Cbre Group Inc · NYSE:CBRE
Cbre — Q2 2026 Earnings Presentation
19 slides from Cbre's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation July 29, 2026
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, capital allocation strategy, as well as
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 June 30, – Resilient Businesses revenue grew 15%, while Transactional Businesses grew 19% in the second quarter. 2026 2025 % Change Revenue $11,226 $9,717
Slide 4: Advisory Services
Advisory Services $ in millions, totals may not sum due to rounding Financial Commentary, % change for results in USD – Revenue growth of 8% 1 was ahead of expectations, led by accelerated growth in leasing and continued strength in sales. – Global leasing revenue grew4%,2 with broad-based strength.
Slide 5: Building Operations & Experience
Building Operations & Experience $ in millions, totals may not sum due to rounding Financial Commentary, % change for results in USD – Revenue grew 51%, with pass-through costs up 1%. Critical infrastructure services revenue increased8%, 6 led bysolid growth in Data Center Solutions on hyperscalerde
Slide 6: Project Management
Project Management $ in millions, totals may not sum due to rounding Financial Commentary, % change for results in USD – Revenue grew 91%, with pass-through costs up 22%. Growth was underpinned by solid infrastructure activity, with strength across transportation and utility projects in the U.K., Eu
Slide 7: Real Estate Investments
Real Estate Investments $ in millions, totals may not sum due to rounding Financial Commentary, % change for results in USD – Development operating profit exceeded the prior -year, in line with expectations. eWcontinue to see embedded gains of approximately $900 million across our development portfo
Slide 8: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow TTM Free Cash Flow, $ in millions – We generated nearly $1.7 billion of free cash flow on a trailing - 12 150% 120% month basis, reflecting 76% conversion. For the full year, we $2,154 98% 86% 76% remain on track to achieve near the high -end of our free cash 77
Slide 9: 2026 Outlook
2026 Outlook Consolidated Guidance 2026 Core EPS range of$7.80 - $7.90 – Updated Core EPS guidance reflects 23% growth at the midpoint. The increased guidance is driven by the Advisory Services Approximately 20%SOP growth outperformance in Q2, stronger expected growth in Advisory in the back-half, a
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 adjusted Earnings Per Diluted Share:Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from U.S. netGAAP income and U.S. GAAP earnings per diluted share. Adjustments during the periods presented
Slide 13: Advisory Services
Advisory Services QTD Financials, $ in millions Three Months Ended June 30, 2026 2025 % Change Advisory Leasing 1,229 995 24% Advisory Sales 551 459 20% Commercial Mortgage Origination 97 90 8% Valuation 220 196 12% Loan Servicing 121 122 (1)% Other Portfolio Services Revenue 88 97 (9)% Advisory Rev
Slide 14: Real Estate Investments
Real Estate Investments QTD Financials, $ in millions Three Months Ended June 30, 2026 2025 % Change Asset Management Fees $144 $138 4% Acquisition, disposition & other 2 6 (67)% Carried interest 3 1 200% Development 44 70 (37)% REI Revenue $193 $215 (10)% REI Segment Operating Profit $42 $25 68% Bu
Slide 15: Debt, Leverage and Liquidity
Debt, Leverage and Liquidity CBRE Capital Structure, $ in millions, totals may not sum due to rounding June 30, December 31, 2026 2025 Commercial paper program $1,575 $852 Senior term loans, net 1,194 1,251 Senior notes, net 4,532 3,793 Current portion LTD 69 71 Other debt and short-term borrowings
Slide 16: Free Cash Flow and Net Leverage
Free Cash Flow and Net Leverage TTM Free Cash Flow, $ in millions, totals may not sum due to rounding Trailing Twelve Months Ended, Jun -26 Dec-25 Dec-24 Dec-23 Dec-22 Dec-21 Dec-20 Dec-19 Net cash provided by Operating Activities $1,361 $1,559 $1,708 $480 $1,629 $2,364 $1,831 $1,223 Add: Gain on di
Slide 17: 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 June 30, December 31, June 30, 2026 2025 2024 2023 2022 2026 2025 Net income attributable to CBRE Group, Inc. $1,301 $1,157 $968 $986 $1,407 $204 $215 Net income attr
Slide 18: Reconciliation of Net Income to Core Net Income
Reconciliation of Net Income to Core Net Income $ in millions, totals may not sum due to rounding Twelve Months Ended, June 30 , December 31, 2026 2025 2024 2023 2022 2021 2020 2019 Net income attributable to CBRE Group, Inc. $1,301 $1,157 $968 $986 $1,407 1,837 752 1,282 Adjustments: Non-cash amort
Slide 19: Reconciliation of Net Income to Core Net Income and Core EPS
Reconciliation of Net Income Core to Net Income and Core EPS $ in millions, except per share data, totals may not sum due to rounding Three Months Ended June 30, 2026 2025 Net income attributable to CBRE Group, Inc. $204 $215 Adjustments: Non-cash amortization expense related to intangible assets at