Cbre Group Inc · NYSE:CBRE
Cbre — Q4 2024 Earnings Presentation
22 slides from Cbre's earnings presentation, Feb 13, 2025
Slide 1: Q4 2024 Earnings Call
CBRE robruory 1 | 2208 QO 4 92024 CBRE Earnings Call
Slide 2: Forward-Looking Statements
Q4 2024 EARNINGS CONFERENCE CALL Forward-Looking Statements This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning our business outlook, our business plans and cap
Slide 3: Consolidated Results Summary
Q4 2024 EARNINGS CONFERENCE CALL Consolidated Results Summary - CBRE ended 2024 with a record quarter across almost every metric — core EPS and free cash flow — with broad-based strength across the business - Net revenue in resilient lines of businesses grew 14% in 2024, and contributed nearly 60% o
Slide 4: Advisory Services
Q4 2024 EARNINGS CONFERENCE CALL 1 1 - Leasing revenue growth led by the Americas. US office leasing revenue grew 28% Advisory Services 8 9 Y 8 grew 28% $ in millions, totals may not sum due to rounding - Property sales revenue accelerated to 35%, with strong growth across all asset classes - Growth
Slide 5: Global Workplace Solutions (GWS)
Q4 2024 EARNINGS CONFERENCE CALL Global Workplace Solutions (GWS) $ in millions, totals may not sum due to rounding Net Revenue $2,799 $2,363 $921 $847 Q4'23 Q4'24 = Facilities Mangement ™ Project Management Definitions and reconciliations are provided at the end of this presentation Facilities mana
Slide 6: Real Estate Investments: Investment Management and Development
Q4 2024 EARNINGS CONFERENCE CALL Real Estate Investment Management Development $ Millions $ Millions Investments $123 oo. . Other Other Significant development business Revenue, $20 Revenue, $20 sng line operating profit growth driven $106 by monetization of several data center development sites Ass
Slide 7: Free Cash Flow and Net Leverage
Q4 2024 EARNINGS CONFERENCE CALL Free Cash Flow and Net Leverage CBRE TTM Free Cash Flow 141% 119% 2019 2020 2021 2022 2023 2024 G@BFCF 0 == FCF Conversion CBRE Net Leverage Free cash flow, including the gain on sales of RE assets, increased to more than $1.5B in 2024 Free cash flow conversion was a
Slide 8: Segment Reporting and 2025 Outlook
Q4 2024 EARNINGS CONFERENCE CALL Segment Reporting and 2025 Outlook Consolidated Guidance 2025 Core EPS of $5.80 - $6.10 including FX translation headwinds 2025 FCF to approximate 2024 level, with conversion within 75-85% target range Advisory Services Leasin. a Low to mid-teens SOP growth Property
Slide 9: Supplemental Slides, GAAP Reconciliation Tables
Supplemental Slides, GAAP Reconciliation Tables
Slide 10: Non-GAAP Financial Measures
Q4 2024 EARNINGS CONFERENCE CALL Non-GAAP Financial Measures The following measures are considered “non-GAAP financial measures” under SEC quidelines: i Net revenue ii Core EBITDA iil Business line operating profit/loss iv. Segment operating profit on revenue and net revenue margins v. Free cash flo
Slide 11: Definitions
Q4 2024 EARNINGS CONFERENCE CALL oe Core adjusted Net Income and Core adjusted Earnings Per Diluted Share: Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of Definitions select items from GAAP net income and GAAP earnings per diluted share as well as adj
Slide 12: Debt, Leverage and Liquidity
Q4 2024 EARNINGS CONFERENCE CALL Debt, Leverage and Liquidity $ in millions, totals may not sum due to rounding CBRE Capital Structure as of December 31, 2024 Maturity Profile as of December 31, 2024 Revolving Credit Facility 132 Commercial Paper Program 175 Senior Term Loans, net 682 5.950% Senior
