative for, the most directly comparable financial results calculated and presented in accordance with GAAP. Because the Company’s calculation of these non - GA AP financial measures may differ from other companies, our presentation of these measures may not be comparable to similarly titled measures of other companies. Reconciliations of these measures to the most directly co mparable measure determined in accordance with U.S. GAAP are included in the appendix at the end of this presentation. The Company believes that these measures provide a more complete understanding of ongoing operations, enhance comparability o f c urrent results to prior periods and may be useful for investors to analyze our financial performance. The measures eliminate the impact of certain items that may obscure trends in the underlying performance of our bus iness. The Company believes that they are useful to investors for the additional purposes described below. Adjusted EBITDA and Adjusted EBITDA margin: We have determined Adjusted EBITDA to be our primary measure of segment profitability. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate unrealized loss (gain) on investments, net, impairment on investments, loss on disposition, integration and other costs related to merger and acquisition, CEO transition costs, cost savings initiatives, loss (gain) on from insurance proceeds, net, non - oper ating items related to the Greystone JV, servicing liability fees and amortization, legal and compliance matters, and other non - recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes, and the non - cash accounting effects of depreciation and intangible asset amortization. Adjusted EBITDA margin, a non - GAAP measure of profitability as a percent of revenue, is measured against service line fee revenue. Adjusted net income and Adjusted earnings per share : Management also assesses the p rofitability of the business using Adjusted net income. We believe that investors find this measure useful in comparing our p rof itability to that of other companies in our industry because this calculation generally eliminates depreciation and amortization related t o m erger, financing and other facility fees, unrealized loss (gain) on investments, net, impairment on investments, loss on disposition, integration and other costs related to merger and acquisition, CEO transition costs, cost s avi ngs initiatives, loss (gain) on from insurance proceeds, net, non - operating items related to the Greystone JV, servicing liability fees and amortization, legal and compliance matters, and other non - recurring items. Tax impact of adjusted items reflects Management’s estimated annual effective tax rate. The Company also uses Adjusted earnings per share (“EPS”) as a component when measuring operating performance. Management defines Adjusted EPS as A dju sted net income divided by total basic and diluted weighted average shares outstanding. Free cash flow and Free cash flow conversion: Free cash flow is a financial performance metric that is calculated as net cash used in operating activities, less capital ex pe nditures (reflected as Payment for property and equipment in the investing activities section of the Consolidated Statements of Cash Flows). Free cash flow conversion, a no n - GAAP measure of liquidity as a percent of profit, is measured against Adjusted net income. Local currency: In discussing our results, we refer to percentage changes in local currency. These metrics are calculated by holding foreign cur rency exchange rates constant in year - over - year comparisons. Management believes that this methodology provides investors with greater visibility into the performance of our business exc lud ing the effect of foreign currency rate fluctuations. Net debt: Net debt is used as a measure of our liquidity and is calculated as total debt minus cash and cash equivalents.
Page 5
5 NON - GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (CONT.) Adjustments to U.S. GAAP Financial Measures Used to Calculate Non - GAAP Financial Measures During the periods presented in this presentation, we had the following adjustments: Unrealized loss (gain) on investments, net represents net unrealized gains and losses on fair value investments. Loss on disposition reflects losses on the sale or disposition of businesses as well as other transaction costs associated with the sales, which ar e not indicative of our core operating results given the low frequency of business dispositions by the Company. Integration and other costs related to merger reflects the non - cash amortization expense of certain merger related retention awards that will be amortized through 2026, and the non - cash amortization expense of merger related deferred rent and tenant incentives which will be amortized through 2028. Acquisition related costs includes certain direct costs incurred in connection with acquiring businesses. Cost savings initiatives primarily reflects severance and other one - time employment - related separation costs related to actions to reduce headcount acro ss select roles to help optimize our workforce given the challenging macroeconomic conditions and operating environment, as well as property lease rationalizations. These actions continued throu gh September 30, 2024. CEO transition costs In 2023, CEO transition costs reflects accelerated stock - based compensation expense associated with stock awards granted to Joh n Forrester, the Company's former CEO, who stepped down from the position of CEO as of June 30, 2023, but who remained employed by the Company as a Strategic Advisor until December 31, 2023. Th e requisite service period under the applicable award agreements was satisfied upon Mr. Forrester’s retirement from the Company on December 31, 2023. In 2023, CEO transition costs also included Mr. Forrester’s sal ary and bonus accruals for the second half of 2023. We believe the accelerated stock - based compensation expense, salary and bonus accruals, as well as the payroll taxes associated with such compensation, are similar in nature to one - time severance benefits and are not normal, recurring operating expenses necessary to operate the business. Servicing liability fees and amortization reflects the additional non - cash servicing liability fees accrued in connection with our accounts receivable securitization pro gram (the “A/R Securitization”) amendments in prior years. The liability will be amortized through June 2026. Legal and compliance matters includes estimated losses and settlements for certain legal matters which are not considered ordinary course legal matters gi ven the infrequency of similar cases brought against the Company, complexity of the matter, nature of the remedies sought and/or our overall litigation strategy. We exclude such losses from t he calculation of Adjusted EBITDA to improve the comparability of our operating results for the current period to prior and future periods. Gains from insurance proceeds, net of legal fees represents one - time gains related to certain contingent events, such as insurance recoveries, which are not considered ordinary course and which are only recorded once realized or realizable, net of related legal fees. We exclude such net gains from the calculation of Adjusted EBITDA to improve the co mpa rability of our operating results for the current period to prior and future periods. The interim financial information presented throughout this presentation is unaudited. All adjustments, consisting of normal rec urring adjustments, except as otherwise noted, considered necessary for a fair presentation of the unaudited interim condensed consolidated financial information for these periods have been included. Users of all of the afor eme ntioned unaudited interim financial information should refer to the audited Consolidated Financial Statements of the Company and notes thereto for the year ended December 31, 2024 in the Company’s 2024 Annual Report on Form 10 - K. Please see the appendix at the end of this presentation for reconciliations of our non - GAAP financial measures to the most close ly comparable GAAP measures. Forward - Looking Non - GAAP Financial Measures The Company is not able to provide reconciliations of any forward - looking non - GAAP financial measures to GAAP because it cannot provide specific guidance for the various extraordinary, non - recurring or unusual charges and other items. These items have not yet occurred and/or cannot be reasonably predicted. As a result, reconciliation of the forw ard - looking non - GAAP guidance measures to GAAP is not available without unreasonable effort.
