Investment Ratings - CBRE Group, Inc: Overweight; Price Target: $143.00 [16] - Colliers International Group Inc.: Neutral; Price Target: $137.00 [21] - Cushman & Wakefield: Neutral; Price Target: $13.00 [25] - Jones Lang LaSalle Inc: Overweight; Price Target: $285.00 [29] Core Insights - The report indicates an overall positive outlook for the commercial real estate (CRE) services sector, with revenue forecasts for 2025 showing an average increase of 3%, leading to a projected 9% year-over-year growth [1] - The earnings before interest, taxes, depreciation, and amortization (EBITDA) estimates have been revised upward by 4%, indicating a 12% year-over-year growth, while earnings per share (EPS) estimates have increased by 7%, reflecting a 19% year-over-year growth [1] - The report highlights that the estimates have fluctuated over the past six months due to various macroeconomic factors, but recent strong earnings results have led to a renewed optimism in the sector [2][3] Company Summaries CBRE Group, Inc - CBRE is recognized as the largest global provider of CRE services, with a strong track record in capital allocation and organic growth [16] - The company is expected to achieve a compelling earnings growth of 19% in 2025, outperforming asset-heavy landlords and the broader equity market [4] - CBRE's valuation is attractive, trading at 19.8x 2025 EPS, which is below the S&P 500 average of 22.2x [5][17] Colliers International Group Inc. (CIGI) - CIGI is the third largest global CRE services platform, with a brokerage incremental margin of approximately 20%, which is lower than its peers [21] - The company has been actively acquiring businesses, averaging over $300 million per year, and is investing in investment management and engineering acquisitions [21] - CIGI trades at 18.8x 2025 EPS, slightly below CBRE but above CWK [22] Cushman & Wakefield (CWK) - CWK is positioned to benefit from the institutionalization of real estate investing, although it faces challenges due to its higher leverage [25] - The company is expected to improve margins as it scales, but specific risks remain that could impact its performance [25] - CWK trades at a low valuation of 8.4x 2025 EPS, indicating potential upside if it can manage its leverage effectively [26] Jones Lang LaSalle Inc. (JLL) - JLL is the second largest commercial real estate services platform globally, with a competitive EBITDA margin of 14.8% [29] - The company is well-positioned for growth, particularly with expectations of a rebound in capital markets [29] - JLL trades at 12.9x 2025 EPS, which is attractive compared to its peers, and maintains a price target of $285.00 [30][31]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number: 001-38611 Cushman & Wakefield plc (Exact name of registrant as specified in its ...

Financial Data and Key Metrics Changes - The company achieved fee revenue of $1,500,000,000, an increase of 4%, with organic fee revenue growing by 6% [13] - Adjusted EBITDA rose by 24% to $96,000,000, with adjusted EBITDA margin expanding by 100 basis points year over year [13] - Adjusted EPS increased to $0.09 from breakeven a year ago, with net leverage at 3.9 times EBITDA [13][18] Business Line Data and Key Metrics Changes - The leasing business grew by 9%, with Americas leasing showing a standout growth of 14% in Q1, marking the third consecutive quarter of double-digit growth [14] - APAC leasing grew by 16%, while EMEA leasing contracted by 26% due to tough comparisons from the previous year [14][15] - The services business achieved organic revenue growth of 4%, with The Americas organic services fee revenue growing by 6% [16] Market Data and Key Metrics Changes - In The Americas, the pipeline of large capital markets deals is now two times the size it was one year ago [8] - RFPs in Americas Leasing and the Multi Market Occupier Group are up by 35% compared to last year, and bid volume in the valuation business was up 30% in Q1 [9] - The APAC Services business demonstrated strong retention rates and five new sizable contracts coming online in the first half of the year [10] Company Strategy and Development Direction - The company is focused on building strength for long-term growth, with disciplined investments unlocking new areas of organic growth [5] - A flat organizational culture allows the company to adapt swiftly to client needs and market shifts, fostering a culture of problem-solving and trust [6][7] - The management believes they are at the beginning of a multi-year recovery in commercial real estate, positioning the company for compelling value opportunities for investors [22] Management's Comments on Operating Environment and Future Outlook - Management noted that tariff uncertainty has not materially impacted the sector, with strong demand for high-quality products continuing [28] - The company expects leasing growth in the mid-single digits for the full year, with capital markets growth anticipated to exceed the previous year's mid-single-digit growth rate [19] - Management remains confident in achieving EPS growth in 2025 that exceeds the growth reported in 2024 [20] Other Important Information - Free cash flow was a use of $167,000,000, consistent with historical working capital trends [17] - The company completed a repricing of $1,000,000,000 of terminal debt, lowering the applicable interest rate by 25 basis points [18] - The balance sheet remains strong, with $1,700,000,000 in liquidity and no funded debt maturities until 2028 [18] Q&A Session Summary Question: Margin improvement and its drivers - Management indicated that the margin improvement was driven primarily by top-line strength, with stronger than expected leasing and services contributing to the results [25] Question: Impact of tariffs on leasing and capital markets - Management stated that tariff uncertainty has not materially impacted the sector, with 90-95% of clients moving forward with decisions [28] Question: Outlook for office leasing in a potential recession - Demand for office leasing remains strong, with long-term leases being signed and lease terms averaging 77 months [34] Question: Recruiting and retention efforts - The company has strengthened its talent pool significantly, hiring multiple capital markets and leasing teams over the past year [36] Question: Trends in industrial leasing amid trade discussions - The company has been outperforming in industrial leasing, with positive trends continuing despite tariff discussions [41] Question: Capital markets sensitivity to interest rates - Management noted that large investors have alternative borrowing methods, and many clients are closing deals regardless of financing market conditions [44] Question: EMEA market performance - EMEA is currently the weakest economy for the company, but there are signs of recovery, particularly in capital markets in the UK [50] Question: Balancing growth and deleveraging - The capital allocation strategy remains focused on growth while continuing to deleverage, with a higher percentage of capital allocated to growth investments [51]

