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Financial Data and Key Metrics Changes - CBRE reported its second highest third quarter core earnings on record, with core earnings per share increasing by 67% [5] - Consolidated free cash flow grew significantly to $494 million, up more than 60%, with trailing 12-month free cash flow conversion improving to 71% [13] - The full year 2024 core EPS outlook was raised to a range of $4.95 to $5.05, up from a previous range of $4.70 to $4.90 [7][14] Business Segment Data and Key Metrics Changes - Resilient businesses saw net revenue grow by 18% to $3.6 billion, driven by Turner & Townsend [5] - Advisory segment net revenue exceeded expectations, with global office leasing revenue increasing by 26% and property sales revenue growing by 14% [8][9] - GWS segment net revenue increased by 19%, with Facilities Management net revenue rising by 22% and Project Management net revenue up by 12% [10] - REI segment operating profit was significantly above expectations, with AUM increasing to over $148 billion [11] Market Data and Key Metrics Changes - Japan and India have become the second and fifth largest contributors to advisory SOP, indicating strong growth potential in these markets [6] - The U.S. property sales revenue rose almost 20%, driven by stronger activity in multifamily and retail sectors [9] Company Strategy and Development Direction - The company is focused on expanding resilient earnings streams, which now account for around 60% of SOP, and expects enduring double-digit organic growth [7][8] - CBRE is pursuing a strong pipeline of investment opportunities, including M&A and co-investments in REI businesses [6] - The integration of the CBRE project management business with Turner & Townsend is progressing well, expected to enhance growth in infrastructure, energy, and data center projects [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a steady recovery in capital markets, with expectations for continued growth in resilient businesses regardless of market conditions [16] - The company anticipates achieving its best fourth quarter core EPS ever, driven by GWS, without needing advisory or REI to return to prior peak profits [14][15] Other Important Information - The company has a strong focus on cost efficiency, which has contributed to margin expansion in GWS [10][28] - CBRE is exploring opportunities in the data center space, leveraging its existing capabilities and market position [56] Q&A Session Summary Question: Capital markets activity recovery expectations - Management expects a steady recovery in capital markets rather than a steep acceleration, with buyers and sellers nearing agreement on asset values [18][19] Question: Growth sources for resilient business lines - Growth is expected to be primarily organic, supplemented by M&A, with a strong total addressable market for outsourcing [20][21] Question: Future of office leasing - Management believes there will be sustained strength in office leasing, driven by demand for prime space, but does not expect a return to pre-COVID levels [25][26][27] Question: Margin expansion outlook - Continued margin improvement is anticipated, with the majority of cost actions implemented in Q2 and Q3 [28] Question: Share buybacks versus acquisitions - Management remains interested in share buybacks while balancing M&A opportunities, believing the stock is undervalued [32] Question: Incremental margins in capital markets - There is capacity in the mortgage origination team, and management does not foresee the need for significant rehiring to capitalize on higher volumes [34][35] Question: Data center revenue opportunities - CBRE has significant exposure to data centers through land plays, project management, and data center services [56] Question: Loan servicing business performance - The underlying growth in loan servicing was 5%, with a shift in some income affecting reported figures [58] Question: Dividend considerations - Management evaluates the possibility of instituting a regular quarterly dividend but currently prefers the flexibility of buybacks [60]

Core Insights - CBRE Group Inc. reported third-quarter 2024 core earnings per share (EPS) of $1.20, exceeding the Zacks Consensus Estimate of $1.06, and reflecting a 66.7% year-over-year increase [1] - The company's shares rose over 9% following the earnings report, driven by double-digit revenue and segment operating profit growth [1] - Quarterly revenues increased by 14.8% year over year to $9.04 billion, surpassing the Zacks Consensus Estimate of $8.98 billion [1] Revenue Breakdown - Advisory Services segment revenue grew 19% year over year to $2.4 billion, exceeding the estimate of $2.17 billion [2] - Global leasing revenue rose 19%, with significant growth in Europe, the Middle East & Africa (EMEA), and the Americas [2] - Global property sales revenue increased by 14%, marking the first growth since Q2 2022, driven by increases across all regions [2] Segment Performance - The GWS segment reported a 12.3% year-over-year revenue increase to $6.35 billion, slightly below the estimate of $6.52 billion [2] - Facilities management net revenues rose 22%, while project management net revenues increased by 12%, benefiting from cost efficiency initiatives [3] - The Real Estate Investments segment saw a 43.8% revenue increase to $302 million, attributed to higher incentive fees [3] Balance Sheet and Liquidity - As of September 30, 2024, CBRE had cash and cash equivalents of $1.03 billion, up from $928 million at the end of Q2 2024 [4] - Total liquidity stood at $4 billion, including $1 billion in cash and approximately $3 billion available under revolving credit facilities [4] - The company's net leverage ratio was 1.26X, significantly below the primary debt covenant of 4.25X [4] Future Outlook - For 2024, CBRE projects core EPS in the range of $4.95-$5.05, an increase from the previous guidance of $4.70-$4.90 [4] - The Zacks Consensus Estimate for 2024 core EPS is currently at $4.80, which is below the newly guided range [4]

