Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Investor Presentation (August 2026)
38 slides from Cushman & Wakefield's investor presentation, August 2026
Slide 1: Cushman & Wakefield Company Overview August 2026
CUSHMAN & WAKEFIELD COMPANY OVERVIEW AUGUST 2026 Cushman & Wakefield 1
Slide 2: Cautionary Note on Forward Looking Statements
CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS This presentation contains 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 factors outside the control of Cushman & W
Slide 3: Non-GAAP Financial Measures and Other Financial Information
NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION The Company uses the following measures, which are considered “non-GAAP financial measures” under SEC guidelines: i. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”); ii. Adjusted net income and Ad
Slide 4: Non-GAAP Financial Measures and Other Financial Information (Cont.)
NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (CONT.) Adjustments to GAAP Financial Measures Used to Calculate Non-GAAP Financial Measures During the six months ended June 30, 2026 and 2025, we had the following adjustments: Unrealized loss (gain) on investments, net represents net unr
Slide 5: A Globally Scaled Leader in Real Estate Services
CUSHMAN & WAKEFIELD: A GLOBALLY SCALED LEADER IN REAL ESTATE SERVICES Provider of specialized services & advisory to the built environment with no direct asset ownership Key Statistics (As of 6.30.26) Revenue by Service Line Revenue by Geographic (% of LTM Q2’26) Segment (% of LTM Q2’26) $10.8B ~53K
Slide 6: Complete Platform of Real Estate Services for Owners & Occupiers
COMPLETE PLATFORM OF REAL ESTATE SERVICES FOR OWNERS & OCCUPIERS Multiple touchpoints throughout each stage of the real estate lifecycle INVESTMENT SUSTAINABILITY SALES ADVISORY VALUATION PROJECT ADVISORY FACILITIES MANAGEMENT MANAGEMENT EQUITY, DEBT & STRUCTURED PORTFOLIO MANAGEMENT FINANCE PROPERT
Slide 7: A Balanced, Growing, Scaleable Platform
A BALANCED, GROWING, SCALEABLE PLATFORM SERVICE TYPE KEY Scaled platform that LINE OF REVENUE ATTRIBUTES drives profitable growth Consistent Services Stable Cash Flow Balanced portfolio Leasing Re-occurring of businesses High-Margin Growth Capital Transactional Markets Consistent Free Cash Flow Valu
Slide 8: Multiple Drivers of Growth and Value Creation
MULTIPLE DRIVERS OF GROWTH AND VALUE CREATION Proactive investment and capital allocation strategy supported by favorable industry trends Favorable Macro and Asset Clear Organic Growth Framework Compelling Financial Model Class Backdrop • Stable core and rigorous operating model • Strong earnings pe
Slide 9: Favorable Macro and Asset Class Backdrop
01 FAVORABLE MACRO AND ASSET CLASS BACKDROP
Slide 10: Favorable Macro and Asset Class Backdrop
FAVORABLE MACRO AND ASSET CLASS BACKDROP Debt Markets Supporting Recovery Companies Spending More On Facilities Management US Loan Origination Volumes ($B)1 Integrated Facility Management Spend ($B)3 $346 $276 $220 $176 $801 $856 $829 $749 $594 $649 $637 $547 $477 2017 2018 2019 2020 2021 2022 2023
Slide 11: Favorable Macro and Asset Class Backdrop (Continued)
FAVORABLE MACRO AND ASSET CLASS BACKDROP (CONTINUED) Office Construction Pipeline Supports Near-Term Stabilization Stable Pipeline of Lease Expirations Office Space Under Construction (M Sq. Ft.)1 Annual Office Lease Renewals in the U.S. (M Sq. Ft)1 110 105 205 101 95 187 193 200 193 89 87 87 169 17
Slide 12: CWK Approach to AI
sq CWK Approach 1 AI IS AN ENABLER FOR OUR BUSINESS to AI We’re co-creating tools and processes with our teams to create unique AI solutions that empower our teams to work better and faster together and to reimagine the advisor experience. Our strategy incorporates an evolving built world, aligning
