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CBRE Group — CBRE+Investor+Overview+Deck (company IR deck)
CBRE Group (CBRE) · 39 slides · Filed Oct 22, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All CBRE deck slides
Slide 1 — Investor
Investor Overview June 2026
Slide 2 — Statements
CBRE INVESTOR OVERVIEW 2 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, capital allocation strategy, as well as our earnings and cash flow outlook. These statements involve risks and uncertainties that may cause actual results and trends to differ materially from those projected. Except to the extent re quired by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward -looking statements in this presentation. Please refer to our most recent earnings release, furnished on Form 8-K, our SEC filings on Form 10-K and Form 10-Q, respectively, and in particular any discussion of risk factor s or forward-looking statements therein, which are available on the SEC’s website ( www.sec.gov), for a full discussion of the risks and other factors that may impact any forward -looking statements in this presentation. We may make certain statements during the course of this presentation, which include references to “non -GAAP financial measures,” as defined by SEC regulations. Where required by these regulations, we have provided reconciliations of these measures to what we believe are t he most directly comparable GAAP measures, which are included in the appendix.
Slide 3 — for Investors
CBRE INVESTOR OVERVIEW 3 Key Messages for Investors Double-digit Core EPS through-cycle growth Strong Growth Engine Through-cycle Resilience Market Leader At Scale Operational Excellence Diversified business supports through-cycle growth Scaled market leader across 9 of our 11 core business lines Focus on efficient and scalable operating model Shareholder Value Creation Steward of shareholder value with a strong capital allocation track record
Slide 4 — Strong
Strong Growth Engine
Slide 5 — Solid Earnings
CBRE INVESTOR OVERVIEW 5 $1.10 $1.37 $1.63 $1.96 $2.16 $2.64 $3.15 $3.57 $3.09 $5.30 $5.75 $3.98 $5.14 $6.37 Solid Earnings Growth CBRE has generated through-cycle Core EPS annual growth of 14%, supported by our increasingly resilient business mix 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Low-to-Mid Teens CAGR 2026 – 2030 Following the 2023 real estate downturn, earnings surpassed prior peak in less than 2 years Through cycle earnings CAGR of 14% vs. S&P 500 8% 2012-2021 were restated for OMSRs, to conform with the 2022 -2025 presentation. 2012 -2015 were not restated for ASC 606. CBRE has not reconciled the (non -GAAP) Core EPS forward-looking guidance included in this presentation to the most directly com parable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, carried interest incentive compensation and financing costs, which are potential adjustments to future earnings. We expect the variability of these items to have a poten tially unpredictable, and a potentially significant, impact on our future GAAP financial results.
Slide 6 — Through
Through- Cycle Resilience
Slide 7 — Strategic Transformation:
CBRE INVESTOR OVERVIEW 7 $413M $979M $1,117M $1,313M $1,611M $1,733M $1,988M $2,276M PHASE 1: BUILDING THE FOUNDATION Resilient SOP ($) Acquisition of Norland adds self-performing technical engineering in EMEA; foundational for today's "Local FM" business. Acquisition of JCI’s Global Workplace Solutions (GWS) scales facilities management capability for occupier clients. 2012 2019 2020 2021 2022 2023 2024 2025 PHASE 2: STRESS TESTING & STRATEGIC PIVOT The COVID Test Recurring business lines hold firm despite significant reduction in transaction volume. Acquisition of a majority interest in Turner & Townsend to capture secular growth in program management, data centers and infrastructure. PHASE 3: DEEPENING RESILIENCE & SPECIALIZED GROWTH J&J Worldwide: Entry into U.S. federal government contracting (Defense/healthcare), providing long -term, fixed-price stability. Direct Line Global: Strengthens Data Center Solutions (DCS) by increasing our technical infrastructure services capabilities. Pearce Services: Adds integration of technical capability for digital and power infrastructure. Industrious: Full acquisition to lead the flexible workspace market. . 42% 45% 57% 42% 50% 69% 66% 62% Resilient SOP Mix (%) ~14% - 2012-25 Resilient SOP CAGR “We made several sizable investments consistent with our strategy to invest in cyclically resilient or secularly favored elements of our business. ” Bob Sulentic, July 2024 Earnings Call 2012-2021 were restated for OMSRs, to conform with the 2022 -2025 presentation. 2012 -2015 were not restated for ASC 606.. Resilient businesses include facilities management, critical infrastructure services, property management, project management , loan servicing, valuations, other portfolio services and recurring investment management. Strategic Transformation: Shift to Resilience
