Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Q1 2025 Earnings Presentation
19 slides from Cushman & Wakefield's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Earnings Presentation
i CUSHMAN & |) WAKEFIELD Q1 2025 EARNINGS pidd ai on =. # PRESENTATI APRIL 29, 2025 “= <q’ Better never settles
Slide 2: Cautionary Note on Forward Looking Statements
CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation other than historical facts are forward-looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and f
Slide 3: Non-GAAP Financial Measures and Other Financial Information
NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION We have used the following measures, which are considered “non-GAAP financial measures” under SEC guidelines i. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin; ii. Adju
Slide 4: Non-GAAP Financial Measures and Other Financial Information (Cont.)
NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (CONT.) Adjustments to U.S. GAAP Financial Measures Used to Calculate Non-GAAP Financial Measures During the periods presented in this presentation, we had the following adjustments: Unrealized loss on investments, net represents net unreal
Slide 5: 01 Financial Overview
FIRST QUARTER 2025 BUSINESS UPDATE™ * Q1'25 fee revenue of $1.5 billion, up 4% versus Q1’’24 - Leasing fee revenue up 9%, driven by double-digit growth in the Americas and APAC - Capital Markets fee revenue up 11%, with growth in all regions - Services fee revenue up 1% versus the prior year, while
Slide 6: First Quarter 2025 Business Update
Slide 7: First Quarter Highlights
FIRST QUARTER HIGHLIGHTS USD $m, except Three Months Ended March 31, % Change Adjusted EPS USD Lc Fee Revenue $1,541 $1,498 3% 4% Adjusted EBITDA $96 $78 23% 24% Adjusted EBITDA Margin 6.2% 5.2% 103 bps - Adjusted EPS (Diluted) $0.09 $0.00 nm. - + First quarter fee revenue growth reflects improved t
Slide 8: Q1'25 Fee Revenue by Segment and Service Line
Q1T’25 FEE REVENUE BY SEGMENT AND SERVICE LINE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other Lo ee oe Ql'24 QV2s Qi'24 qQi2s Qi'24 qQi2s Qi'24 Qi'2s5 Ql'24 Ql'25 Growth % LC® 4% 1%* 9% N% 3% % of Fee Revenue 52% 30% 1% 7% LTM Q@V’25@) *Org
Slide 9: Americas Q1'25 Performance
AMERICAS Q1'25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other 99 Ql'24 QV2s Ql'24 Ql'25 Ql'24 Ql'25 Ql'24 Ql'25 Ql'24 Ql'25 Growth % LC® 6% 1%* 14% 4% 12% % of Fee Revenue 52% 33% 12% 3% LTM @1'25 2) . . “Organic Services Revenu
Slide 10: EMEA Q1'25 Performance
EMEA Q1'25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other $81 $73 Ha = Ql'24 qi2s Ql24 Ql'25 Ql'24 qi2s Ql'24 qi2s Qi24 qi2s Growth % LC® (9%) (8%) (26%) 17% (1%) ear 40% 26% 12% 22% Adjusted EBITDA and Margin® + Services declin
Slide 11: APAC Q1'25 Performance
APAC Q1'25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other $191 $191 See me ee Be Ql'24 Ql'25 Ql'24 Ql2s Ql'24 Ql'25 Ql'24 Ql'25 Ql'24 Ql'25 Growth % LC® 7% 3% 16% 59% (5%) ear 67% 17% 7% 9% Adjusted EBITDA and Margin® + Fee reve
Slide 12: Capital Structure
CAPITAL STRUCTURE Net Debt / Adj. EBITDA Debt Maturity Profile in USD $m H 1 $1001 I ' $646 2020 2021 2022 2023 2024 =LTMQI1'25 * 2025 2026 2027 2028 2029 2030 2031 Undrawn Revolving = 7 Senior Secured Term Loan mm Credit Facility 4 Notes (30 Maturity) + Liquidity® of $1.7 billion, with $623 million
Slide 13: FY 2025 Outlook
FY 2025 OUTLOOK * 2025 Leasing revenue growth expected in mid-single-digits * Capital Markets revenue growth expected to accelerate vs. 2024’s growth rate * Services revenue expected to achieve mid-single-digit growth for the year * Effective tax rate of ~25% Cushman & Wakefield 13
Slide 14: Supplemental Slides and Reconciliations of GAAP to Non-GAAP Financial Measures
(i CUSHMAN & I WAKEFIELD SUPPLEMENTAL SLIDES AND RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
Slide 15: Debt and Leverage
DEBT AND LEVERAGE Term Loans” $1,936.1 $1,960.2 $2,157.7 $2,573.9 $2,593.8 $2,613.7 2028 Senior Secured Notes? 6455 645.1 643.7 642.2 6408 639.4 2031 Senior Secured Notes® 394.5 394.2 393.3 - - - Total Debt $2,976.0 $2,999.5 $3,194.7 $3,216.1 $3,234.6 $3,253.1 Less: Cash (623.2) (793.3) (767.7) (644
Slide 16: Summary of Total Segment Revenues
SUMMARY OF TOTAL SEGMENT REVENUES Three Months Ended ‘Americas Segment Services Leasing Capital markets Valuation and other Service line fee revenue Gross contract reimbursables ® Total revenue EMEA Segment Services Leasing Capital markets Valuation and other Service line fee revenue Gross contract
Slide 17: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED Twelve Monti Net income (loss) Adjustments: Depreciation and amortization Interest expense, net of interest income Provision for income taxes Unrealized loss on investments, net Impairment of investments Loss on dispositions Integration and other costs
Slide 18: Reconciliation of Net Income (Loss) to Adjusted Net Income
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME Net income (loss) $19 $(28.8) Adjustments: Merger and acquisition related depreciation and amortization 10.2 13.9 Unrealized loss on investments, net 07 1.0 Impairment of investments 65 - Acquisition related costs 04 = Cost savings initiativ
Slide 19: About Cushman & Wakefield
a | CUSHMAN & |) WAKEFIELD ABOUT CUSHMAN & WAKEFIELD Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billi