Slide 13: Multi-Pronged Organic Growth Strategy
02 MULTI-PRONGED ORGANIC GROWTH STRATEGY
Slide 14: Organic Growth Framework
ORGANIC GROWTH FRAMEWORK 01 02 03 04 Stable Core Customer- Capturing Disciplined CWK IS And Rigorous Operating centric Market-led Capital POSITIONED Model Expansion Opportunities Allocation TO WIN Cushman & Wakefield 14
Slide 15: Stable Core and Rigorous Operating Model
STABLE CORE AND RIGOROUS OPERATING MODEL Transitioning from fragmented local model to fully interconnected platform 01 FROM NOW TO Fragmented & Local Scaled & Aligned Digitally Enabled, Fully Interconnected 60% transitioned Target completion: 2028 REGION REGION REGION GLOBAL Global GLOBAL REGION REG
Slide 16: Customer-Centric Expansion
CUSTOMER-CENTRIC EXPANSION Our model aligns customer success with our success 02 Real Time Consistent Access to Full Strength Agile Global Integrated of CWK Partnership Solutions Data & Delivery Insights Access to the Able to flex One reliable Seamless Decision making full power of and adapt as stan
Slide 17: Capturing Market-Led Opportunities
CAPTURING MARKET-LED OPPORTUNITIES Meaningful growth opportunities across our platform 03 DATA CENTERS GLOBAL & OTHER HIGHER VALUE MULTI-MARKET INSTITUTIONAL HIGH-GROWTH TECHNICAL LEASING CAPITAL MARKETS ASSET CLASSES SERVICES Cushman & Wakefield 17
Slide 18: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION 04 DELEVERAGING ORGANIC GROWTH ACCELERATOR CAPITAL DEBT ADVISORY SERVICES DATA DRIVEN ACCRETIVE ALLOCATION PAYDOWN RECRUITING CAPABILITIES INSIGHTS TUCK-IN M&A MODEL Cushman & Wakefield 18
Slide 19: Compelling Financial Model
03 COMPELLING FINANCIAL MODEL
Slide 20: FY 2025 and YTD 2026 Performance Highlights
FY 2025 AND YTD 2026 PERFORMANCE HIGHLIGHTS Strong momentum in the first half of 2026 Revenue ($M) Revenue ($M) Adjusted EBITDA ($M) FY 2025 Adjusted EBITDA ($M) YTD 2026 2,000.0 6000 $10,288 v’20241 $5,298 v’20252 $9,447 5000 $4,769 0,000.0 Revenue +9% Revenue +10% 8,000.0 Services +8% 4000 Service
Slide 21: Continued Strong Free Cash Flow Performance
CONTINUED STRONG FREE CASH FLOW PERFORMANCE Free cash flow generation and conversion positively impacted by higher EBITDA, favorable working capital, lower cash interest payments, and higher earnings quality Free Cash Flow ($M) $293 $247 $249 $204 $164 $167 $136 $126 Q3'25 Q4'25 Q1'26 Q2'26 TTM FCF
Slide 22: Reducing Leverage and Improving Capital Structure
REDUCING LEVERAGE AND IMPROVING CAPITAL STRUCTURE Net Leverage 2026 Balance Sheet Actions ~1.5x 2-Year Reduction • Extended maturity of $850 M in term loans from 2030 to 2033 5.0x 4.4x • Upsized term loan and used proceeds to pay 4.5x 4.0x 3.7x down 2028 notes. Entered into $550 M of 3.5x 3.0x 3.0x
Slide 23: Tremendous Progress Since 2023
TREMENDOUS PROGRESS SINCE 2023 ADJUSTED EPS FREE CASH FLOW NET DEBT LEVERAGE CONVERSION ~20% ~50pp Down CAGR Improvement ~1.5x $1.22 4.3x 103% $0.84 Run-Rate 2.9x Target: 60-80% 53% 2023 2025 2023 2025 2023 2025 Cushman & Wakefield 23
Slide 24: 3-Year Value Creation Framework
3-YEAR VALUE CREATION FRAMEWORK FY26-28 TARGETS PRESENTED AT DECEMBER 2025 INVESTOR DAY 15-20% Annual Adjusted EPS Growth 6-8% 60-80% 2x 2028 Net Debt FCF Revenue Growth Conversion1 Leverage2 1. Calculated as a percentage of Adjusted Net Income 2. Calculated as Net Debt divided by Annual Adjusted EB
Slide 25: Appendix I – Service Line Descriptions
APPENDIX I – SERVICE LINE DESCRIPTIONS
Slide 26: Brokerage & Valuation Businesses – Overview of Key Offerings
BROKERAGE & VALUATION BUSINESSES – OVERVIEW OF KEY OFFERINGS Revenue generated based on level of transactional activity Asset Class Distribution 1 Service Offering Fee Model Revenue ($M) (2025) Multifamily / Leading global platform serving both real estate occupiers and owner / Other (3%) investors