For the quarter ended March 2025, Cushman & Wakefield (CWK) reported revenue of $2.28 billion, up 4.6% over the same period last year. EPS came in at $0.09, compared to $0.00 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $2.23 billion, representing a surprise of +2.23%. The company delivered an EPS surprise of +350.00%, with the consensus EPS estimate being $0.02.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall S ...

Cushman & Wakefield 2 NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION We have used the following measures, which are considered "non-GAAP financial measures" under SEC quidelines: VAKEHIED Q1 2025 PRESENTATION APRIL 29, 2025 Better never settles CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation other than historical facts are forward-hooking statements, which rely on a number of estimates, projections and assumptions concerning events. Such statements are also sub ...

分组1 - Cushman & Wakefield reported quarterly earnings of $0.09 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, representing an earnings surprise of 350% compared to break-even earnings per share a year ago [1] - The company posted revenues of $2.28 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.23% and showing an increase from $2.18 billion in the same quarter last year [2] - The stock has underperformed, losing about 31.1% since the beginning of the year, while the S&P 500 has declined by 6% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.23 on revenues of $2.38 billion, and for the current fiscal year, it is $1.05 on revenues of $9.79 billion [7] - The Real Estate - Operations industry, to which Cushman & Wakefield belongs, is currently ranked in the bottom 34% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Cushman & Wakefield (CWK) Q1 2025 Earnings Call April 29, 2025 09:00 AM ET Company Participants Megan McGrath - SVP - Investor RelationsMichelle MacKay - Global CEONeil Johnston - Executive VP & CFORonald Kamdem - Managing Director & Head of US REITs and CRE ResearchAnthony Paolone - Executive Director Conference Call Participants Peter Abramowitz - SVP - Equity AnalystStephen Sheldon - Research Analyst - Technology, Media & Communications Operator Day, and welcome to Cushman and Wakefield's First Quarter t ...

For Immediate Release Cushman & Wakefield Reports Financial Results for the First Quarter 2025 CHICAGO (BUSINESS WIRE), April 29, 2025 — Cushman & Wakefield (NYSE: CWK) today reported financial results for the first quarter of 2025. "We drove excellent first quarter results, increasing organic revenue in each of our service lines and achieving mid-single digit organic growth in our Services business two quarters ahead of target. We realized over 100 basis points of margin improvement while continuing to red ...

Core Insights - Greystone and Cushman & Wakefield facilitated the acquisition financing and sale of Country Place Apartments, a 312-unit multifamily property in Burtonsville, Maryland, for $62.5 million [1][2]. Group 1: Transaction Details - The transaction involved a $62.5 million sale price, with Greystone providing a $40.7 million, 7-year Freddie Mac Optigo® loan for financing [2]. - The property features amenities such as an outdoor pool, fitness center, landscaped exercise paths, on-site dog park, playground, Tech Bar, and car care center [3]. Group 2: Strategic Insights - The purchase utilized a buy-right PILOT structure to maintain affordability for residents, demonstrating effective sales execution in a changing investor landscape [4]. - The collaboration between Greystone and Cushman & Wakefield offers clients comprehensive solutions for property investment needs [5]. Group 3: Company Profiles - Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees and reported revenue of $9.5 billion in 2023 [6]. - Greystone is recognized as a leader in multifamily and healthcare finance, ranking as a top lender with various government-backed entities [7].