Page 6
Michelle MacKay Global Chief Executive Officer DRIVING PROFITABLE GROWTH
Page 7
RESET REBUILD LOOK FORWARD
Page 8
Brand Global Platform
Page 9
Accelerated EPS Growth Substantial Free Cash Flow Continued Reduction In Leverage
Page 10
Completed Deep, Organizational Shift
Page 11
STRENGTHEN THE CORE OPERATE WITH RIGOR DRIVE ORGANIC GROWTH
Page 12
STRENGTHEN THE CORE OPERATE WITH RIGOR DRIVE ORGANIC GROWTH
Page 13
Operations STREAMLINED 13 REBUILDING OUR LEGACY Systems, Structure and Strategy BUILT Fundamentals STRENGTHENED
Page 14
Debt Principal Repaid Over Last 24 Months $500M Lowest Credit Spread in CWK History 1 +250 BPS Annual Cash Interest Expense Savings From Balance Sheet Actions 2 $50M 14 FORTIFIE D BALANCE SHEET
Page 15
STRENGTHEN THE CORE OPERATE WITH RIGOR DRIVE ORGANIC GROWTH
Page 16
Organization to flatten structure and better align teams DE - SILOED Connectivity Across Groups INCREASED Decision making and accountability DATA - DRIVEN 16 REDEFINED OUR OPERATING MODEL
Page 17
Free Cash Flow ( 2025E vs. 2023) 3 +~ 90% Reduction in Voluntary Turnover vs 2023 4 520 bps Reduction in adjustments to earnings vs. 2023 5 ~$100M 17 DRIVING OPERATIONAL EXCELLENCE
Page 18
STRENGTHEN THE CORE OPERATE WITH RIGOR DRIVE ORGANIC GROWTH
Page 19
19 POWERED BY AN ENHANCED OPERATING PLATFORM FUTURE - FACING CLIENT - CENTRIC DATA - DRIVEN
Page 20
Straight Quarters of YoY Leasing Fee Revenue Growth 6 8 YoY YTD Q3’25 Capital Markets Fee Revenue Growth 7 +20% 2025E Organic Services Fee Revenue Growth 8 5% - 7% 20 RETURNED TO GROWTH
Page 21
21 SCALING OUR MOMENTUM CWK IS POSITIONED TO WIN Stable Core And Rigorous Operating Model Customer - centric Expansion Capturing Market - led Opportunities Disciplined Investment
Page 22
WIN IN HIGH - GROWTH AREAS 22 GLOBAL INSTITUTIONAL CAPITAL MARKETS DATA CENTERS & OTHER HIGH - GROWTH ASSET CLASSES MULTI - MARKET LEASING HIGHER VALUE TECHNICAL SERVICES
Page 23
EXPAND AND RETAIN CLIENT RELATIONSHIPS TO ELEVATE ENGAGEMENT 23 One More Service One More Connection 200% Cross - Sell Fee Revenue Growth Target by 2028 CLIENT - first Culture CLIENT Trust CLIENT - friendly Tech 96% Services Client Retention Target by 2028
Page 24
Our opportunity is undeniable, the path is clear. Our model aligns client success with our success. Compelling financial outcomes powered by organic growth.