Slide 8 — Diversification Across
CBRE INVESTOR OVERVIEW 8 Revenue Diversification across 4-Dimensions has Increased Resiliency Property Type Share of Office down from ~50% at peak; Other property types like industrial and data centers displaced office. 39% Office Geography Share of US down from ~65% at peak; meaningful share increases in Japan and India. Business Line Resilient business lines contribute to ~80% revenue vs significantly less coming out of the GFC. Client F100 contribute to ~30% revenue, suggesting immense, diversified client base. CBRE is a leading services company, providing solutions across all commercial property types and critical infrastructure assets for thousands of clients in more than 100 countries. Industrial 56% U.S. India Japan 82% Resilient 18% Transactional 31% F100 UK Retail Data Centers Infrastructure Diversification Across Four Dimensions Financials presented in this slide are based on 2025 actuals. Other Others
Slide 9 — Demand Rotation Is a
CBRE INVESTOR OVERVIEW 9 Demand Rotation Is a Multi-Year Tailwind Historically, when office demand softened, industrial more than offset that headwind — data centers are now driving the next leg Industrial absorbed a record ~1,600 MSF over 2020 –2025 while data centers hit 2,700+ MW in 2025 — broadening CRE demand well beyond office (1,500) (1,000) (500) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 (300) (200) (100) 0 100 200 300 400 500 600 700 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Megawatts (MW) Million Sq. Ft. Office (L) Industrial (L) Retail (L) Data Centers (R) 2020 - 2023 Office posts four years of negative absorption while industrial and retail surge 2024 - 2025+ Data center demand surges to ~4x its pre-2020 annual average Source: CBRE Econometric Advisors, CBRE Research, Q1 2026.
Slide 10 — Market
Market Leader at Scale
Slide 11 — Leading Global
CBRE INVESTOR OVERVIEW 11 Valuations and Loan Servicing Critical Infrastructure Leasing Facilities Management Leading Global Real Estate Platform Advisory Services Building Operations & Experience Project Management Real Estate Investments Capabilities The CBRE Differentiation CBRE Program Management Project Management Cost Consulting Investment Management Development Global-to-Local coverage “One-stop” shop Superior platform and insights Technical services and Local FM Critical Infrastructure – Data Centers, Telecom, Power & Renewables Institutional PM and Flexible workspace Serving traditional Infrastructure as well as hyperscaler clients Solid utilization rates across the industry, and >95% project estimating accuracy Access to CBRE Balance Sheet Track record of excellence, with TCC IRR’s well over cost of capital Capital Markets Property Management Peer Coverage1 Full coverage Partialcoverage No coverage 1. Peer coverage includes JLL, Newmark, Cushman & Wakefield, Colliers, Walker & Dunlop, and Savills.
Slide 12 — A Premier Infrastructure Platform
CBRE INVESTOR OVERVIEW 12 The only platform that spans all four segments — well positioned to transact, develop, build, and operate mission-critical assets at a global scale Infrastructure Asset Types Served Data Centers Power & Energy Telecom & Fiber Transportation Defense & Govt $1.6B $1.8B $2.3B $3.3B 2022 2023 2024 2025 CBRE Infrastructure Gross Revenue Data Center Other Infrastructure 5% of CBRE Rev 6% of CBRE Rev 6% of CBRE Rev 8% of CBRE Rev Data Centers Scale Today 1,300+ 250+ 150+ Data centers managed (BOE) Data center transactions in 2025 (Advisory) Data centers projects / programs in PJM currently ~90% Resilient Revenue Mix 2025 2030 2035 2040 Manage Transact Build $41B $83B $120B Long-Term TAM – Tailwind for managing DCs Manage share of TAM: ~50% (2025) ~75% (2040) A Premier Infrastructure Platform ~15% Data centers % of CBRE Core EBITDA in 2025; approx. half excluding land lifts in TCC Source: BCG’s Global Data Center Model
Slide 13 — Operational
Operational Excellence
Slide 14 — Operating Leverage
