Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 12, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation ActReform of 1995, including, but not limited to, statements concerning our business outlook, our business ,plans seasonality,and capital allocation strat
Slide 3: Consolidated Results Summary
Consolidated Results Summary Financials, $ in millions, except per share figures , % change for consolidated results in USD Three Months Ended December 31, – CBRE had a strong finish to 2025, with double -digit growth in Revenue, Core EBITDA and Core EPS. 2025 2024 % Change Revenue $11,629 $10,404 1
Slide 4: Advisory Services
Advisory Services $ in millions, totals may not sum due to rounding Financial Commentary – Revenue growth of 3% 1 was ahead of expectations, led by double-digit growth in both leasing and capital markets. – Leasing revenue grew 14% globally, with notable strength in Continental Europe and the U.K. T
Slide 5: Building Operations & Experience
Building Operations & Experience $ in millions, totals may not sum due to rounding Financial Commentary – Revenuegrowth of 15% was tempered by lower growth in pass -through costs, which grew 11%. Revenue growth was driven by the Local Facili ties Management business, Data Center Solutions, and contr
Slide 6: Project Management
Project Management $ in millions, totals may not sum due to rounding Financial Commentary – Project Management delivered solid revenue growth underpinned by new real estate projects hyperscaler for clients in the U.S. and new infrastructure mandates in the U.K. public sector, along with continued st
Slide 7: Real Estate Investments
Real Estate Investments $ in millions, totals may not sum due to rounding Financial Commentary – SOP showed strong growth year -over-year, driven by the monetization of data center sites in our development business. Wenue conti to see embedded gains of around $900 million across our development port
Slide 8: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow TTM Free Cash Flow, $ in millions – We generated nearly $1.7 billion of free cash flow in 2025, 141% 119% reflecting 86% conversion, just above our 75% to 85% target $2,154 98% range. 86% 74% 73% $1,564 $1,543 $1,652 – Since the end of the third quarter, we have
Slide 9: 2026 Outlook
2026 Outlook Consolidated Guidance 2026 Core EPS range of$7.30 - $7.60 SOP Guidance – The midpoint reflects 71% growth in Core EPS. Advisory Services Low-teens growth – In terms of seasonality, we expect Q1 to comprise approximately15% of our full yearCore EPS at the midpoint. This is higher than la
Slide 10: Supplemental Slides
CBRE Supplemental Slides
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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 me”net ) inco ii. Core EBITDA iii. Core EPS iv. Business line
Slide 12: Definitions
Definitions Core Adjusted Net Income and Core Adjusted Earnings Per Diluted Share (or Core EPS): Core adjusted net income and core adjusted earnings per diluted share (or core EPS) exclude the effect of select itemsGAAP fromnet income and GAAP earnings per diluted share. Adjustments during the perio
Slide 13: Advisory Services
Advisory Services QTD Financials, $ in millions Three Months Ended December 31, 2025 2024 % Change Disaggregated Revenue Advisory Leasing 1,496 1,313 14% Advisory Sales 756 638 18% Commercial Mortgage Origination 201 169 19% Valuation 241 222 9% Loan Servicing 133 128 4% Other Portfolio Services Rev
Slide 14: Real Estate Investments
Real Estate Investments QTD Financials, $ in millions, totals may not sum due to rounding Three Months Ended December 31, 2025 2024 % Change Asset Management Fees $147 $137 7% Acquisition, disposition & other 8 19 (58)% Carried interest — 1 (100)% Development 65 118 (45)% REI Revenue $220 $275 (20)%
Slide 15: Debt, Leverage and Liquidity
Debt, Leverage and Liquidity CBRE Capital Structure, $ in millions, totals may not sum due to rounding December 31, 2025 2024 Revolving Credit Facilities $— $132 Commercial paper program 852 175 Senior term loans, net 1,251 682 Senior notes, net 3,793 2,563 Current portion LTD 71 36 Other debt andsh
Slide 16: Free Cash Flow and Net Leverage
Free Cash Flow and Net Leverage TTM Free Cash Flow, $ in millions Twelve Months Ended, Dec-25 Dec-24 Dec-23 Dec-22 Dec-21 Dec-20 Dec-19 Net cash provided by Operating Activities $1,559 $1,708 $480 $1,629 $2,364 $1,831 $1,223 Add: Gain on disposition of real estate 459 142 27 n/a n/a n/a n/a Less: Ca
Slide 17: Reconciliation of Net Income to Core EBITDA
Reconciliation of Net Income to Core EBITDA $ in millions, totals may not sum due to rounding Twelve Months Ended, Three Months Ended December 31, December 31, 2025 2024 2023 2022 2021 2020 2019 2025 2024 Net income attributable to CBRE Group, Inc. $1,157 $968 $986 $1,407 $1,837 $752 $1,282 $416 $48
Slide 18: Reconciliation of Net Income to Core Net Income and Core EPS
Reconciliation of Net Income to Core Net Income andCore EPS $ in millions, except per share data, totals may not sum due to rounding Three Months Ended Dec31, Twelve Months Ended Dec 31, 2025 2024 2025 2024 Net income attributable to CBRE Group, Inc. $416 $487 $1,157 $968 Adjustments: Non-cash amort