Page 25
Andrew McDonald Global President & Chief Operating Officer TRANSFORMING OUR OPERATING MODEL
Page 26
COMPLEXITY DRIVING OPPORTUNITY 26 EXPANDING CLIENT NEEDS TOP INSTITUTIONAL INVESTOR 1 FORTUNE 500 OCCUPIER 1 250+ Cities Invested 35+ Funds & Entities 1,000+ Annual Lease Events ~$1B+ Average Annual Rent Roll Shifts in Outsourcing Diversification of Capital Asset Complexity Regulatory Complexity Emerging Markets INDUSTRY ENVIRONMENT Demographic Shifts Environmental Pressures Workforce Shifts Supply Chain Volatility EXTERNAL ENVIRONMENT Tech & AI Acceleration
Page 27
03 O ne reliable standard of excellence, everywhere 02 Consistent Global Delivery CREATING A NEXT GENERATION CLIENT EXPERIENCE 27 Able to flex and adapt as our clients' needs change Access to the full power of our platform Seamless multi - disciplinary solutions to complex challenges 04 Integrated Solutions Decision making supported by intelligent data & technology 05 Real Time Access to Data & Insights 01 Agile Partnership Full Strength of C WK
Page 28
CWK IMPACT BENEFIT OUR TALENT ▪ Access to better data, tools and expert talent ▪ Faster, less manual delivery ▪ Increases impact ✓ Creates a talent advantage ✓ Improves retention ✓ Increases productivity OUR CLIENTS ▪ Full strength of C WK ▪ Integrated solutions ▪ Faster time to insights ✓ Expands relationships ✓ Strengthens retention ✓ Increases win rate OUR FUTURE ▪ Drives operational efficiency ▪ Supports innovation ▪ Future proofs the business ✓ Increases operating leverage ✓ Builds organizational resilience THE VALUE OF A CONNECTED PLATFORM 28
Page 29
ACCELERATING OUR TRANSFORMATION JOURNEY ▪ Consistent global delivery ▪ Fully interconnected enterprise data ▪ Clients experience the full CWK platform ▪ Local, market - by - market delivery ▪ Person - dependent, manual connections ▪ Disconnected, locally held data ▪ Global alignment across regions ▪ Scaled delivery hubs ▪ Foundational data & tech established 29 NOW REGION REGION REGION Scaled & Aligned 60% transitioned FROM Fragmented & Local REGION REGION REGION TO GLOBAL Global GLOBAL Target completion: 2028 Digitally Enabled, Fully Interconnected
Page 30
PROGRESS TO DATE 30 TALENT ~60% of global leadership is new or in an expanded role 3 6% improvement in employee engagement scores 4 ~520 bps improvement in voluntary turnover 5 DELIVERY ~70% of fee revenue under digital transformation ~30% increase in advisor productivity in the Americas 2 ~70% of our tech enabled people have AI - powered experiences STRUCTURE 3/3 geographic regions restructured 100% of functional support centralized globally ~40% of advisory support centralized in the Americas
Page 31
THE POTENTIAL OF PLATFORM TRANSFORMATION 31 CLIENT EXPANSION CLIENT RETENTION PRODUCTIVITY WIN RATE Increase in Services client expansion could result in ~$200M Fee Revenue 6 Improvement in Services client retention could result in ~$125M Fee Re venue 6 Gain in advisor productivity could result in ~$350M Fee Revenue 6 Increase in win rate on large contracts could result in ~$200M Fee Revenue 6 +10% +5% +10% +10%
Page 32
Sal Companieh Chief Digital & Information Officer TRANSFORMING OUR OPERATING MODEL
Page 33
33 DIGITAL TRANSFORMATION METHODOLOGY ADVISOR CENTRIC CO - CREATION WITH BUSINESS PARTNERS AGILE DEVELOPMENT ENTERPRISE DATA LAKE GLOBAL DIGITAL UPSKILLING
Page 34
CO - CREATION PROCESS Critical success factor for flywheel effect of delivering in partnership with business on transformational technology and data products is understanding key roles and responsibilities across the organization. Our Business Partners Technology Product Management Business Product Management Colleague Enablement 1. Listen 2. Prioritize 3. Refine 4. Define 5. Design & Develop 6. Validate 7. Deliver 8. Adopt 34 CLIENT
Page 35
TO TM CO - CREATION IN ACTION 35 FROM 30+ Siloed Data Sources and Digital Experiences
Page 36
36 LAYING OUR FOUNDATION Reimagined Advisor Experience + Global Data OneCap TM OneAdvise Data Edge Capital Planning Lease Intelligence Workforce Planning Location Intelligence Spend Intelligence Property Planet DATA LAYER PRODUCTS DATA CAPABILITIES Business Intelligence Data Gov Tools Data Science (ML/Stats/Predictive) AI (Agentic & GenAI) Data Exchange Master Data Management (MDM) Property 360 Client 360 Enterprise Lake House
