Slide 1: Q2 2025 Earnings Presentation
CBRE Q2 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 our business outlook, our business plans and capital allocation strategy and
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 June 30, — Core EBITDA growth of 30% year-on-year, led by a continued strength in our resilient businesses and % Change continued recovery of transac
Slide 4: Advisory Services
CBRE Advisory Services $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency — Revenue growth of 14% was ahead of expectations and supported by broad-based growth across our geographies. - Global leasing revenue grew 13%, with double-digit growth across a
Slide 5: Building Operations & Experience
CBRE Building Operations & Experience $ in millions, totals may not sum due to rounding Financial Commentary, % change in Local currency — Revenue growth of 18%, with strong organic growth across Facilities Management and Property Management business lines. - Growth in our Enterprise business was su
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 13%, in-line with our expectations, led by mid-teens revenue growth from legacy Turner & Townsend. - The legacy CBRE Project Management business saw low doub
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 saw growth in recurring asset management fees, though non-recurring fees were down year-over-year, driven by the absence of larger promotes that wer
Slide 8: Capital Allocation and Free Cash Flow
CBRE Capital Allocation and Free Cash Flow TTM Free Cash Flow, $ in millions - We continue to expect to generate over $1.5 billion of free cash flow for the full year, with full year free cash flow conversion toward the high-end of our target range of 75 - 85%. 41% 19% — Strong free cash flow and an
Slide 9: Updated 2025 Guidance
CBRE Updated 2025 Guidance Consolidated Guidance Raising 2025 Core EPS range to $6.10 - $6.20 Continue to expect full year free cash flow conversion within our long-term target range of 75 — 85% — The full year forecast is based on constant currency and Core EPS would increase by at least $0.10 base
Slide 10: Supplemental Slides
CBRE Supplemental Slides
Slide 11: Non-GAAP Financial Measures
CBRE Non-GAAP Financial Measures The following measures are considered “non-GAAP financial measures” under SEC guidelines: i Adjusted net revenue ii Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net income’) ii Core EBITDA iv. Co
Slide 12: Definitions
CBRE Definitions Core adjusted Net Income and Core adjusted Earnings Per Diluted Share: value as of the Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from GAAP net income and GAAP ‘earnings per diluted share as well as adjust the provis
Slide 13: Reconciliation of Revenue to Adjusted Net Revenue
CBRE Reconciliation of Revenue to Adjusted Net Revenue QTD Financials, $ in millions, totals may not sum due to rounding Three Months Ended June 30, 2025 2024 % Chg. Revenue $9,754. $8,391 16% less: pass-through costs 4,086 3,420 Adjusted Net Revenue $5,668 $4,971 14% 1. Pass-through costs also reco
Slide 14: Advisory Services
CBRE Advisory Services QTD Financials, $ in millions, totals may not sum due to rounding Three Months Ended June 30, 2025 2024 % Chg. Revenue $1,996 $1,744 14% less: pass-through costs B 12 Advisory Services Adjusted Net Revenue 1,983 1,732 14% Disaggregated Revenue Advisory Leasing 995 875 14% Advi
Slide 15: Building Operations & Experience
CBRE Building Operations & Experience QTD Financials, $ in millions, totals may not sum due to rounding 2025 2024 Revenue $5,764 $4,855 19% less: pass-through costs ©? 3,134. 2,627 BOE Adjusted Net Revenue 2,630 2,228 18% Disaggregated Revenue Facilities Management Revenue 5,119 4,360 7% less: pass-
Slide 16: Project Management
CBRE Project Management QTD Financials, $ in millions, totals may not sum due to rounding 2025 2024 Revenue $1,786 $1,563 less: pass-through costs ‘? 939 781 PJM Adjusted Net Revenue 847 782 14% 1. Pass-through costs also recognized as revenue ©2025 CBRE, INC. |16
Slide 17: Real Estate Investments
CBRE Real Estate Investments QTD Financials, $ in millions, totals may not sum due to rounding Three Months Ende 2025 2024 Asset Management Fees $138 $131 Acquisition, disposition & other 6 6 - Carried interest - 12 n/a Development 71 83 (14)% REI Revenue 215 232 % REI Segment Operating Profit 25 10
Slide 18: Debt, Leverage and Liquidity
Debt, Leverage and Liquidity CBRE Capital Structure, $ in millions, totals may not sum due to rounding CBRE ine 3 December 31, 2025 2024 Revolving Credit Facilities s— $132 Commercial Paper Program 1,356 175, Senior Term Loans, net 1,288 682 5.950% Senior Notes, net 977 976 5.500% Senior Notes due i
Slide 19: 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 Jun-25 Mar-25 Dec-24 Dec-23 Dec-22 Dec-21 Dec-20 Dec-19 Net cash provided by Operating Activities $1,424 $1,654 $1,708 $480 $1,629 $2,364. $1,831 $1,223 Add: Gain on disposit
Slide 20: Resilient and Transactional Revenue
Resilient and Transactional Revenue $ in millions, totals may not sum due to rounding Revenue Q2’25 Q2’24 Transactional $1,660 $1,448 Resilient 8,101 6,946 Total Resilient and Transactional Businesses 9,761 8,394 1. Total Resilient and Transactional Businesses excludes Corporate Expenses and revenue
Slide 21: 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 2020 2019 2025 2024 Net income attributable to CBRE Group, Inc. $1090 $968 goss. $1407 «$1837 $752 $1,282 $215 $130 Net income attributable to non-control
Slide 22: 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 June 30, 2025 2024 Net income attributable to CBRE Group, Inc. $215 $130 Adjustments: Non-cash amortization expense related to intangible assets and impairment ch