CBRE INVESTOR OVERVIEW 14 Operating leverage and disciplined cost management driving margin gains across our three largest segments with continued runway ahead BOE Building Operations & Experience of operating leverage on gross revenue since 2023 +70 bps From scale-driven cost efficiencies and acquisition integration PJM Project Management +50 bps From T&T platform integration and infrastructure mix shift ADV Advisory Services +250 bps Revenue +31% Pass-through costs +23% SOP +54% 2025 vs 2023 Revenue +21% Pass-through costs +20% SOP +29% 2025 vs 2023 Revenue +29% Pass-through costs (2)% SOP +48% 2025 vs 2023 of operating leverage on gross revenue since 2023 of operating leverage on gross revenue since 2023 Through-cycle resilience: margins expanded vs. pre-COVID levels Operating Leverage Across Segments
Slide 15 — Harnessing AI to
CBRE INVESTOR OVERVIEW 15 Ellis AI Core Our proprietary enterprise AgenticAI platform Product Differentiation CBRE holds more real estate data than any company in the world. AI now translates that scale into a client knowledge advantage through multiple AI product offerings. Operational Efficiency Disciplined two-track deployment — external AI for commoditized work, Ellis AI Core for proprietary workflows. Targeting ~25% reduction in HR and shared services costs. Differentiated AI Products Broker Platform (Advisory) CBRE’s internal platform for brokers , integrating ~600 billion data points from >30 data sources Market-Facing Demand AI is generating powerful demand through data center activity across CBRE. In 2025, CBRE generated ~$2.5B gross revenue from data centers (6% of total), with ~90% resilient. Harnessing AI to Accelerate Strategy AI is an enabler of our strategy — not a replacement for it FM Platform (BOE) AI-driven portfolio strategy and optimization platform for occupiers Connector Pro (Advisory) CBRE’s integrated Capital Markets platform with predictive deal sourcing for transactions Vantage Analytics (BOE) Proprietary client reporting and insights platform for building operations with proactive AI decision support Hive (PJM) T&T's proprietary data and knowledge platform for project and program delivery with predictive AI models Defensible Business Mix Advisory US Sales: ~3.5% mix of volume from deals <$2.5M in total consideration US Leasing: ~6% mix of volume from deals <$1M in total consideration PJM Manage complex capital programs with multiple stakeholders, requiring a physical presence on site REI The physical creation of assets as well as investments is protected from disintermediation BOE Of Enterprise FM’s ~45,000 employees, 85%+ are typically on client site, implying low-risk of disintermediation
Slide 16 — Shareholder
Shareholder Value Creation
Slide 17 — Solid Total
CBRE INVESTOR OVERVIEW 17 Solid Total Shareholder Return CBRE Has Generated Strong Returns and Remains Poised For Future Growth Given the Double -Digit Earnings Growth Algorithm 12x 10x 8x 6x 4x 0x 2025 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2x 2012 S&P 500 CBRE Since 2012, CBRE returns have consistently outpaced the S&P 500, reflecting the strength of our strategy, disciplined execution, and ability to grow long -term value. Jun 2026 CBRE cumulative return stands at 8.8x (10.6x YE 2025), compared to the S&P 500 delivering 7.7x (7.0x YE 2025) returns over the same period – demonstrating a clear track record of market outperformance.
Slide 18 — Capital Allocation is a
CBRE INVESTOR OVERVIEW 18 Capital Allocation is a Top Priority Prioritizing M&A, co-investments, and fill-in with buybacks M&A ~$7B ~$6B Total M&A spend (2021 – 2025) • M&A accelerates our strategy to expand capabilities in areas of secular tailwinds. • Key recent examples include Turner & Townsend, Direct Line and Pearce increasing our presence in program management, infrastructure, data centers and power. Co-Investments ~$2.4B Total gross capital co-invested into REI (2021 – 2025) • Investment Management co-invest allows for strategic scaling and enhanced returns. • TCC has generated solid returns, well above CBRE’s cost of capital. Share Repurchases ~$4.5B Total value of share repurchases (2021 – 2025) • Due to CBRE’s cash flow generation and capital -light business model, when we do not see accretive opportunities to deploy capital, we will repurchase shares to return capital to shareholders. • Since the start of 2021 up until the end of 2025, we have retired 47m shares, at an average price of ~$96 5-year free cash flow generated | 2021 –2025, cumulative
Slide 19 — Segment
Segment View
Slide 20 — CBRE Integrated