Page 37
37 PURPOSE BUILT ECOSYSTEM SAAS DATA THOUGHT LEADERSHIP
Page 38
A PLATFORM THAT PERFORMS FOR ALL STAKEHOLDERS Clients are operating in a more complex environment We are mid - way through a transformation to build a one - of - a - kind platform Our technology and AI strategy will accelerate implementation
Page 39
Brad Kreiger Co - Chief Executive Officer , Americas EXPANDING FROM A POSITION OF STRENGTH LEASING
Page 40
DIVERSIFIED AND GROWING 40 TOP 10 CLIENTS REPRESENT ONLY ~6% OF TOTAL FEE REVENUE 8 CONSECUTIVE QUARTERS 2 OF YoY LEASING FEE REVENUE GROWTH $2.1B IN FEE REVENUE 1 80% 9% 11% Americas APA C EMEA FEE REVENUE BY REGION 1 363 442 436 587 382 450 493 623 412 487 538 ~660 Leasing Fee Revenue ($M) 2025 2024 2023 Q1 Q2 Q3 Q4 3
Page 41
TAILWINDS & CHALLENGES BOTH DRIVE DEMAND FOR LEASING ADVISORY 41 MORE OFFICE - USING JOBS 3 million more office jobs today than in 2020 4 ACCELERATED "RETURN TO OFFICE" Class A+ office occupancy on peak days 90% 5 LEASE ROLLOVER TIMING CREATING EXPANSION DEMAND Leases signed in 2020 contraction up for renewal 6 INDUSTRIAL SECTOR REGAINING MOMENTUM Net absorption growing again while construction down 63% from recent peak 7 RETAIL REMAINS STRONG 94% occupancy remains near 15 - year highs 8 COMPLEXITIES FOR TENANTS LEASING DEMAND TAILWINDS SIZING OFFICE DEMAND COMPETING PRESSURES (COST, EXPERIENCE, GROWTH) PORTFOLIO OPTIMIZATION SUPPLY CHAIN COMPLEXITY PACE OF CHANGE
Page 42
CWK IS A LEASING POWERHOUSE 42 20,000+ Leasing Transactions Per Year Across the United States Less Concentrated More Concentrated
Page 43
OUR OPPORTUNITY: LEADING WITH ADVISORY 43
Page 44
GROWING SINGLE TRANSACTION CLIENTS INTO MULTI - MARKET ACCOUNTS 44 2024 THE OPPORTUNITY Rising activity in 100,000+ SQ FT transactions among mid - sized firms seeking more sophisticated advisory. Over 50% of our current occupier leasing revenue comes from one - off transactions, highlighting opportunity to grow multi - market and portfolio mandates. Ongoing growth in occupier outsourcing presents opportunities for both account - based leasing and local markets. 0 50 100 150 200 Fortune 500 Mid-Sized Other # OF 100k+ SQ FT DEALS IN AMERICA 9
Page 45
SHARED RESOURCING POOLS TO ENHANCE DELIVERY OF COMPLEX TRANSACTIONS 45 ~1,700 c entralized roles to drive consistency, create scale efficiencies and enable enhanced go - to - market capabilities to mid - market client s NOW Scaled & Aligned FROM Fragmented & Local FRAGMENTED CAPABILITY IN ADVISORY Financial Analysis Transaction Management Consulting Team 3 Team 1 Team 2 SHARED RESOURCING Team 1 Outsourcing Team 2 Team 3
Page 46
CLIENT SEGMENTS SPECIALIZED EXPERTISE LEGAL TECH AUTOMOTIVE/EV MANUFACTURING & LOGISTICS BANKING DATA/AI ADVISORS, ACCOUNT MANAGERS, BEST PRACTICES ILLUSTRATIVE SECTORS ALIGNED AROUND CLIENTS' SPECIFIC NEEDS 46 LOCAL ADVISORY
Page 47
EXAMPLES OF MOVING TOWARDS MULTI - MARKET, MULTI - SERVICE TRANSACTION WINS 47 Won North America transaction management portfolio through a competitive RFP process that included an established incumbent 235 locations Won tenant representation and lease administration services across their global portfolio spanning 50+ offices 50 locations Won transaction management services across its 1.7 MSF office and industrial portfolio; lease administration and project management 1.7MSF portfolio
Page 48
LEASING GROWTH PRIORITIES 48 Scale coverage and capabilities into mid - size enterprises Transform operating model to drive client outcomes and advisor productivity Evolve single - transaction clients into portfolio mandates
Page 49
CAPITAL MARKETS UNLOCKING NEW GROWTH OPPORTUNITIES Abby Corbett Global Head of Investor Insights Miles Treaster President, Americas Capital Markets Michelle MacKay Global Chief Executive Officer
Page 50
SIGNIFICANT OPPORTUNITY IN CYCLICALLY EXPANDING MARKET 50 >3X AGR 5 ,6 of Institutionally focused hires in 2025 YTD vs. 2024 14 - 18% CWK Capital Markets 2025E Revenue Growth 8 FOCUSED INVESTMENT STRATEGY & GROWTH PRIORITIES +88% Increase in Large Transactions YTD 2025 7 INSTITUTIONAL CAPITAL MARKETS PRESENTS CLEAR OPPORTUNITY + 53 % 2025E Institutional Fundraising Growth 2 ~$500 BN Annual Institutional Brokered Volume 1 #4 Top 25 Investors 3 #6 - 7 Top 5 Markets 4 CWK Market Share