Slide 13: Revenue
Q4 2024 EARNINGS CONFERENCE CALL Revenue $in millions, totals may not sum due to rounding ® Advisory © Global Workplace Solutions (GWS) @ Real Estate Investments (REI) $511 $10,404 $436 $13 +16.2% vs. Q4’23 (+15.5% LC) Q4'23 Sales Leasing Rest of Adv. OMSRs GWs REI Pass-through Q4'24 & Other 2025 CB
Slide 14: Core EBITDA
Q4 2024 EARNINGS CONFERENCE CALL Core EBITDA $in millions, totals may not sum due to rounding ® Advisory © Global Workplace Solutions (GWS) @ Real Estate Investments (REI) $82 $1,086 +47.4% vs. Q4'23 (+45.6% LC) Q4'23 Advisory OMSRs GWS REI Corporate Q4'24 Ex OMSRs Overhead 2025 CBRE, Inc. | 14
Slide 15: Summarized Cash Flow Activity and Reconciliation of Free Cash Flow
1 Q4 2024 EARNINGS CONFERENCE CALL Summarized Cash Flow Activity and Reconciliation of Free Cash Flow $in millions, totals may not sum due to rounding Year Ended December 31, 2024 2023 Net cash provided by operating activities 1,708 480 Net cash used in investing activities (1,514) (681) Net cash (u
Slide 16: Reconciliation of Net Income to Core Adjusted Net Income and Core EPS
Q4 2024 EARNINGS CONFERENCE CALL Reconciliation of Net Income to Core Adjusted Net Income and Core Earnings Per Share $ in millions, except for per share data, totals may not sum due to rounding Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net income attributable to CB
Slide 17: Reconciliation of Revenue to Net Revenue and Net Margin
Q4 2024 EARNINGS CONFERENCE CALL Reconciliation of Revenue to Net Revenue and Net Margin $in millions, totals may not sum due to rounding Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Revenue 10,404 8,950 35,767 31,949 Less: Pass through costs also recognized as revenue
Slide 18: Reconciliation of Revenue to Net Revenue
Q4 2024 EARNINGS CONFERENCE CALL Reconciliation of Revenue to Net Revenue $in millions, totals may not sum due to rounding Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Global Workplace Solutions Facilities Management revenue 4,664 3,995 17,227 15,205 Less: Pass through
Slide 19: Reconciliation of Real Estate Investments Business Line Operating Profit
Q4 2024 EARNINGS CONFERENCE CALL Reconciliation of Real Estate Investments Business Line Operating Profit to Segment Operating Profit $in millions, totals may not sum due to rounding Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Investment Management Operating Profit 27
Slide 20: Resilient and Transactional Revenue and Segment Operating Profit
Q4 2024 EARNINGS CONFERENCE CALL Resilient and Transactional Revenue and Segment Operating Profit $in millions, totals may not sum due to rounding Less: Pass-through costs Net Revenue Revenue associated with revenue Three Months Ended December 31, 2024 2023 2024 2023 2024 2023 Transactional 2,316 1,
Slide 21: Reconciliation of Net Income to Core EBITDA
Q4 2024 EARNINGS CONFERENCE CALL Reconciliation of Net Income to Core EBITDA $in millions, totals may not sum due to rounding Year Ended December 31, pres] Monti i 2024, 2023 2022 2021 2020 2019 2024 2023 Net income attributable to CBRE Group, Inc. $968 $986 $1,407 $1,837 $752 $1,282 | $487 $477 Net
Slide 22: Debt and Leverage
Q4 2024 EARNINGS CONFERENCE CALL Debt and Leverage $in millions, totals may not sum due to rounding - . Senior . Current Cash crea Petty one cm, ae Porton Ores, [Total Debt Less: Cash pees ere eae 2019 972 - > 745 1,017 > 6 1,768 972 796 2,070 0.4x 2020 1,896 - - 786 595 - 7 1,387 1,896 (609) 1,898