CBRE INVESTOR OVERVIEW 20 CBRE Full Real Estate Life Cycle Capital Deployment & Origination Operate & Occupy Value Realization & Recycling Optimize & Manage Risk Investment Management Development Debt & Equity Placement Project Management Property Management Facilities Management Leasing Loan Servicing Program Management Loan Sales Valuations Investment Sales Single source delivery reduces client friction and accelerates speed-to-market at every phase. Seamless Execution Balance higher-margin transactional business lines with growing resilient revenue streams on the same square footage. Revenue Multiplier Deep operational integration creates high client stickiness and drives future transactional flow . Embedded Relationships CBRE Integrated Advantage Flexible Workspace Critical Infrastructure Cost Consulting
Slide 21 — Advisory Services
CBRE INVESTOR OVERVIEW 21 CBRE Full Real Estate Life Cycle Capital Deployment & Origination Operate & Occupy Value Realization & Recycling Optimize & Manage Risk Investment Management Development Debt & Equity Placement Project Management Property Management Facilities Management Leasing Loan Servicing Program Management Loan Sales Valuations Investment Sales Occupier & Owner Representation Agency and non-agency business Right of way, Funds, Appraisal Advisory Services High-single digit through-cycle CBRE revenue growth driven by market share gains Strong incremental margins during recovery periods leading to solid mid-cycle margins Through-cycle growth aspiration Cost Consulting CBRE Advantage Managed Brokerage Information Advantage Leveraging CBRE platform to drive stronger relationships with global occupiers. 15,000+ brokers result in the biggest data set globally on Owners; Proprietary data on Occupiers Global reach with exceptional Research, Consulting capabilities. Platform
Slide 22 — Advisory Services
CBRE INVESTOR OVERVIEW 22 $1,626 $1,141 $1,379 $1,683 2022 2023 2024 2025 2022 2023 2024 2025 Valuation Loan Servicing Other Portfolio Services Leasing Sales Mortgage Origination Advisory Services $ in millions Trough-to-peak in two years Demonstrated operating leverage during recovery Revenue SOP ~19% Resilient $8,344 $6,763 $7,591 $8,694
Slide 23 — Building Operations
CBRE INVESTOR OVERVIEW 23 CBRE Full Real Estate Life Cycle Capital Deployment & Origination Operate & Occupy Value Realization & Recycling Optimize & Manage Risk Investment Management Development Debt & Equity Placement Project Management Leasing Loan Servicing Program Management Loan Sales Valuations Investment Sales Building Operations & Experience Flexible Workspace Occupier & Owner Representation Facilities Management Enterprise: Global, integrated solutions for large occupiers Local: Flexible, regional services for occupiers Property Management Asset enhancement and tenant CBRE Advantage Technical Offerings Global Scale Highly technical service offerings complement traditional outsourcing capabilities Global reach and scale, with ~8.5 billion square feet managed and serve 90% of the Fortune 100 >$5b spent on M&A and capital investments to supplement our offerings in areas of secular growth, creating differentiated services for clients Capacity for Investment in Secular Growth Through-cycle growth aspiration Low double-digit organic revenue growth; High-single digit growth in Enterprise is increased by low -teens growth in Local and higher double-digit growth in Critical Infrastructure Consistent, through-cycle operating leverage Critical Infrastructure Self-performing and field technical services Cost Consulting
Slide 24 — Building Operations
CBRE INVESTOR OVERVIEW 24 2022 2023 2024 2025 Facilities Management Property Management Critical Infrastructure Building Operations & Experience $ in millions $692 $724 $905 $1,112 2022 2023 2024 2025 Sustained growth, including in 2023, reflecting resilience Industry leading margins Revenue SOP 100% Resilient $17,616 $17,971 $20,383 $23,457
Slide 25 — Project
CBRE INVESTOR OVERVIEW 25 CBRE Full Real Estate Life Cycle Capital Deployment & Origination Operate & Occupy Value Realization & Recycling Optimize & Manage Risk Investment Management Development Debt & Equity Placement Project Management Property Management Facilities Management Leasing Valuations Loan Servicing Program Management Loan Sales Valuations Investment Sales Project Management Flexible Workspace CBRE Advantage Infrastructure mega-trends Operational Excellence Global infrastructure spend expected to reach $94T by 2040, according to G20 Global Infrastructure Hub / Oxford Economics Effective resource optimization, contract / risk management Multi-year average contract length within Legacy T&T, across a global client roster Decades-long projects and global client roster Through-cycle growth aspiration Sustained double-digit revenue growth Operating leverage via synergies from combined T&T and CBRE platform Cost Consulting
