Cbre Group Inc · NYSE:CBRE
Cbre — Q3 2026 Earnings Presentation
19 slides from Cbre's earnings presentation, Oct 22, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation October 22, 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 September 30, 2026 2025 % Change Revenue $11,517 $10,221 13% – Resilient Businesses revenue grew 13%, while Transactional Businesses grew 11% in the third
Slide 4: Advisory Services
Advisory Services $ in millions, totals may not sum due to rounding Financial Commentary,% change inUSD – Revenue growth of 11% led by strong growthsales. in – Global leasing revenue grew 6%, with notable strength in the U.K. In the U.S., industrial leasing activity rose 16%, hitting a record in the
Slide 5: Building Operations & Experience
Building Operations & Experience $ in millions, totals may not sum due to rounding Financial Commentary,% change in USD – Revenue grew 71%, with pass-through costs up 17%. – Critical infrastructure services revenue increased 80 % driven by strong hyperscaler demand for our data center services solut
Slide 6: Project Management
Project Management $ in millions, totals may not sum due to rounding Financial Commentary,% change in USD – Revenue grew 3%, while pass -through costs declined 4%. – Revenue growth was driven by double -digit growth in infrastructure services. Overall growth rate was tempered by weaker corporat e ca
Slide 7: Real Estate Investments
Real Estate Investments $ in millions, totals may not sum due to rounding Financial Commentary,% change in USD – SOP showed strong growth year -over-year,led by profits from the data center land program. – The in-process and pipeline development portfolio ended the quarter at $29.6B, unchanged from
Slide 8: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow TTM Free Cash Flow, $ in millions 150% – We generated approximately $1.8 billion of free cash flow on a 120% 78% trailing 12-monthbasis, reflecting 78% conversion. $2,154 98% 86% 76% 73% $1,832 $1,564 $1,652 – Year-to-date (as of October 20), we have repurchased
Slide 9: 2026 Outlook
2026 Outlook Consolidated Guidance 2026 Core EPS range of$7.80 - $7.90 – We are maintaining our previously stated 2026 Core EPS guidance of $7.80- $7.90, reflecting 23% growth at the Lower than the previously stated Advisory Services ~20% SOP growth midpoint. – Advisory Services is expected to moder
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 September 30, 2026 2025 % Change Disaggregated Revenue Advisory Leasing 1,213 1,144 6% Advisory Sales 697 545 28% CommercialMortgage Origination 101 100 1% Valuation 206 194 6% Loan Servicing 126 127 (1)% Other Portfolio Services Rev
Slide 14: Real Estate Investments
Real Estate Investments QTD Financials, $ in millions Three Months Ended September 30, 2026 2025 % Change Asset managementfees $145 $143 1% Acquisition,disposition &other 8 5 60% Carried interest 1 — n/a Development 49 63 (22)% REI Revenue $203 $211 (4)% REI Segment Operating Profit $166 $73 127% Bu
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, 2026 2025 Commercial paper program 1,195 852 Senior term loans, net 1,171 1,251 Senior notes, net 4,534 3,793 Current portion LTD 69 71 Other debt and short-term borrowin
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-26 Dec-25 Dec-24 Dec-23 Dec-22 Dec-21 Dec-20 Dec-19 Net cash provided by Operating Activities $1,403 $1,559 $1,708 $480 $1,629 $2,364 $1,831 $1,223 Add: Gain on disposition of real estate 894 459 142
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 September 30, December 31, September 30, 2026 2025 2024 2023 2022 2026 2025 Net income attributable to CBRE Group, Inc. $1,381 $1,157 $968 $986 $1,407 $443 $363 Net i
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, September 30, December 31, 2026 2025 2024 2023 2022 2021 2020 2019 Net income attributable to CBRE Group, Inc. $1,381 1,157 968 986 1,407 1,837 752 1,282 Adjustments: Non-cash amort
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, 2026 2025 Net income attributable to CBRE Group, Inc. $443 $363 Adjustments: Non-cash amortization expense related to intangible assets attributable to a