Cbre Group Inc · NYSE:CBRE
Cbre — Q3 2025 Earnings Presentation
19 slides from Cbre's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation October 23, 2025
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 and capital allocation strategy and our e
Slide 3: Consolidated Results Summary
Consolidated Results Summary QTD Financials, $ in millions, except per share figures, % change for consolidated results in USD Three Months Ended September 30, – Core EBITDA growth of 19% year -on-year, led by balanced strength of both our resilient businesses and 2025 2024 % Change transactional bu
Slide 4: Advisory Services
Advisory Services $ in millions, totals may not sum due to rounding Financial Commentary,% change in Local currency – Revenue growth of 16% was ahead of expectations, led by outperformance in both leasing and sales. – Global leasing revenue grew 17%, reaching its highest level for any Q3. In the US,
Slide 5: Building Operations & Experience
Building Operations & Experience $ in millions, totals may not sum due to rounding Financial Commentary,% change in Local currency – Revenue grew 11%, tempered by 8% growth in pass -through costs. – Local business continued to see double -digit growth in revenue, led by the UK and market share gains
Slide 6: Project Management
Project Management $ in millions, totals may not sum due to rounding Financial Commentary,% change in Local currency – Revenue grew 19% in the quarter, with pass -through costs accelerating 23%. – Project management delivered broad -based, double-digit revenue growth supported by the UK, the Middle
Slide 7: Real Estate Investments
Real Estate Investments $ in millions, totals may not sum due to rounding Financial Commentary,% change in Local currency – Investment Management saw growth in recurring asset management fees, though-recurring non fees were down from last year’s Q3 whe n larger incentive fees were achieved. – Assets
Slide 8: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow TTM Free Cash Flow, $ in millions 141% – We now expect to generate approximately $1.8 billion of free 119% cash flow for the full year, reflecting our expectations for $2,154 98% stronger operating results. 74% 85% 73% $1,564 $1,543 $1,548 $1,369 – Strong free c
Slide 9: Updated 2025 Guidance
Updated 2025 Guidance Consolidated Guidance Raising 2025 Core EPS range to$6.25 - $6.35 Expect to generate ~$1.8 billion in full year free cash flow Advisory Services – The midpoint of our new guidance range reflects 24% growth in Core EPS, which would be more than 10% Leasing Approximately 20% SOP
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 earnings per diluted share:Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from GAAP ncome netand i GAAP earnings per diluted share as well as adjust the provision for income taxes and impact
Slide 13: Advisory Services
Advisory Services QTD Financials, $ in millions Three Months Ended September 30, 2025 2024 % Change Disaggregated Revenue Advisory Leasing 1,145 974 18% Advisory Sales 544 420 30% Commercial Mortgage Origination 135 115 17% Valuation 194 178 9% Loan Servicing 127 130 (2)% Other Portfolio Services Re
Slide 14: Real Estate Investments
Real Estate Investments QTD Financials, $ in millions, totals may not sum due to rounding Three Months Ended September 30, 2025 2024 % Change Asset Management Fees $143 $137 4% Acquisition, disposition & other 6 59 (90)% Carried interest (1) — n/a Development 63 106 (41)% REI Revenue $211 $302 (30)%
Slide 15: Debt, Leverage and Liquidity
Debt, Leverage and Liquidity CBRE Capital Structure, $ in millions, totals may not sum due to rounding September 30, December 31, 2025 2024 Revolving Credit Facilities $— $132 Commercial paperprogram 1,085 175 Senior term loans, net 1,267 682 Senior notes, net 3,050 2,563 Current portion LTD 71 36 O
Slide 16: Free Cash Flow and Net Leverage
Free Cash Flow and Net Leverage TTM Free Cash Flow, $ in millions Trailing Twelve Months Ended, Sep-25 Dec-24 Dec-23 Dec-22 Dec-21 Dec-20 Dec-19 Net cash provided by Operating Activities $1,678 $1,708 $480 $1,629 $2,364 $1,831 $1,223 Add: Gain on disposition of real estate sales 185 142 27 n/a n/a n
Slide 17: Resilient and Transactional Revenue
Resilient and Transactional Revenue $ in millions, totals may not sum due to rounding Revenue Less: Pass -through costs Q3’25 Q3’24 Q3’25 Q3’24 Transactional $1,893 $1,674 $— $— Resilient 8,374 7,369 4,211 3,718 Total Resilient and Transactional Businesses (1) 10,267 9,043 4,211 3,718 September 30,
Slide 18: 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 September 30, December 31, September 30, 2025 2024 2023 2022 2021 2020 2019 2025 2024 Net income attributable to CBRE Group, Inc. $1,228 $968 $986 $1,407 $1,837 $752
Slide 19: Reconciliation of Net Income to Core EPS
Reconciliation of Net Income to Core EPS $ in millions, except per share data, totals may not sum due to rounding Three Months Ended September 30, 2025 2024 Net income attributable to CBRE Group, Inc. $363 $225 Adjustments: Non-cash amortization expense related to intangible assets and impairment ch