Slide 26 — Project
CBRE INVESTOR OVERVIEW 26 Project Management $ in millions $3,610 $6,136 $6,634 $7,424 2022 2023 2024 2025 $357 $421 $489 $543 2022 2023 2024 2025 Opportunity to expand share in the Americas Strong operating leverage Revenue SOP 100% Resilient
Slide 27 — Real Estate
CBRE INVESTOR OVERVIEW 27 CBRE Full Real Estate Life Cycle Capital Deployment & Origination Operate & Occupy Value Realization & Recycling Optimize & Manage Risk Investment Management Development Debt & Equity Placement Project Management Property Management Facilities Management Leasing Loan Servicing Program Management Loan Sales Valuations Investment Sales Real Estate Investments Flexible Workspace CBRE Advantage Leading Real Estate Platform CBRE Balance Sheet Superior insights from CBRE platform and TCC allows IM to identify trends early Leveraging CBRE’s Balance Sheet with co- investments given TCC’s strong IRR historically Our developers with land assemblage and entitlement expertise lean into secular growth areas: Industrial in 2021-22, Data Centers in 2024-25 Land Acquisition/ Entitlement Expertise Through-cycle growth aspiration Sustained growth in recurring SOP in IM, with opportunity for margin expansion Embedded gains of $900M across Development portfolio over next 4-5 years Cost Consulting
Slide 28 — Real Estate
CBRE INVESTOR OVERVIEW 28 2022 2023 2024 2025 Asset Management Fees Development Incentive Fees Carried Interest Real Estate Investments $ in millions $518 $239 $261 $324 2022 2023 2024 2025 Recovery in CRE driving consistent growth since 2023 trough Revenue SOP Volatility emanating from carried interest and incentive fees ~64% Resilient $1,110 $952 $1,038 $879
Slide 29 — Financial
Financial Profile
Slide 30 — CBRE “Growth” Profile
CBRE INVESTOR OVERVIEW 30 CBRE “Growth” Profile Segment-specific strategies to outpace market growth in revenue, led by the CBRE Advantage and strategic investments into secula r trends THROUGH - CYCLE EARNINGS PROFILE Low-to-Mid Teens Core EPS growth, including capital allocation 75–85% Free cash flow conversion Advisory Services INDUSTRY GROWTH Mid single-digit ↓ CBRE GROWTH High single-digit HOW WE WIN Market share gains · Managed Brokerage Building Ops & Experience INDUSTRY GROWTH High single-digit ↓ CBRE GROWTH Low double-digit HOW WE WIN Wallet share gains · Infrastructure · Experience based Real Estate Project Management (PJM) INDUSTRY GROWTH High single-digit ↓ CBRE GROWTH Double-digit HOW WE WIN Integration into T&T · Infrastructure Development INDUSTRY GROWTH Cyclical ↓ CBRE GROWTH ~$900M embedded gains (4–5 yrs) HOW WE WIN Land/entitlement specialization · Data Centers Investment Management INDUSTRY GROWTH Increasing institutional investment ↓ CBRE GROWTH Core/Core+ stability with stable fee rates HOW WE WIN Connection to world's preeminent CRE platform · CBRE Balance Sheet access CBRE has not reconciled the (non -GAAP) Core EPS and free cash flow conversion forward -looking guidance included in this present ation to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variabi lity and low visibility with respect to costs related to acquisitions, carried interest incentive compensation and financing costs, which are potential adjustments to future earnings. We expect the variab ility of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial res ults. See page 34 for additional notes.
Slide 31 — Long
CBRE INVESTOR OVERVIEW 31 Long-Term Targets Current Targets Historical >60% Resilient SOP Mix Through-Cycle ~40% → >60% 2012 → Today > Recurring revenue streams with secular tailwinds provide stable earnings base across market cycles > Capital-light services model converts earnings to cash efficiently — fueling reinvestment and shareholder returns 75-85% Target Free Cash Flow Conversion Range 86% 2025 Low-to-Mid Teens Core EPS Growth Target ~14% CAGR 2012 → Today > Strong organic growth, M&A, and operating leverage compound EPS at a double-digit rate through cycles CBRE has not reconciled the (non -GAAP) Core EPS and free cash flow conversion forward -looking guidance included in this present ation to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variabi lity and low visibility with respect to costs related to acquisitions, carried interest incentive compensation and financing costs, which are potential ad justments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially si gnificant, impact on our future GAAP financial results.
