Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Q2 2026 Earnings Presentation
18 slides from Cushman & Wakefield's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 EARNINGS PRESENTATION February 19,5,2025 AUGUST 2026 Cushman & Wakefield 1
Slide 2: Cautionary Note on Forward Looking Statements
CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS This presentation contains forward -looking statements, which rely on a number of estimates, projections and assumptions concerni ng future events. Such statements are also subject to a number of uncertainties and factors outside the control of Cushman &
Slide 3: Non-GAAP Financial Measures and Other Financial Information
NON - GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION The Company uses the following measures, which are considered “non -GAAP financial measures” under SEC guidelines: i. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”); ii. Adjusted net income and
Slide 4: Non-GAAP Financial Measures and Other Financial Information (Cont.)
NON - GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (CONT.) Adjustments to 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
Slide 5: Second Quarter Financial Overview
SECOND QUARTER FINANCIAL OVERVIEW Three Months Ended Six Months Ended USD $m, except % Change % Change June 30, June 30, Adjusted EPS 2026 2025 USD LC 2026 2025 USD LC Revenue $2,763 $2,484 11% 11% $5,298 $4,769 11% 10% Adjusted EBITDA $184 $162 14% 13% $295 $258 14% 14% Adjusted Net Income $84 $70
Slide 6: Second Quarter 2026 Overview and FY 2026 Outlook
SECOND QUARTER 2026 OVERVIEW (1) AND FY 2026 OUTLOOK Second Quarter 2026 2026 Full Year Outlook • Q2’26 revenue of $2.8 billion, up 11% • Expect to achieve mid - to - high end of 6% - 8% ◦ Leasing revenue up 27% revenue growth target ◦ Services revenue up 7% • Raising Adjusted EPS growth target to 1
Slide 7: Q2'26 Performance by Segment
Q2’26 PERFORMANCE BY SEGMENT In USD $m Total Revenue Revenue by Segment Americas EMEA APAC Growth % LC (1) 11% 10% 12% 10% Total Adjusted EBITDA Adjusted EBITDA by Segment Americas EMEA APAC Growth % LC (1) 13% 23% (19)% 17% Cushman & Wakefield 1) Percent changes are shown in local currency and comp
Slide 8: Q2'26 Leasing Performance by Segment
Q2’26 LEASING PERFORMANCE BY SEGMENT Highlights • Leasing growth driven primarily by broad - based strength in the Americas • In the Americas, demand for high - quality assets remained strong in Q2, driving growth across all deal sizes, with particular str ength in office and industrial transactions
Slide 9: Q2'26 Capital Markets Performance by Segment
Q2’26 CAPITAL MARKETS PERFORMANCE BY SEGMENT Highlights • Americas Capital markets decline driven primarily by fewer mid - sized transactions, most notably in the multifamily sector. We ar e seeing improved momentum early in the third quarter • Improvements in Sweden and the Netherlands drove EMEA g
Slide 10: Q2'26 Services Performance by Segment
Q2’26 SERVICES PERFORMANCE BY SEGMENT Highlights • Global Services growth driven by improvements in all regions • Americas Services growth driven by new wins and expansion in existing facilities management mandates and increased project ma nag ement work • EMEA performance reflects growth in facilit
Slide 11: Q2'26 Valuation & Other Performance by Segment
Q2’26 VALUATION & OTHER PERFORMANCE BY SEGMENT Highlights • Valuation and other growth driven by improvements in all regions • EMEA growth driven by strength in the U.K. • Australia and New Zealand performed well within APAC Valuation & Other Revenue Valuation & Other Revenue by Segment In USD $m Am
Slide 12: Capital Structure
CAPITAL STRUCTURE Debt Maturity Profile (1)(2) Net Debt / Adj. EBITDA (1) in USD $m Senior Secured Undrawn Revolving Term Loans Notes Credit Facility • Liquidity of $1.5 billion , with $1.0 billion revolving credit facility (undrawn) and $0.5 billion of cash • Year - over -year improvement in Net De
Slide 13: Appendix
APPENDIX SUPPLEMENTAL SLIDES AND RECONCILIATIONS OF GAAP TO NON - GAAP FINANCIAL MEASURES Cushman & Wakefield 13
Slide 14: Debt and Leverage
DEBT AND LEVERAGE Twelve Months Ended (USD $m, unless otherwise indicated) June 30, 2026 December 31, 2025 June 30, 2025 December 31, 2024 December 31, 2023 Term Loans (1) $2,009.7 $1,667.1 $2,157.7 $1,912.2 $1,960.2 2028 Senior Secured Notes (2) 199.2 646.6 643.7 645.8 645.1 2031 Senior Secured Not
Slide 15: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Three Months Ended Six Months Ended Twelve Months Ended (USD $m) June 30, June 30, June 30, June 30, June 30, December June 30, December December 2026 2025 2026 2025 2026 31, 2025 2025 31, 2024 31, 2023 Net income (loss) $52.7 $57.3 $40.1 $59.2
Slide 16: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE Three Months Ended Six Months Ended Twelve Months Ended (USD $m, except per share data) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income $52.7 $57.3 $40.1 $59.2 $69.1 $20
Slide 17: Free Cash Flow and Free Cash Flow Conversion
FREE CASH FLOW AND FREE CASH FLOW CONVERSION Six Months Ended Twelve Months Ended (USD $m) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net cash (used in) provided by operating activities $(189.5) $(152.4) $303.3 $158.9 Payment for property and equipment (20.7) (13.9) (54.2) (32.6) Free c
Slide 18: About Cushman & Wakefield
About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service