Financial Performance - The company's revenue for the year ended December 31, 2024, was $9,446.5 million, a decrease of 0.5% compared to $9,493.7 million in 2023 [292]. - Operating income increased to $338.9 million in 2024 from $205.6 million in 2023, reflecting a significant improvement in operational efficiency [292]. - Net income for 2024 was $131.3 million, compared to a net loss of $35.4 million in 2023, indicating a strong recovery in profitability [292]. - The company's total assets decreased to $7,549.2 million in 2024 from $7,774.0 million in 2023, primarily due to a reduction in goodwill and intangible assets [290]. - Goodwill decreased from $2,080.9 million in 2023 to $1,998.3 million in 2024, reflecting the company's ongoing assessment of its asset values [290]. - The total liabilities decreased to $5,793.8 million in 2024 from $6,096.0 million in 2023, indicating improved financial stability [290]. - Basic earnings per share improved to $0.57 in 2024 from a loss of $0.16 in 2023, showcasing enhanced shareholder value [292]. - The company reported a total comprehensive income of $48.1 million for 2024, compared to a loss of $29.8 million in 2023, highlighting a positive shift in overall financial performance [294]. Employee and Operational Insights - The company operates with approximately 52,000 employees across nearly 400 offices in about 60 countries, enhancing operational leverage and profitability [37]. - Approximately 44% of employee costs are fully reimbursed by clients, indicating a strong client relationship model [52]. - The company relies heavily on attracting and retaining qualified revenue-producing employees, with significant competition in the industry for such personnel [80]. - The Company has approximately 52,000 employees focused on comprehensive service offerings including Services, Leasing, Capital markets, and Valuation [306]. Market and Industry Trends - The commercial real estate industry is showing signs of improvement in 2024 despite ongoing macroeconomic challenges, with increased capital ready for deployment [32]. - Sustainability considerations are increasingly influencing investor and occupier decisions, with the company developing solutions to meet stricter environmental regulations [36]. - The company’s business is significantly impacted by macroeconomic conditions and global demand for commercial real estate, which could adversely affect financial performance [77]. - The company is experiencing ongoing volatility in global capital and credit markets due to elevated inflation and increased interest rate volatility, impacting real estate transaction decisions [78]. - In 2024, clients are facing challenges in procuring credit or financing, leading to delays in real estate transactions, which could reduce commissions and fees earned [79]. Sustainability and Environmental Goals - The company aims to achieve a 50% reduction in absolute Scope 1 and 2 GHG emissions by 2030 from a 2019 base year [61]. - The company plans to engage clients representing 70% of emissions at managed properties to set their own science-based targets by 2025 [62]. - The company has been recognized as one of the World's Most Sustainable Companies of 2024 by TIME [39]. - Climate change poses risks to operations, including increased operating costs and potential declines in demand for commercial real estate in certain regions [110]. - The company has set voluntary greenhouse gas emissions targets, but failure to achieve these goals could lead to reputational damage and reduced revenue [111]. Risk Management and Compliance - Compliance with regulations is crucial, as failures could lead to fines, license suspensions, or other adverse actions affecting business operations [67]. - The company is exposed to various litigation risks that could materially damage its reputation and financial condition [130]. - The company faces risks related to compliance with numerous laws and regulations across different jurisdictions, which could adversely impact its operations [118]. - The company has experienced cybersecurity attacks in the past and anticipates additional attacks in the future, which could lead to disruptions in critical systems and potential revenue loss [93]. - Non-compliance with cybersecurity and data privacy regulations could result in significant liabilities, fines, or penalties, damaging the company's reputation and operating results [95]. Financial Strategy and Debt Management - The company has a total indebtedness of approximately $3.0 billion as of December 31, 2024, which includes finance lease liabilities [125]. - The company repaid over $200 million in aggregate principal outstanding under its Term Loans in 2024, most of which was ahead of schedule [125]. - The company is subject to a credit agreement governing $2.0 billion in term loans and a $1.1 billion revolving credit facility, with no funds currently drawn from the latter [119]. - The company does not intend to pay cash dividends on its ordinary shares for the foreseeable future, focusing instead on retaining earnings for operations and debt repayment [129]. - The company has implemented interest rate hedges and refinanced debt in response to interest rate increases by the U.S. Federal Reserve [127]. Corporate Governance and Shareholder Relations - The company has a classified Board with staggered three-year terms, which may delay or prevent hostile takeovers [141]. - The company has received authority from shareholders to allot additional shares for a period of five years from May 11, 2023 [144]. - The company obtained shareholder authority to repurchase shares up to $300 million, valid for five years from September 2022 [146]. - The company’s articles of association provide that the courts of England and Wales will be the exclusive forum for resolving shareholder complaints [147]. Technology and Innovation - The company is investing in new information technology and AI technologies to maintain competitive advantages, but may face challenges in successful deployment [88]. - Disruptions to information technology and communication systems could materially harm the company's ability to provide services effectively [90]. - The company collects and stores sensitive data, making the secure processing and maintenance of this information critical to operations [92]. - The reliance on third-party service providers for information technology networks increases vulnerability to security breaches, potentially adversely affecting operations and reputation [94].