Slide 32 — Supplemental
Supplemental Slides
Slide 33 — Non
CBRE INVESTOR OVERVIEW 33 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 net inco me”) ii. Core EBITDA iii. Core EPS vi. Free cash flow and free cash flow conversion These measures are not recognized measurements under United States generally accepted accounting principles (GAAP). When anal yzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. Because not all companies use identic al calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies. Our management generally uses these non -GAAP financial measures to evaluate operating performance and for other discretionary pu rposes. The company believes these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance becaus e they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The compa ny further uses certain of these measures, and believes that they are useful to investors, for purposes described below. With respect to core EBITDA, core EPS, and core adjusted net income, the company believes that investors may find these measures useful in evaluating our operating perf ormance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangible s created from acquisitions, the effects of financings , income taxes and the accounting effects of capital spending. The presentation of core adjusted net income, excluding amortization of intangible assets acquired in business combinations, is useful to investo rs as a supplemental measure to evaluate the company’s ongoing operating performance. While amortization expense of acquisition -related intangible assets is excluded from core adjusted net income, the revenue generated from the acquired intangible assets is not excluded. All ofthese measures may vary for different companies for reasons unrelated to overall operating performance. In the case of core EBITDA, this measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The core EBITDA measure calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which am ounts are further adjusted to reflect certain other cash and non -cash charges and are used by us to determine compliance with finan cial covenants therein and our ability to engage in certain activities, such as incurring additional debt. The company also uses s egment operating profit and core EPS as significant components when measuring our operating performance under our employee incen tive compensation programs. With respect to free cash flow and free cash flow conversion , the company believes that investors may find this measure useful to analyze the cash flow generated from operations and rea l estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measur es useful to analyze the underlying performance of operations without the impact of strategic non -core equity investments that are not directly related to our business segments. These can be volatile and are often non -cash in nature.
Slide 34 — Definitions and Notes
CBRE INVESTOR OVERVIEW 34 Definitions and Notes 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. GAAP net income and U.S. GAAP earnings per diluted share. Adjustments during the periods presented included, but not limited to, non -cash amortization expense related to intangible asset s attributable to acquisitions, interest expense related to indirect tax audits and settlements, impact of adjustments on non - controlling interest, the tax impact of adjusted items and strategic non -core investments, net non -cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the tim ing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind -down of certain businesses, business and finance transformation, costs associated with efficiency and cost -reduction initiatives, and net fair value adjustments on strategic non -core investments. For additional adjustments, please refer to slide 39. Core EBITDA: Core EBITDA represents earnings before the portion attributable to non -controlling interests, depreciation and amortization, ass et impairments, net interest expense, write -off of financing costs on extinguished debt, income taxes, further adjusted for net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest ince ntive compensation (reversal) expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind -down of certain businesses, impact of fair value non -cash adjustments related to un consolidated equity investments, business and finance transformation, non -cash pension buy-out settlement loss, costs associated with efficiency and cost-reduction initiatives, net fair value adjustments on strategic non -core investments, and provision asso ciated with Telford’s fire safety remediation efforts. For additional adjustments, please refer to slide 38. Free Cash Flow: Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expen ditures (reflected in the investing section of the consolidated statement of cash flows). Free Cash Flow Conversion: Free cash flow conversion is calculated as Free Cash Flow divided by Core adjusted Net Income. Segment operating profit: Segment operating profit is the measure reported to the chief operating decision maker (CODM) for purposes of assessing perfo rmance and allocating resources to each segment. Segment operating profit represents earnings, inclusive of non-controlling interests, before net interest expense, write -off of financing costs on extinguished debt, income t axes, depreciation and amortization and asset impairments, as well as adjustments related to, but not limited to, the followi ng: net non- cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results rela ted to the wind-down of certain businesses, business and finance transformation and costs associated with efficiency and cost -reduction initiatives. Resilient businesses: include facilities management, critical infrastructure services, property management, project management, loan servicing, val uations, other portfolio services and recurring investment management fees. Transactional businesses: include property sales, leasing, mortgage origination, carry interest and incentive fees in the investment management busines s, and development fees. Notes Annual growth figures cited on this slide are both historical and forward -looking in nature. Historical growth figures are based on actual results for the prior through -cycle period. Forward-looking growth figures represent management’s current expectation s for the foreseeable future and are subject to risks and uncertainties that could cause actual results to differ materially. Forwa rd-looking statements speak only as of the date of this presentation. Please refer to the Forward -Looking Statements disclaimer on page 2 of this presentation.