Page 51
CAPITAL MARKET GROWTH PRIORITIES 51 Fill gaps in key gateway cities to match institutional demand by location and asset class Increase cross - collaboration between Capital Markets and the full Cushman & Wakefield platform Globalize our platform to improve client intelligence and drive consistent delivery
Page 52
Ali Greenwood Vice Chair, Global Data Center Advisory DATA CENTERS DEEP DIVE
Page 53
UNPRECEDENTED DATA CENTER GROWTH AND DEMAND 53 AMERICAS 4 .6X APAC 2.3X EMEA 2.4X INCREASE IN TOTAL GIGAWATT CAPACITY 2 ~$6.7T ~70% Pre - leasing In Market 2 <2.5% Vacancy, for Product Delivery 3.5 Years From Now 3 ~$6.7T Expected Global Data Center Capex Spend by 2030 1
Page 54
LIFE CYCLE OF A DATA CENTER 54 Landowners Investors Developers Operators Enterprise Co - location Hyperscalers AI/Neo Cloud CWK SERVICE OFFERING ▪ Market Research ▪ Feasibility studies ▪ Land Advisory ▪ Network & Power Advisory ▪ Valuations ▪ Project & Development Services ▪ Commercial Advisory ▪ Technical Services ▪ Valuations ▪ Capital Markets (financing) ▪ Property Management ▪ Facilities Management ▪ Technical Consultancy ▪ Asset Management ▪ Capital Markets ▪ Tenant Rep ▪ Valuations SITE SELECTION DEVELOPMENT OPERATE & MANAGE CAPITALIZATION TRANSACTIONS
Page 55
DATA CENTERS FUTURE GROWTH PRIORITIES 55 Build capacity across key service lines Hire right people to meet moment and market Leverage our global platform to scale
Page 56
John McWilliams Head of Data Center Insights Michelle MacKay Global Chief Executive Officer Michael Koeller Director, Data Center Advisory, Americas Ali Greenwood Vice Chair, Global Data Center Advisory DATA CENTERS DEEP DIVE
Page 57
Mia Mends Chief Executive Officer, C&W Services Andrew McDonald Global President & Chief Operating Officer Aubrey Waddell Chief Executive Officer, Global Occupier Services Marla Maloney Co - Chief Executive Officer , Americas MOVING UP THE SERVICES VALUE CHAIN
Page 58
COMPREHENSIVE SUITE OF SERVICES, ORGANIZED BY CLIENT TYPE $3.6B FEE REVENUE 2 ~4,000 CLIENTS 3 ~40K+ EMPLOYEES 1 ~6B SF MANAGED 1 INVESTORS OCCUPIERS Project Management Planning, design and construction management of tenant and capital improvements Property Management Day - to - day management of real estate on behalf of investors and owners Main services include engineering /operations, vendor management and client accounting Facilities Management Bundled services for large multi - national occupiers Comprehensive outsourcing of day - to - day operational and financial management Facilities Services Self - perform facility services including janitorial, mechanical and engineering services across various types of client sites 58 Property Management Facilities Management Project Management Facilities Services
Page 59
COMMON CHARACTERISTICS DRIVING SHAREHOLDER VALUE 59 High proportion of recurring revenue $400B+ TAM 4 Majority multi - year contracts Consistent cash generation Large addressable market High barriers to entry Significant opportunities for self performance
Page 60
SUCCESSFULLY TRANSFORMING THE PLATFORM 60 2023 3% YoY Services Organic Fee Revenue Growth 5 ASSESS 2024 (1%) YoY Services Organic Fee Revenue Growth 5 REBUILD 2025E 6% YoY Services Organic Fee Revenue Growth 5 ,6 ACCELERATE
Page 61
MOVING UP THE VALUE CHAIN 61 Facilities Services ▪ Grow production maintenance and engineering ▪ Target complex critical environments ▪ Build upon strong existing track record Project Management ▪ Focus on specialized sectors & services ▪ Grow portfolio - level project management programs, project controls & capital planning ▪ Leverage data & AI to improve efficiency and client retention Facilities Management ▪ Gain market share in technical end markets ▪ Add scope, geography or service lines to existing mandates ▪ Develop and implement workplace experience strategies Property Management ▪ Adding scope and geographies with existing clients ▪ Using AI and automation to drive quality and improve efficiency
Page 62
Neil Johnston Global Chief Financial Officer FINANCIAL PRIORITIES & 3 - YEAR OUTLOOK
Page 63
63 WELL - POSITIONED FOR PROFITABLE GROWTH STRONG PLATFORM IN AN ATTRACTIVE MARKET COMPELLING 3 - YEAR FINANCIAL FRAMEWORK
Page 64