Slide 27: Services: Comprehensive Suite of Capabilities, Organized by Client Type
SERVICES: COMPREHENSIVE SUITE OF CAPABILITIES, ORGANIZED BY CLIENT TYPE Services Revenue Breakdown1 INVESTORS OCCUPIERS Facilities Services Property Facilities Project Management Management Management Project Main services include Bundled services for Management Property Planning, design and constru
Slide 28: Property Management – Overview
PROPERTY MANAGEMENT – OVERVIEW SERVICE OFFERING SERVICE LINE HIGHLIGHTS CORE SERVICES FEE MODEL Full-service property Platform of ~12,000+ experts Enterprise Relationships Property Management Client Accounting Percentage of management solutions for Providing insight across Close partner to
Slide 29: Project Management – Overview
PROJECT MANAGEMENT – OVERVIEW SERVICE OFFERING SERVICE LINE HIGHLIGHTS CORE SERVICES FEE MODEL Planning, design, and Global platform of 3,700+ Able to offer multiple ADVISORY/CONSULTING DELIVERY Project-based construction management experts who can transform services from Advisory to contracts
Slide 30: Facilities Management – Overview
FACILITIES MANAGEMENT – OVERVIEW SERVICE OFFERING SERVICE LINE HIGHLIGHTS CORE SERVICES FEE MODEL Comprehensive outsourcing Strategic partner for Driving enterprise-wide value INTEGRATED FACILITIES MANAGEMENT (IFM) Multi-year real estate portfolio Relationships generate of day-to-day operation
Slide 31: Facilities Services – Overview
FACILITIES SERVICES – OVERVIEW SERVICE OFFERING SERVICE LINE HIGHLIGHTS CORE FUNCTIONS FEE MODEL Day-to-day operation and Positioned at the intersection of talent acquisition, Maintenance & Engineering Multi-year Contracts maintenance of client facilities. labor relations, and work force manag
Slide 32: Appendix II – Reconciliations of GAAP to Non-GAAP Financial Measures
APPENDIX II – RECONCILIATIONS OF GAAP TO NON - GAAP FINANCIAL MEASURES
Slide 33: Debt and Leverage
DEBT AND LEVERAGE Twelve Months Ended (USD $M, unless otherwise indicated) June 30, 2026 December 31, 2025 June 30, 2025 December 31, 2024 June 30, 2024 December 31, 2023 Term Loans1 $2,009.7 $1,667.1 $1,912.2 $1,960.2 $2,058.7 $2,157.7 2028 Senior Secured Notes2 199.2 646.6 645.8 645.1 644.4 643.7
Slide 34: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Six Months Ended Twelve Months Ended (USD $M) June 30, June 30, June 30, December 31, June 30, December 31, June 30, December 31, 2026 2025 2026 2025 2025 2024 2024 2023 Net income (loss) $40.1 $59.2 $69.1 $88.2 $205.8 $131.3 $20.6 $(35.4) Adjus
Slide 35: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE Six Months Ended Twelve Months Ended (USD $M, except per share data) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income $40.1 $59.2 $69.1 $205.8 Adjustments: Merger and acquisition related depreciatio
Slide 36: Reconciliation of Net Income (Loss) to Adjusted Net Income and Adjusted EPS (Cont.)
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (CONT.) Twelve Months Ended (USD $M, except per share data) March 31, December 31, September 30, June 30, March 31, December 31, December 31, 2026 2025 2025 2025 2025 2024 2023 Net income (loss) $73.7 $88.2 $2
Slide 37: Free Cash Flow and Free Cash Flow Conversion
FREE CASH FLOW AND FREE CASH FLOW CONVERSION Twelve Months Ended (USD $m) June 30, March 31, December 31, September 30, June 30, March 31, December 31, September 30, December 31, 2026 2026 2025 2025 2025 2025 2024 2024 2023 Net cash provided by operating activities $303.3 $258.9 $340.4 $198.3 $158.9
Slide 38: About Cushman & Wakefield
About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service
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