Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Q1 2026 Earnings Presentation
19 slides from Cushman & Wakefield's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 EARNINGS PRESENTATION February MAY 7, 2026 19, 2025 Cushman & Wakefield 1
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 estima tes, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and
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 an
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 on investments, net represents net unreali
Slide 5: First Quarter Financial Overview
FIRST QUARTER FINANCIAL OVERVIEW Three Months Ended USD $m, except % Change March 31, Adjusted EPS 2026 2025 USD LC Revenue $2,536 $2,285 11% 9% Adjusted EBITDA $111 $96 16% 15% Adjusted Net Income $35 $21 69% - Adjusted EPS (Diluted) $0.15 $0.09 67% - Cushman & Wakefield 5
Slide 6: First Quarter 2026 Overview and FY 2026 Outlook
FIRST QUARTER 2026 OVERVIEW (1) AND FY 2026 OUTLOOK First Quarter 2026 2026 Full Year Outlook • Q1’26 revenue of $2.5 billion, up 9% • Revenue Growth of 6 - 8% ◦ Leasing revenue up 17% • Adjusted EPS Growth of 15 - 20% ◦ Capital markets revenue up 14% • Free Cash Flow Conversion of 60 - 80% (2) ◦ Se
Slide 7: Q1'26 Performance by Segment
Q1’26 PERFORMANCE BY SEGMENT In USD $m Total Revenue Revenue by Segment Americas EMEA APAC Growth % LC (1) 9% 8% 21% 8% Total Adjusted EBITDA Adjusted EBITDA by Segment Americas EMEA APAC Growth % LC (1) 15% 23% n.m. (56)% Cushman & Wakefield 1. Percent changes are shown in local currency and compar
Slide 8: Q1'26 Leasing Performance by Segment
Q1’26 LEASING PERFORMANCE BY SEGMENT Highlights • Leasing improved across all segments • Americas growth driven by office and industrial performance, including data centers, with broad strength across all deal size s a nd geographies • EMEA growth driven by strength in Germany and the Netherlands •
Slide 9: Q1'26 Capital Markets Performance by Segment
Q1’26 CAPITAL MARKETS PERFORMANCE BY SEGMENT Highlights • Capital markets grew in the Americas and EMEA as healthy transaction markets, combined with improved platform strength contri but ed to growth • Americas performance reflects ongoing investments in talent and our platform. Growth was led by o
Slide 10: Q1'26 Services Performance by Segment
Q1’26 SERVICES PERFORMANCE BY SEGMENT Highlights • Americas performance driven by new wins and mandate expansions in facilities management • EMEA growth primarily driven by improved facilities management in the UK&I and strong project management in France • APAC increase driven largely by strength i
Slide 11: Q1'26 Valuation & Other Performance by Segment
Q1’26 VALUATION & OTHER PERFORMANCE BY SEGMENT Highlights • Valuation and other growth driven by improvements in EMEA and APAC • EMEA growth driven by strength in the UK and the Netherlands • Australia and India drove positive performance in APAC Valuation & Other Revenue Valuation & Other Revenue b
Slide 12: Capital Structure
CAPITAL STRUCTURE Debt Maturity Profile (1)(2) Net Debt / Adj. EBITDA (1) in USD $m Senior Secured Term Loans Undrawn Revolving Notes (’30 Maturity) Credit Facility • Liquidity of $1.6 billion , with $1.0 billion revolving credit facility (undrawn) and $0.6 billion of cash 1. All numbers shown as of
Slide 13: Three-Year Value Creation Framework
THREE -YEAR VALUE CREATION FRAMEWORK 1. Calculated as a percentage of Adjusted Net Income 2. Calculated as Net Debt divided by Annual Adjusted EBITDA Cushman & Wakefield 13
Slide 14: Appendix: Supplemental Slides and Reconciliations of GAAP to Non-GAAP Financial Measures
APPENDIX SUPPLEMENTAL SLIDES AND RECONCILIATIONS OF GAAP TO NON - GAAP FINANCIAL MEASURES Cushman & Wakefield 14
Slide 15: Debt and Leverage
DEBT AND LEVERAGE Twelve Months Ended (USD $m, unless otherwise indicated) March 31, 2026 December 31, 2025 March 31, 2025 December 31, 2024 December 31, 2023 Term Loans (1) $1,668.2 $1,667.1 $2,157.7 $1,936.1 $1,960.2 2028 Senior Secured Notes (2) 646.9 646.6 643.7 645.5 645.1 2031 Senior Secured N
Slide 16: Reconciliation of Net (Loss) Income to Adjusted EBITDA
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA Three Months Ended Twelve Months Ended (USD $m) March 31, 2026 March 31, 2025 March 31, 2026 December 31, March 31, 2025 December 31, December 31, 2025 2024 2023 Net (loss) income $(12.6) $1.9 $73.7 $88.2 $162.0 $131.3 $(35.4) Adjustments: Depre
Slide 17: Reconciliation of Net (Loss) Income to Adjusted Net Income and Adjusted Earnings Per Share
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE Three Months Ended Twelve Months Ended (USD $m, except per share data) March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Net (loss) income $(12.6) $1.9 $73.7 $162.0 Adjustments: Merger and acquisitio
Slide 18: Free Cash Flow and Free Cash Flow Conversion
FREE CASH FLOW AND FREE CASH FLOW CONVERSION Three Months Ended Twelve Months Ended (USD $m) March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Net cash used in operating activities $(243.5) $(162.0) $258.9 $171.1 Payment for property and equipment (12.2) (4.6) (55.0) (35.1) Free cash flow
Slide 19: 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