Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Q2 2025 Earnings Presentation
19 slides from Cushman & Wakefield's earnings presentation, Aug 5, 2025
Slide 1: Q2 2025 Earnings Presentation
Fa ye * alll CUSHMAN & € | WAKEFIELD ce || | ea ; | il ‘le ! a | i= | } |i | | = \ on) ~ & SS) we oa “i Q@22025 __ EARNINGS PRESENTATION AUGUST 5, 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 ona number of estimates, projections and assumptions concerning future events. Such statements are also subject toa number of uncertainties and fac
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.) 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 (gain) loss on investments, net represents net
Slide 5: Second Quarter 2025 Business Update
SECOND QUARTER 2025 BUSINESS UPDATE” * Q2'25 fee revenue of $1.7 billion, up 7% versus Q2’24 - Leasing fee revenue up 8%, driven primarily by growth in the Americas across all asset classes and in EMEA - Capital markets fee revenue up 26%, with double-digit growth in Americas and EMEA - Services fee
Slide 6: Financial Overview
Slide 7: Second Quarter Highlights
SECOND QUARTER HIGHLIGHTS Three Months Ended Six Months Ended USD $m, except June 30, Change June 30, Adjusted EPS 2025 2024 USD Lc Fee Revenue $1,698 $1,584 7% 7% $3,239 $3,081 5% 5% Adjusted EBITDA $162 $139 16% 15% $258 $217 19% 18% Adjusted EBITDA Margin 9.5% 8.8% 75 bps - | 8.0% 7.0% 92 bps - A
Slide 8: Q2'25 Fee Revenue by Segment and Service Line
Q2’25 FEE REVENUE BY SEGMENT AND SERVICE LINE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Growth % LC® 7% 3%" 8% 26% 6% % of Fee Revenue 9, 9, -y yy LTM @2'25@) 51% 30% 12% 7% *
Slide 9: Americas Q2'25 Performance
AMERICAS Q2'25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other op oe = Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Growth % LC® 7% 1%* 9% 30% 8% % of Fee Revenue 51% 33% 13% 3% LTM @2’25 2) “Organic Services reven
Slide 10: EMEA Q2'25 Performance
EMEA Q2'25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other oa on HE Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Growth % LC® 9% N% 8% 16% 3% % of Fee Revenue 40% 26% 12% 22% LTM @2’25 2) Adjusted EBITDA and Margin
Slide 11: APAC Q2'25 Performance
APAC Q2'25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other $178 $187 a § EE Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Growth % LC® 3% 5% (3%) 4% 5% % of Fee Revenue 67% 17% 7% 9% LTM @2'25 2) Adjusted EBITDA and
Slide 12: Capital Structure
CAPITAL STRUCTURE Net Debt / Adj. EBITDA Debt Maturity Profile in USD $m H 1 $1001 I ' $646 2020 2021 2022 2023 2024 LTM Q2'25 * 2025 2026 2027 2028 2029 2030 2031 Undrawn Revolving = 7 Senior Secured Term Loan mm Credit Facility 4 Notes (30 Maturity) * Liquidity of $1.7 billion, with $618 million o
Slide 13: 2025 Outlook
2025 OUTLOOK Adjusted EPS Growth 25%-35% growth vs. 2024’s +8% Effective Tax ~ 9 Rate 25% . i) Prior ' Current Guidance ' Guidance i _ 1 TO 1 . | . . i} Leasing Revenue i Mid-Single- ' . 1 Growth i Digits ' 6%-8% ! 1 1 . Improved 1 ! Capital Markets growth vs. ' Mid-Teens ' 2024's +4% \ 1 i 1 Organi
Slide 14: Supplemental Slides and Reconciliations of GAAP to Non-GAAP Financial Measures
(i CUSHMAN & I WAKEFIELD SUPPLEMENTAL SLIDES AND RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
Slide 15: Debt and Leverage
DEBT AND LEVERAGE ‘e Months Ended (USD $m, unless otherwise indicated) December 31,2023 December 31,2022 December 31. 1 December 3 Term Loans $1,912.2 $1,960.2 $2,157.7 $2,573.9 $2,593.8 $2,613.7 2028 Senior Secured Notes() 645.8 645.1 643.7 642.2 640.8 639.4 2031 Senior Secured Notes) 394.6 394.2 3
Slide 16: Summary of Total Segment Revenues
Three Months June SUMMARY OF TOTAL SEGMENT REVENUES Ended Six Months Ended June June Twelve Months End June 30, 2025 ‘Americas Segment Services Leasing Capital markets Valuation and other Service line fee revenue Gross contract reimbursables Total revenue EMEA Segment Services Leasing Capital market
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 Six Months Ended i welve Months Ended Net income (loss) $57.3 $15.3) $205.8 $131.3, $(35.4) $250.0 $(220.5) Adjustments: Depreciation and amortization 26.2 312 529 637 m4 122.2 145.6 146.9 1721 263.6
Slide 18: Reconciliation of Net Income (Loss) to Adjusted Net Income and Adjusted Earnings Per Share
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE Net income (loss) $13.5 : $59.2 $15.3) Adjustments: Merger and acquisition related depreciation and amortization 10.3 12.8 1 20.5 26.7 Financing and other facility fees - 29 : = 29 Unrealized (gain) loss on in
Slide 19: About Cushman & Wakefield
a | CUSHMAN & |) WAKEFIELD ABOUT CUSHMAN & WAKEFIELD Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billi