Slide 35 — Free Cash Flow
CBRE INVESTOR OVERVIEW 35 Free Cash Flow $ in millions, totals may not sum due to rounding Twelve Months Ended December 31, 2025 2024 2023 2022 2021 2020 2019 Net cash provided by Operating Activities $1,559 $1,708 $480 $1,629 $2,364 $1,831 $1,223 Add: Gain on disposition of real estate 459 142 27 n/a n/a n/a n/a Less: Capital expenditures (366) (307) (305) (260) (210) (267) (294) Free Cash Flow 1,652 1,543 202 1,369 2,154 1,564 930
Slide 36 — Resilient and Transactional SOP
CBRE INVESTOR OVERVIEW 36 Resilient and Transactional SOP $ in millions, totals may not sum due to rounding Twelve Months Ended December 31, Segment Operating Profit 2025 2024 2023 2022 2021 2020 2019 2012 Resilient $2,276 $1,988 $1,733 $1,611 $1,313 $1,117 $979 $413 Transactional 1,387 1,045 792 1,583 1,793 845 1,214 569 Total Resilient and Transactional Businesses1 3,662 3,034 2,525 3,193 3,106 1,962 2,193 982 less: Corporate, other and eliminations (504) (570) (368) (578) (217) (285) (304) (165) Total Segment Operating Profit 3,158 2,464 2,157 2,615 2,890 1,678 1,891 818 add-back: Non-Core Corporate (1) 117 (32) 175 (211) 2 (3) -- Core EBITDA 3,157 2,581 2,125 2,790 2,679 1,680 1,888 818 1 Total Resilient and Transactional Businesses exclude Corporate expenses and revenue eliminations 2012-2021 were restated for OMSRs, to conform with the 2022 -2025 presentation. 2012 -2015 were not restated for ASC 606.
Slide 37 — Reconciliation of Net Income to Core EBITD
CBRE INVESTOR OVERVIEW 37 Reconciliation of Net Income to Core EBITD $ in millions, totals may not sum due to rounding Twelve Months Ended December 31, 2025 2024 2023 2022 2021 2020 2019 2012 Net income attributable to CBRE Group, Inc. $1,157 $968 $986 $1,407 $1,837 $752 $1,282 $316 Net income attributable to non-controlling interests 120 68 42 17 5 4 9 (11) Net income 1,277 1,036 1,027 1,424 1,842 756 1,291 305 Adjustments: Depreciation and amortization 583 536 478 449 354 368 316 147 Asset impairments — — — 59 — 89 90 20 Interest expense, net of interest income 216 215 149 69 51 67 86 169 Write-off of financing costs on extinguished debt 2 — — 2 — 76 3 — Provision for income taxes 317 182 250 234 567 214 70 185 Net non-cash mortgage servicing rights1 (5) 15 60 30 (13) (85) (59) (65) Integration and other costs related to acquisitions 303 93 62 40 45 2 15 39 Carried interest incentive compensation expense (reversal)to align with the timing of associated revenue 10 8 (7) (4) 50 (23) 13 — Charges related to indirect tax audits and settlements (1) 76 — — — — — — Net results related to the wind-down of certain businesses 74 — — — — — — — Impact of fair value non-cash adjustments related to unconsolidated equity investments 2 9 — — — — — — Business and finance transformation 101 — — — — — — — Non-cash pension buy-out settlement loss 147 — — — — — — — Costs associated with efficiency and cost-reduction initiatives — 259 159 118 — — — — Costs incurred related to legal entity restructuring — 2 13 13 — 9 7 — Provision associated with Telford’s fire safety remediation efforts 132 33 — 186 — — — — One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired — — (34) — — — — — Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period — — — (5) (6) 12 9 — Costs associated with our reorganization, including cost -savings initiatives — — — — — — 50 — Costs associated with workforce optimization efforts — — — — — 38 — — Costs associated with transformation initiatives — — — — — 155 — — Cost elimination (containment) expenses — — — — — — — 18 Net fair value adjustments on strategic non -core investments (1) 117 (32) 175 (211) 2 (3) — Core EBITDA 3,157 2,581 2,125 2,790 2,679 1,680 1,888 818 1. 2012 and 2019 – 2021 figures were restated for OMSRs, to conform with the 2025 presentation . 2012-2015 figures were not restated for ASC 606.