64 WELL - POSITIONED FOR PROFITABLE GROWTH STRONG PLATFORM IN AN ATTRACTIVE MARKET COMPELLING 3 - YEAR FINANCIAL FRAMEWORK
Page 65
TREMENDOUS PROGRESS SINCE 2023 20% CAGR ADJUSTED EPS 1,2 65 FREE CASH FLOW CONVERSION 1 $0.84 $1.18 - 1.23 2023 2025E 53% ± 70% 2023 2025E 4.3x ~3.2x 2023 2025E NET DEBT LEVERAGE ~20pp+ Improvement Down >1x
Page 66
FULLY INTEGRATING OUR GLOBAL PLATFORM 66 Scaled platform that drives profitable growth Balanced portfolio of businesses Consistent Free Cash Flow SERVICE LINE % OF FEE REVENUE 3 TYPE OF REVENUE KEY ATTRIBUTES Services 51% Stable Consistent Cash Flow Leasing 30% Re - occurring High Margin Growth Capital Markets 12% Transactional Valuation & Other 7% Mixed Balanced
Page 67
RE - TOOLED SERVICES ENGINE FOR GROWTH 67 STRATEGIC PRIORITIES Move Up the Value Chain Improve Client Retention and Scope Win New Clients ORGANIC SERVICES 4 ,5 FEE REV ENUE GROWTH RATE 6% EXPECTED GROWTH IN 2025 6 +1% +4% +6% +7% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Increase Operating Leverage
Page 68
LEADING GLOBAL LEASING PLATFORM 68 Gain Market Share In All Major Asset Classes Leverage Platform to Bring Unmatched Insights to Clients Drive Larger Mandates Through Enterprise Relationships $1.83B $1.95B ~ $2.1B 8 2023 2024 2025E Leasing Fee Revenue Growth LEASING FEE REVENUE 7 - 8 % EXPECTED GROWTH IN 2025 7 STRATEGIC PRIORITIES
Page 69
UNLOCKING NEW CAPITAL MARKETS GROWTH 69 STRATEGIC PRIORITIES Capture Global Institutional Capital Growth Invest and Grow Top - tier Talent Enhance and Globalize OneCap TM Proprietary System $ 695 M $ 722 M $820M - $850M 9 2023 2024 2025E Capital Markets Revenue Growth CAPITAL MARKETS REVENUE 14 - 18% EXPECTED GROWTH IN 2025 9
Page 70
DATA - DRIVEN VALUATION OPPORTUNITIES VALUATION FEE REVENUE GROWTH 10 70 STRATEGIC PRIORITIES Move From Appraisers to Advisors Data Driven Intelligence Deep Sector Knowledge at Scale Diversify Revenue Base 1% 6% 2024 Q3'2025 YTD
Page 71
71 WELL - POSITIONED FOR PROFITABLE GROWTH STRONG PLATFORM IN AN ATTRACTIVE MARKET COMPELLING 3 - YEAR FINANCIAL FRAMEWORK
Page 72
3 - YEAR VALUE CREATION FRAMEWORK 72 15 - 20% Annual Adjusted EPS Growth 6 - 8% Fee Revenue Growth +150 bps Adjusted EBITDA Margin by 2028 60 - 80% FCF Conversion 11 2x 2028 Net Debt Leverage 12 FY26 - 28 TARGETS
Page 73
DRIVING A STEP CHANGE IN OUR REVENUE TRAJECTORY 73 Capture High - growth Asset Classes Retain and Expand Existing Client Relationships Leverage Global Platform to Win New Business 6 - 8% 2026E - 2028E Fee Revenue
Page 74
DELIVERING SUSTAINED MARGIN EXPANSION 74 ▪ Driving higher revenue per producer ▪ Benefits from our transformed operating model ▪ AI driven research and analytics FUTURE EFFICIENCIES ▪ ~$400M in cost takeout since 2021 ▪ Centralizing & offshoring RIGHT - SIZED PLATFORM +150bps Targeted Adjusted EBITDA Margin Improvement by YE 2028 ▪ Leveraging scale across our platform ▪ Moving up value chain REVENUE LEVERS ADJ. EBITDA MARGIN
Page 75
CONSISTENT PROGRESS TOWARDS LEVERAGE TARGET 75 $0 $200M $300M 2023 2024 2025 2028 2x Net Debt Leverage Target with aspirations for Investment Grade Rating 4.3x 3.8x 3.2x 14 2x Debt Paydown Net Debt Leverage Ratio 13
Page 76
15-20% Adj. EPS CAGR MULTIPLE LEVERS OF FINANCIAL MODEL POWERING ADJUSTED EPS GROWTH 2024 2026E - 2028E Leveraging the Platform Capturing High - Growth Asset Classes Expanding Into Underserved Markets Moving Up the Services Value Chain Adj. EBITDA Margin Growth Debt Paydown 76 6 - 8% GROWTH +150bps by 2028 Adj. EBITDA MARGIN EXPANSION LOWER COST OF DEBT FEE REVENUE GROWTH 8% Adj . EPS GROWTH
Page 77
WELL - POSITIONED FOR PROFITABLE GROWTH STRONG PLATFORM IN AN ATTRACTIVE MARKET COMPELLING 3 - YEAR FINANCIAL FRAMEWORK 77
Page 78
STRONG FREE CASH FLOW REINFORCING FINANCIAL FRAMEWORK IN CUMULATIVE FREE CASH FLOW 2026 - 2028 GROWTH TARGETS TRANSLATE TO ~$800M 60 - 80% FREE CASH FLOW CONVERSION TARGET 15 78
Page 79
DELIBERATE CAPITAL ALLOCATION ACCELERATING SHAREHOLDER VALUE CREATION 79 CAPITAL ALLOCATION MODEL DEBT PAYDOWN ADVISORY RECRUITING SERVICES CAPABILITIES DATA DRIVEN INSIGHTS DELEVERAGING ORGANIC GROWTH ACCRETIVE TUCK - IN M&A ACCELERATOR
Page 80
Our opportunity is undeniable, the path is clear. Our model aligns client success with our success. Compelling financial outcomes powered by organic growth.