Core Insights - CBRE Group reported $9.04 billion in revenue for Q3 2024, a year-over-year increase of 14.8% [1] - The EPS for the same period was $1.20, compared to $0.72 a year ago, with a surprise of +13.21% over the consensus estimate [1] Revenue Performance - Investment Management AUM reached $148.3 billion, exceeding the average estimate of $143.25 billion [1] - Net revenue was $5.32 billion, surpassing the four-analyst average estimate of $5.08 billion, reflecting a year-over-year change of +20% [1] - Total revenue from Real Estate Investments was $302 million, compared to the estimated $244.78 million, marking a +43.8% change year-over-year [1] - Net revenue from Global Workplace Solutions was $2.65 billion, slightly below the average estimate of $2.66 billion, with a year-over-year increase of +18.9% [1] - Net revenue from Advisory Services was $2.37 billion, exceeding the average estimate of $2.19 billion, representing a +19% year-over-year change [1] Additional Revenue Metrics - Revenue from pass-through costs recognized as revenue was $3.72 billion, compared to the $3.93 billion average estimate, showing a +8.2% year-over-year change [1] - Total revenue from Advisory Services was $2.40 billion, surpassing the average estimate of $2.21 billion, with a +19% year-over-year change [1] - Net revenue from loan servicing was $81 million, below the estimated $85.77 million, with a +0.4% year-over-year change [1] - Net revenue from advisory leasing was $984 million, exceeding the average estimate of $902.13 million, reflecting a +18.9% year-over-year change [1] Stock Performance - CBRE shares returned +0.6% over the past month, compared to the Zacks S&P 500 composite's +1.5% change [1] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [1]

CBRE Group (CBRE) came out with quarterly earnings of $1.20 per share, beating the Zacks Consensus Estimate of $1.06 per share. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.21%. A quarter ago, it was expected that this provider of real estate investment management services would post earnings of $0.69 per share when it actually produced earnings of $0.81, delivering a surprise of 17.39% ...

