Slide 1: Q1 2025 Earnings Presentation
CBRE Q1 2025 Earnings Presentation
Slide 2: Forward Looking Statements
CBRE 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 the macro environment, our business outlook, our business plans and capital
Slide 3: Consolidated Results Summary
CBRE Consolidated Results Summary QTD Financials, $ in millions, except per share figures, % change for consolidated results in USD Three Months Ended March 31, — Core EBITDA growth of 27% year-on-year, led by a continued strength in our resilient business lines and 2024 % Change continued recovery
Slide 4: Advisory Services
Advisory Services $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency CBRE — Net revenue growth of 16% exceeded expectations, led by strong leasing and capital markets activity — Global leasing revenue growth accelerated to 19% in the first quarter, fue
Slide 5: Building Operations & Experience
CBRE Building Operations & Experience $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency — Net revenue growth of 22%, with strong organic growth across Facilities Management and Property Management business lines - Strong demand from Enterprise clients
Slide 6: Project Management
CBRE Project Management $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency — Revenue growth of 9%, in-line with our expectations, led by mid-double-digit revenue growth from legacy Turner & Townsend - The legacy Turner & Townsend business had strong wi
Slide 7: Real Estate Investments
CBRE Real Estate Investments $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency - Investment Management operating profit was up 43% year-on-year, exceeding expectations, driven by higher net promotes and recurring asset management fees as well as modes
Slide 8: Capital Allocation and Free Cash Flow
CBRE Capital Allocation and Free Cash Flow TTM Free Cash Flow, $ in millions 4% 19% 93% $1,564 $1,480 Ta%, $202 $930 | 2019 2020 2021 2022 2023 2024 1Q'25 @mEFCF §=———FCF Conversion Net Leverage 20X 0 Rem rr rrr errr 1.5x 1.0x 0.5x 0.0x (0.5x) (0.3.x (0.3)x 2019 2020 2021 2022 2023 2024 1Q'25 2025 T
Slide 9: 2025 Outlook
2025 Outlook Financial Commentary CBRE 2025 Core EPS of $5.80 - $6.10 2025 FCF to approximate 2024 level, with conversion within 75-85% target range Leasing . Low to mid-teens SOP growth Property Sales Commercial Mortgage Origination Continued momentum in Leasing Loan Servicing Valuation Mid-teens r
Slide 10: Supplemental Slides
CBRE Supplemental Slides
Slide 11: Advisory Services
CBRE Advisory Services QTD Financials, $ in millions, totals may not sum due to rounding Three Months Ended March 2025 2024 % Chg. Revenue $1,694 $1,494 13% less: pass-through costs 12 4 Advisory Net Revenue 1,682 1,480 14% Advisory Segment Operating Profit 301 232 30% Advisory net margin 179% 15.7%
Slide 12: Building Operations & Experience
CBRE Building Operations & Experience QTD Financials, $ in millions, totals may not sum due to rounding Three Months Ended March 2025 2024 % Chg. Revenue $5,355 $4,700 14% less: pass-through costs 2,928 2,683 BOE Net Revenue 2,427 2,017 20% BOE Segment Operating Profit 217 161 35% BOE net margin 8.9
Slide 13: Project Management
CBRE Project Management QTD Financials, $ in millions, totals may not sum due to rounding Three Months Ended March 2025 2024 % Chg. Revenue $1,632 $1,519 Th less: pass-through costs 858 794 PJM Net Revenue 7714 725 7% PJM Segment Operating Profit 13 101 12% BOE net margin 14.6% 13.9% 70 bps 1. Pass-
Slide 14: Real Estate Investments
CBRE Real Estate Investments QTD Financials, $ in millions, totals may not sum due to rounding Three Months Ended March 2025 2024 % Chg. Asset Management Fees $131 $132 (1%) Acquisition, disposition & other 23 7 35% Carried interest - - - Development 79 79 - REI Revenue 233 228 2% REI Segment Operat
Slide 15: Free Cash Flow and Net Leverage
CBRE Free Cash Flow and Net Leverage TTM Free Cash Flow, $ in millions, except per share figures Trailing Twelve Months Ended, Mar-25 Dec-24 Dec-23 Dec-22 Dec-21 Dec-20 Dec-19 Net cash provided by Operating Activities $1,654 $1,708 $480 $1,629 $2,364 $1,831 $1,223 Add: Gain on disposition of real es
Slide 16: Debt, Leverage and Liquidity
CBRE Debt, Leverage and Liquidity CBRE Capital Structure, $ in millions, totals may not sum due to rounding March 31, December 31, 2025 2024 Revolving Credit Facility - $132 Commercial Paper Program 1,596 175 Senior Term Loans, net 1,239 682 5.950% Senior Notes, net 976 976 5.500% Senior Notes, net
Slide 17: Resilient and Transactional Revenue and Core EBITDA
CBRE Resilient and Transactional Revenue and Segment Operating Profit $ in millions, totals may not sum due to rounding Revenue Less: Pass-through costs Transactional $1,412 $1,212 $1,412 $1,212 Resilient 7,502 6,729 3,798 3,491 3,704 3,238 Total Resilient and Transactional Businesses © 8,914 7,941
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, CBRE Three Mc s Ended 2022 2021 2025 2024 Net income attributable to CBRE Group, Inc. $1005 $968 $986 $1407 $1,837 $752 $1,282 $163 $126 Net income attributable to non-controlling inter
Slide 19: Reconciliation of Net Income to Core EPS
CBRE Reconciliation of Net Income to Core EPS $ in millions, except per share data, totals may not sum due to rounding Three Months Ended March 2025 2024 Net income attributable to CBRE Group, Inc. $163 $126 Adjustments: Non-cash depreciation and amortization expense related to certain assets attrib