Page 81
Q&A
Page 82
APPENDIX FOOTNOTES
Page 83
NOTES ON DRIVING PROFITABLE GROWTH Slide 14 - Fortified Balance Sheet 1. Reflects spread above SOFR on Term Loan, Due January 2030 Tranche - 1 2. Annualized cash interest savings resulting from actions taken in last 24 months Slide 17 - Driving Operational Excellence 3. Reflects midpoints of implied 2025 Adjusted Net Income and FCF conversion guidance provided on Q3’25 earnings call 4. Improvement in 12 - month voluntary rolling turnover Q3’2025 vs. Q2’2023 5. Reflects trailing twelve months adjustments as of Q3’25 versus FY’23 Slide 20 - Returned to Growth 6. As of Q3’25 7. Percent change shown in local currency and compares results for the nine months ended September 30, 2025 to the prior year 8. Reflects 2025 guidance from Q3’25 earnings call 83
Page 84
NOTES ON TRANSFORMING OUR OPERATING MODEL Slide 26 - Complexity Driving Opportunity 1. Figures shown illustratively for typical CWK client Slide 30 - Progress to Date 2. Comparison timeframe 2025 Forecast vs. 2023 3. Comparison timeframe 2025 vs. 2023 4. Employee engagement survey 2024 vs. 2022 5. 12-month voluntary rolling turnover Q3’2025 vs. Q2’2023 Slide 31 - The Potential of Platform Transformation 6. All figures are CWK estimates per internal metrics that are provided for illustrative purposes of potential impact 84
Page 85
NOTES ON EXPANDING FROM A POSITION OF STRENGTH Slide 40 - Diversified and Growing 1. Trailing twelve month Fee Revenue as of Q3’25 2. Q4’23 improved $29M vs. Q4’22 (Not shown in graph) 3. Implied midpoint of FY’25 guidance provided on Q3’25 earnings call Slide 41 - Tailwinds & Challenges Both Drive Demand For Leasing Advisory 4. Cushman & Wakefield Research, Analysis of U.S. office lease information (estimates based on internal proprietary data). Not p ubl icly available. [November 2025] 5. Kastle Systems, “Getting America Back to Work,” Safety & Wellness , https://www.kastle.com/safety - wellness/getting - america - back - to - work/ 6. Cushman & Wakefield Research, Analysis of U.S. office lease information (estimates based on internal proprietary data). Not p ubl icly available. [November 2025] 7. Cushman & Wakefield, “Q3’2025 U.S. Industrial Market Beat,”, https://www.cushmanwakefield.com/en/united - states/insights/us - marketbeats/us - industrial - marketbeat 8. Cushman & Wakefield Research, Analysis of U.S. industrial building and lease information (estimates based on internal proprie tar y data). Not publicly available. [October 2025] Slide 44 - Growing Single Transaction Clients Into Multi - market Accounts 9. Cushman & Wakefield Internal Research & Analytics team, Analysis of Occupier Market Share (estimates based on internal propri eta ry and externally available data). Not publicly available. March 2025 85
Page 86
NOTES ON UNLOCKING NEW GROWTH OPPORTUNITIES Slide 50 - Significant Opportunity In Cyclically Expanding Market 1. MSCI Real Capital Analytics, Cushman & Wakefield Research, based on average since 2021 2. Preqin, Cushman & Wakefield Research, Annualized through October, 2025 3. MSCI Real Capital Analytics, based on 2021 -2024 data 4. MSCI Real Capital Analytics, based on October, 2025 YTD data 5. Reflects newly hired Advisors 3 -to-5-year historical average -Fee-Revenue 6. Year to Date as of 10.17.2025 7. As of Q3’25; reflects deals with fee revenue greater than $1M 8. Reflects FY’25 guidance provided on Q3’25 Earnings Call 86
Page 87
NOTES ON DATA CENTERS DEEP DIVE Slide 53 - Unprecedented Data Center Growth and Demand 1. “The Data Center Dividend.” McKinsey & Company, October 7, 2025. https://www.mckinsey.com/featured - insights/week - in - charts/the - d ata - center - dividend. 2. Cushman & Wakefield Data Center Research & Analytics team, Analysis of Data Center Capacity (estimates based on proprietary C ush man and Wakefield Research). Not publicly available. August 2025 3. Cushman & Wakefield Data Center Research & Analytics team, Analysis of Data Center Capacity (estimates based on proprietary C ushman and Wakefield Research). Not publicly available. August 2025. Data provided for US Colocators 87
Page 88
NOTES ON MOVING UP THE SERVICES VALUE CHAIN Slide 58 - Comprehensive suite of services, organized by client type 1. As of Year End, 2024 2. Trailing twelve months Services revenue as of Q3’25 3. As of 9.30.25 Slide 59 - Common characteristics driving shareholder value 4. Frost & Sullivan, Global Facilities Management Growth Opportunities (April 2023) Slide 60 - Successfully Transforming the platform 5. Organic Services Fee Revenue excludes the impact of a non - core services business in August, 2024 6. Midpoint of FY’25 guidance provided on Q3’25 earnings call 88
Page 89
