Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Q3 2025 Earnings Presentation
19 slides from Cushman & Wakefield's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Earnings Presentation
Ml | CUSHMAN & WAKEFIELD Q3 2025 EARNINGS PRESENTATION OCTOBER 30, 2025 Better never settles
Slide 2: Cautionary Note on Forward Looking Statements
CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation 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 f
Slide 3: Non-GAAP Financial Measures and Other Financial Information
NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION We have used 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. Adj
Slide 4: Non-GAAP Financial Measures and Other Financial Information (Cont.)
NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (CONT.) 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. Impairment of investments reflects
Slide 5: Third Quarter 2025 Business Update
THIRD QUARTER 2025 BUSINESS UPDATE * Q3'25 fee revenue of $1.8 billion, up 8% versus Q3’24 - Leasing fee revenue up 9%, driven primarily by growth in the Americas and in EMEA - Capital markets fee revenue up 20%, with double-digit growth across all regions - Services fee revenue up 6% vs. the prior
Slide 6: 01 Financial Overview
Slide 7: Third Quarter Highlights
THIRD QUARTER HIGHLIGHTS Nine months ended September 30, Three months ended % Change % Change USD $m, except September 30, Adjusted EPS f 2025 2024 USD Lc 2025 2024 USD Lc Fee Revenue $1,781 $1,633 9% 8% $5,020 $4,714 6% 6% ' Adjusted EBITDA $160 $143 12% 11% $418 $360 16% 16% Adjusted EBITDA Margin
Slide 8: Q3'25 Fee Revenue by Segment and Service Line
Q3’25 FEE REVENUE BY SEGMENT AND SERVICE LINE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other $865 $920 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Growth % LC® 8% 6%" 2% 20% 10% % of Fee Revenue 9 9, 7 o, LIM @3'25@) 51% 30%
Slide 9: Americas Q3'25 Performance
AMERICAS Q3’25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other 60 631 — — — a3'24 3/25 a3'24 3/25 Q3'24 3/25 a3'24 3/25 a3'24 3/25 Growth % LC® 8% 4%" 11% 16% 20% % of Fee Revenue 50% 34% 13% 3% LTM Q3’25@2) “Organic Services rev
Slide 10: EMEA Q3'25 Performance
EMEA Q3’25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other 97 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Growth % LC n% 17% 9% 14% 3% % of Fee Revenue y a 6, o LIM @3'25@ 41% 26% 12% 21% Adjusted EBITDA and Margi
Slide 11: APAC Q3'25 Performance
APAC Q3’25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other $182 $192 oo Ei Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Growth % LC® 7% 6% (6)% 84% 5% ott Goes 67% 16% 8% 9% Adjusted EBITDA and Margin® * Fee revenu
Slide 12: Capital Structure
CAPITAL STRUCTURE Net Debt / Adj. EBITDA Debt Maturity Profile” in USD $m r----, 1 43x H eas gioo | He S646 i] 2020 2021 2022 2023 2024 LT™ 2025 2026 2027 2028 2029 Q3'25 Unérawn Revolving = Senior Secured um Credit Facility +4 — Notes * Liquidity of $1.7 billion, with $634 million of cash and $1.1
Slide 13: 2025 Outlook
2025 OUTLOOK . 1 Prior Current ' Guidance Guidance H I i) Leasing Revenue 929 1 “High-end” of ! Growth 6%-8% ' 6%-8% range ' I i) Capital Markets Mid-to-High ! Mid-to-High ' Revenue Growth Teens ' Teens \ I i} Organic Services Mid-Single- ' Mid-Single- ' Revenue Growth Digits I Digits i] i) Adjusted
Slide 14: Supplemental Slides and Reconciliations of GAAP to Non-GAAP Financial Measures
ull SUSEEAN 8 SUPPLEMENTAL SLIDES AND RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
Slide 15: Debt and Leverage
DEBT AND LEVERAGE Ive Months Ended (USD $m, unless otherwise indicated) September 30, 2025. D 31, December 31,2023 December 31,2022 December 31, December 31, Term Loans $1,764.6 $1,960.2 $2,157.7 $2,573.9 $2,593.8 $2,613.7 2028 Senior Secured Notes® 646.2 645.1 643.7 642.2 640.8 639.4 2031 Senior Se
Slide 16: Summary of Total Segment Revenues
SUMMARY OF TOTAL SEGMENT REVENUES Three Months ‘USD $m) September Ended mber 3 September 30 ths Ended mber 3 Twelve Months Ended mbel ‘Americas Segment Services $631.2 Leasing 437.9 Capital markets 1611 Valuation and other 463 Service line fee revenue $1,276.5 Gross contract reimbursables® 646.6 Tot
Slide 17: Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Three Months Ended Nine Months Ended Ive Months Ended (USD $m) embe ptember September embe , December 31, December 31, De: 5 Wiley, , 2024 2021 Net income (loss) $110.6 $18.4 $223.5 $131.3 $(35.4) $196.4 $250.0 $(220.5
Slide 18: Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE Nine \ Net income $18.4 Adjustments: Merger and acquisition related depreciation and amortization 10.2 10.8 i 307 375 Financing and other facility fees? _ _ _ 29 Unrealized loss (gain) on investments, net 03 (0.9) o7
Slide 19: Cushman & Wakefield
) cusHMaN wee ill) WAKEFIEL A: service lines of Services, Leasing, Capital - Built around the belief that Better never settles, the firmreceives ccolades for its award-winning culture. For eee. visit e x S y