Financial Performance - Consolidated net income for the third quarter of 2024 was $225 million, a 17.8% increase from $191 million in the same period in 2023[117]. - Total revenue for the third quarter of 2024 reached $9.0 billion, reflecting a 14.8% increase compared to $7.9 billion in the third quarter of 2023[117]. - For the nine months ended September 30, 2024, consolidated net income was $481 million on revenue of $25.4 billion, compared to $509 million on revenue of $23.0 billion in the same period in 2023[125]. - Revenue for the three months ended September 30, 2024, increased by 19.0%, with global leasing revenue rising by 19.0% driven by the Americas[138]. - Revenue increased by 10.3% for the nine months ended September 30, 2024, driven by strong growth in facilities management and project management[150]. - The company's revenue for the nine months ended September 30, 2024, totaled $25.363 billion, compared to $22.999 billion for the same period in 2023, reflecting a growth in revenue[214]. Revenue Segmentation - Revenue from Resilient Businesses increased approximately 12.6% in the quarter, while Transactional Businesses saw a revenue increase of 25.7%[118][119]. - Advisory Services segment revenue grew by 19.0%, driven by increased leasing activity and commercial mortgage origination[119]. - Revenue from Resilient Businesses increased by 10.1% and Transactional Businesses saw an 11.0% increase for the nine months ended September 30, 2024[126]. - Property management revenue grew by 22.3% in the third quarter, reflecting strong growth across regions[138]. - Revenue increased by 43.8% for the three months ended September 30, 2024, driven by higher incentive fees in investment management and development services[155]. Expenses and Costs - Cost of revenue increased by 13.4%, but as a percentage of total revenue, it decreased to 80.2% from 81.3% in the prior year[120]. - Operating, administrative, and other expenses rose by 16.9%, primarily due to $61 million in restructuring charges[121]. - Depreciation and amortization expense increased by 19.5%, reflecting higher amortization from recent acquisitions[122]. - Cost of revenue rose by 10.4% during the same period, with total cost of revenue as a percentage of total revenue increasing slightly to 80.9% from 80.8%[126]. - Operating, administrative, and other expenses increased by 5.4%, with total operating expenses as a percentage of revenue decreasing to 13.9% from 14.6%[127]. - Operating, administrative, and other expenses rose by 5.2%, primarily due to restructuring charges and the inclusion of J&J's operating results since acquisition[151]. Interest and Taxation - Interest expense, net of interest income, surged by 68.4% due to higher interest rates and increased borrowings[122]. - The effective tax rate for the third quarter of 2024 increased to 21.5% from 13.2% in the same quarter of 2023[123]. - Interest expense, net of interest income, surged by 48.2% for the nine months ended September 30, 2024, primarily due to higher interest rates and increased borrowings[129]. - Provision for income taxes decreased to $70 million for the nine months ended September 30, 2024, down from $114 million in the same period in 2023, resulting in an effective tax rate decrease to 11.6%[130]. Cash Flow and Capital Expenditures - Net cash provided by operating activities increased to $368 million for the nine months ended September 30, 2024, compared to a net cash used of $373 million during the same period in 2023, driven by improved working capital and revenue growth[178]. - Net cash used in investing activities rose to $1,494 million for the nine months ended September 30, 2024, primarily due to the acquisitions of J&J Worldwide Services and Direct Line Global[179]. - The company incurred $193 million in capital expenditures during the nine months ended September 30, 2024[170]. Debt and Financing - The company entered into a new 5-year senior unsecured Credit Agreement on July 10, 2023, with a principal amount of $350 million and a weighted average interest rate of 5.3%[183]. - The company issued $500 million in 5.500% senior notes due April 1, 2029, and $1.0 billion in 5.950% senior notes due August 15, 2034, to enhance its capital structure[184]. - As of September 30, 2024, $683 million was outstanding under the Revolving Credit Agreement, compared to no outstanding amount as of December 31, 2023[191]. - The company maintains a revolving credit facility with commitments of up to $3.5 billion, maturing on August 5, 2027, to support its operational funding needs[190]. Foreign Currency Exposure - Approximately 42.3% of CBRE's revenue for the nine months ended September 30, 2024, was transacted in foreign currencies[214]. - The British pound sterling contributed $1,257 million (13.9%) to total revenue for the three months ended September 30, 2024, compared to $1,100 million (14.0%) in the same period of 2023[214]. - The euro accounted for $775 million (8.6%) of total revenue for the three months ended September 30, 2024, up from $746 million (9.5%) in the same period of 2023[214]. - The company has significant euro and British pound denominated assets under management, which exposes it to fluctuations in foreign currency exchange rates[213]. - The company routinely monitors risks associated with foreign currency exchange rates and evaluates oversight for business activities in countries with significant risks[217]. Internal Controls and Compliance - There have been no changes in the company's internal control over financial reporting that materially affected its financial reporting during the fiscal quarter ended September 30, 2024[222]. - The company has concluded that its disclosure controls and procedures were effective as of September 30, 2024, ensuring accurate corporate disclosure[221]. - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2024, achieving their objectives at a reasonable assurance level[221]. - There have been no material changes to the company's legal proceedings as previously disclosed in the 2023 Annual Report[224].

EXHIBIT 99.1 For further information: Chandni Luthra - Investors Steve Iaco - Media 212.984.8113 212.984.6535 Chandni.Luthra@cbre.com Steven.Iaco@cbre.com Press Release FOR IMMEDIATE RELEASE CBRE GROUP, INC. REPORTS FINANCIAL RESULTS FOR THIRD-QUARTER 2024 Dallas – October 24, 2024 — CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the third quarter ended September 30, 2024. Key Highlights: • GAAP EPS up 20% to $0.73; Core EPS up 67% to $1.20 • Revenue up 15%; net revenue up 20% • Resilient ...

CBRE Group, Inc. (CBRE) , the global leader in real estate services, has been gearing up to announce its third-quarter 2024 earnings on Oct. 24, before the closing bell. The company has been at the forefront of the industry, offering a wide range of services, including property sales and leasing, property management, valuation, project management and consulting.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, this Dallas, TX-based commercial real estate ...

Real estate has had a decent year. The S&P 500 Real Estate Select Sector SPDR (XLRE) advanced 11.3% year to date as of Oct. 4. The sector declined till the end of June. However, as talks started surfacing about the central bank introducing rate cuts in September, the sector has witnessed a turnaround of sorts. This optimism is notably visible if one considers the mortgage rates. Mortgage rates have slightly increased after declining since the announcement of rate cuts. The 30-year fixedrate mortgage was at ...

CBRE Group's (CBRE) wide array of real estate products and services offerings, healthy outsourcing business, strategic buyouts, technology investments and solid balance sheet are expected to drive its performance. Analysts also seem bullish on this stock, with the Zacks Consensus Estimate for CBRE Group's current-year earnings per share (EPS) being revised 6% upward over the past three months to $4.75. Shares of this Zacks Rank #2 (Buy) company have rallied 33.3% over the past three months, outperforming it ...