NOTES ON FINANCIAL PRIORITIES & 3 - YEAR OUTLOOK Slide 65 - Tremendous Progress Since 2023 1. Growth reflects midpoint of 2025 guidance provided on Q3’25 earnings call 2. EPS dollar amounts reflect high and low end of percentage range of guidance provided on Q3’25 earnings call Slide 66 - Fully Integrating Our Global Platform 3. Represents percentage of trailing twelve months service line fee revenue as of Q3’25 Slide 67 - Retooled Services Engine for Growth 4. Organic fee revenue excludes impact of divestiture of non - core Services business in August, 2024 5. Growth shown YoY using local currencies, compared to the three months in the year prior 6. Midpoint of 2025 guidance provided on Q3’25 earnings call Slide 68 - Leading Global Leasing Platform 7. Reflects 2025 guidance provided on Q3’25 earnings call 8. Reflects midpoint of 2025 guidance provided on Q3’25 earnings call Slide 69 - Unlocking New Capital Markets Growth 9. Reflects 2025 guidance provided on Q3’25 earnings call Slide 70 - Data Driven Valuation Opportunities 10. Growth shown YoY using local currencies Slide 72 - 3 - Year Value Creation Framework 11. Calculated as a percentage of Adjusted Net Income 12. Calculated as Net Debt divided by Annual Adjusted EBITDA Slide 75 - Consistent Progress Toward Leverage Target 13. Calculated as Net Debt divided by Annual Adjusted EBITDA 14. 2025 Forecast Slide 78 - Strong FCF Reinforcing Financial Framework 15. Free cash flow reflects net cash provided by operating activities less payment for property and equipment 89
Page 90
APPENDIX RECONCILIATIONS OF GAAP TO NON - GAAP MEASURES
Page 91
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN 1 (in millions) (unaudited) Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Revenue: Services $3,480.1 $3,573.0 Leasing 1,947.5 1,826.7 Capital markets 721.8 695.0 Valuation and other 439.8 436.7 Total service line fee revenue $6,589.2 $6,531.4 Gross contract reimbursables 2,857.3 2,962.3 Total revenue $9,446.5 $9,493.7 Net income (loss) $131.3 $(35.4) Adjustments: Depreciation and amortization 122.2 145.6 Interest expense, net of interest income 229.9 281.1 Provision for income taxes 44.5 5.4 Unrealized loss on investments, net 0.8 27.8 Loss on disposition 18.4 1.8 Integration and other costs related to merger - 11.2 Acquisition related costs - 14.2 Cost savings initiatives 28.9 55.6 CEO transition costs - 8.3 Servicing liability fees and amortization - 11.7 Legal and compliance matters - 23.0 (Gain) loss from insurance proceeds, net of legal fees (16.5) 1.1 Other 22.4 18.7 Adjusted EBITDA $581.9 $570.1 Adjusted EBITDA margin 8.8% 8.7% 1 Source: Included in or derived from the Company’s Annual Report on Form 10 - K for the respective year presented. See noted source documents for additional information on reconciling items. 91
Page 92
(USD $m, unless otherwise indicated) (unaudited) Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Term Loans 2 $1,960.2 $2,157.7 2028 Senior Secured Notes 3 645.1 643.7 2031 Senior Secured Notes 4 394.2 393.3 Total Debt $2,999.5 $3,194.7 Less: Cash and cash equivalents (793.3) (767.7) Net debt $2,206.2 $2,427.0 LTM Adjusted EBITDA $581.9 $570.1 Net debt to LTM Adjusted EBITDA 3.8x 4.3x NET DEBT AND LEVERAGE 1 1 Source: Included in or derived from the Company’s Annual Report on Form 10 - K or Exhibit 99.1 Press Release of Financial Results for the respective year presented. See noted source documents for additional information on reconciling items. 2 Net of unamortized discount and financing costs of $27.3 million and $30.2 million as of December 31, 2024 and 2023, respectivel y. 3 Net of unamortized financing costs of $4.9 million and $6.3 million as of December 31, 2024 and 2023, respectively. 4 Net of unamortized discount and financing cost of $5.8 million and $6.7 million as of December 31, 2024 and 2023, respectively. 92
Page 93
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE 1 (in millions) (unaudited) Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Net income (loss) $131.3 $(35.4) Adjustments: Merger and acquisition related depreciation and amortization 47.6 68.3 Financing and other facility fees 2.9 50.6 Unrealized loss on investments, net 0.8 27.8 Loss on disposition 18.4 1.8 Integration and other costs related to merger - 11.2 Acquisition related costs - 14.2 Cost savings initiatives 28.9 55.6 CEO transition costs - 8.3 Servicing liability fees and amortization - 11.7 Legal and compliance matters - 23.0 (Gain) loss from insurance proceeds, net of legal fees (16.5) 1.1 Other 22.4 18.7 Tax impact of adjusted items (23.3) (65.4) Adjusted net income $212.5 $191.5 Weighted average shares outstanding, basic 228.9 226.9 Weighted average shares outstanding, diluted 232.8 227.7 Adjusted earnings per share, basic $0.93 $0.84 Adjusted earnings per share, diluted $0.91 $0.84 1 Source: Included in or derived from the Company’s Annual Report on Form 10 - K or Exhibit 99.1 Press Release of Financial Results for the respective year presented. See noted source documents for additional information on reconciling items. 93
Page 94
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW AND FREE CASH FLOW CONVERSION 1 (in millions) (unaudited) Twelve Months Ended December 31, 2023 Net cash provided by operating activities $152.2 Payment for property and equipment (51.0) Free cash flow $101.2 Adjusted net income $191.5 Free cash flow conversion 53% 1 Source: Included in or derived from the Company’s Annual Report on Form 10 - K or Exhibit 99.1 Press Release of Financial Results for the respective year presented. 94