Slide 38 — Reconciliation of Net Income to Core EPS
CBRE INVESTOR OVERVIEW 38 Reconciliation of Net Income to Core EPS $ in millions, except per share data, totals may not sum due to rounding Twelve Months Ended December31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Net income attributable to CBRE Group, Inc. $1,157 $968 $986 $1,407 $1,837 $752 $1,282 $1,063 $697 $573 $547 $485 $317 $316 Adjustments: Non-cash amortization expense related to intangible assets attributable to acquisitions 226 199 167 166 86 76 81 113 113 111 87 66 29 37 Asset impairments — — — 59 — 89 90 — — — — — 98 20 Interest expense related to indirect tax audits and settlements 4 16 — — — — — — — — — — — — Write-off of financing costs on extinguished debt 2 — — 2 — 76 3 28 — — 3 23 56 — Impact of adjustments on non-controlling interest — (18) (33) (40) (4) — — — — — — — — — Net non-cash mortgage servicing rights1 (5) 15 60 30 (13) (85) (59) (58) (47) (81) (51) (25) (31) (65) Integration and other costs related to acquisitions 303 93 62 40 45 2 15 9 27 126 49 — 13 39 Carried interest incentive compensation expense (reversal) to align with the timing o associated revenue 10 8 (7) (4) 50 (23) 13 (5) (8) (16) 26 24 9 — Charges related to indirect tax audits and settlements (1) 76 — — — — — — — — — — — — Net results related to the wind-down of certain businesses 74 — — — — — — — — — — — — — Impact of fair value non-cash adjustments related to unconsolidated equity investments 2 9 — — — — — — — — — — — — Business and finance transformation 101 — — — — — — — — — — — — — Non-cash pension buy-out settlement loss 147 — — — — — — — — — — — — — Costs associated with efficiency and cost-reduction initiatives — 259 159 118 — — — — — — — — — — Costs incurred related to legal entity restructuring — 2 13 13 — 9 7 — — — — — — — Net fair value adjustments on strategic non -core investments (1) 117 (32) 175 (54) 2 (3) — — — — — — — Provision associated with Telford’s fire safety remediation efforts 132 33 — 186 — — — — — — — — — — Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period — — — (5) (6) 12 9 — — — — — — — One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired — — (34) — — — — (100) — — — — — — Net gain on deconsolidation upon merger of the SPAC with and into Altus Power, net of associated costs — — — — (156) — — — — — — — — — Costs associated with workforce optimization efforts — — — — — 38 — — — — — — — — Costs associated with transformation initiatives — — — — — 155 — — — — — — — — Depreciation expense related to transformation initiatives — — — — — 20 — — — — — — — — Costs associated with our reorganization, including cost -savings initiatives — — — — — — 50 38 — — — — — — Costs incurred in connection with litigation settlement — — — — — — — 9 — — — — — — Cost elimination (containment) expenses — — — — — — — — — 79 40 — 18 18 Impact of U.S. tax reform — — — — — — — 13 143 — — — — — Tax impact of adjusted items and strategic non-core investments (234) (195) (97) (262) 16 (77) (271) (29) (24) (62) (43) (27) (54) (4) Core net income attributable to CBRE Group, Inc., as adjusted 1,917 1,582 1,244 1,885 1,801 1,046 1,217 1,081 901 730 658 546 455 361 Weighted-average shares outstanding for diluted income per share 300.8 308.0 312.6 327.7 339.7 338.4 340.5 343.1 340.8 338.4 336.4 334.2 331.8 327.0 Core diluted income per share attributable to CBRE Group, Inc., as adjusted $6.37 $5.14 $3.98 $5.75 $5.30 $3.09 $3.57 $3.15 $2.64 $2.16 $1.96 $1.63 $1.37 $1.10 1. 2012-2021 figures were restated for OMSRs, to conform with the 2022 -2025 presentation. 2012-2015 figures were not restated for ASC 606.
Slide 39 — or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording
CLIMATE TRANSITION STRATEGY 39 At a Glance Leadership Message Introduction Governance Our Targets Our Progress Our Impact Our Strategy Appendix © 2026 CBRE, INC. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without permission in writing from the publisher.