Q3 2025 EARNINGS PRESENTATION OCTOBER 30, 2025 Better never settles CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation other than historical facts are forward-looking statements, which rely on a number of estimates, projections and assumptions concerning events. Such statements are also subject to a number of uncertainties and factors outside Cushman & Wakefield's control. Such factors include, but are not limited to, discu in qeneral macroeconomic conditions and qlobal and re ...

Performance Overview - Baron Real Estate Income Fund increased by 5.43% in Q3 2025, outperforming the MSCI US REIT Index which rose by 4.49% [2] - Since inception on December 29, 2017, the Fund's cumulative return is 97.17%, significantly higher than the REIT Index's 41.54% [2][3] Comparative Rankings - As of September 30, 2025, the Fund ranks in the 2nd, 5th, 17th, and 2nd percentiles for the 1-, 3-, 5-year, and since inception periods, respectively, according to Morningstar [4] - The Fund's Institutional Share Class is ranked as the 3rd, 10th, 28th, and 2nd best performing share class in its category for the same periods [4] Market Outlook - The Fund remains optimistic about public real estate prospects, expecting improving business fundamentals and values to contribute to attractive returns [9] - Positive comments from executives of leading real estate companies indicate a potential improvement in real estate fundamentals [12][13][14][15][16] Investment Strategy - The Fund's portfolio consists of 75% REITs, 22% non-REIT real estate companies, and 3.1% cash and cash equivalents as of September 30, 2025 [21] - The Fund's investment approach includes a focus on both REITs and non-REIT real estate companies, allowing for flexibility in capitalizing on market opportunities [20] Sector Analysis - Industrial REITs represent the largest exposure in the Fund, with a positive outlook driven by demand/supply dynamics and e-commerce growth [23] - Health Care REITs and senior housing are expected to benefit from favorable demographic trends and improving fundamentals [27] - The Fund maintains a cautious but optimistic view on office REITs, identifying specific markets with potential for growth [27] Recent Activity - The Fund initiated positions in Jones Lang LaSalle Incorporated and increased holdings in Prologis, Inc. and The Macerich Company during Q3 2025 [44][46][47] - The Fund trimmed its exposure to certain holdings like American Tower Corporation and Equinix, Inc. due to market conditions and growth outlooks [41][49] Future Prospects - The Fund anticipates a pivotal moment for real estate, with expectations of solid growth in business fundamentals and potential for improved valuations [54] - The overall sentiment in the real estate market is cautiously optimistic, with expectations of continued demand exceeding supply [51]

Oct 28, 2025 10:30 AM Eastern Daylight Time Cushman & Wakefield Launches New Quantitative Insights Group Led by Rebecca Rockey Share NEW YORK--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, has announced a new Quantitative Insights Group, designed to advise institutional investor and occupier clients. Using advanced mathematics, statistics and our latest AI+ tools, the group will advise clients on capital allocation, investment decision-making and risk manageme ...

Oct 27, 2025 5:00 PM Eastern Daylight Time Cushman & Wakefield Advises Urban Industrial on €470 Million Refinancing Share €470 million refinancing sets new benchmark for Logistics & Industrial financing in the Netherlands and Benelux region LONDON--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) announced that it has advised Urban Industrial on a €470 million refinancing for its core industrial portfolio, one of the largest-ever Logistics & Industrial refinancings in the Netherlands. Cushman & Wakefield an ...

Oct 24, 2025 1:00 PM Eastern Daylight Time Cushman & Wakefield Adds Walid Cheaib to Canadian Capital Markets Team as Vice Chair Share Senior leader has over 25 years of industry experience guiding clients through complex acquisitions, dispositions and capital strategies TORONTO--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, announced today the addition of Walid Cheaib as Vice Chair. In this role, Cheaib will be responsible for expanding and strengthening Cushm ...

Financial Data and Key Metrics Changes - The company reported a 34% growth in core EPS and a 19% increase in core EBITDA for Q3 2025, exceeding expectations across the board [9][15] - Full-year core EPS guidance was raised to $6.25-$6.35 from $6.10-$6.20, reflecting strong year-to-date performance [8][15] Business Line Data and Key Metrics Changes - Advisory services revenue grew by 16%, driven by strong performance in leasing and sales [9][10] - Global leasing revenue rose 17%, with U.S. industrial leasing increasing by 27% [10] - Property sales business delivered 28% revenue growth, with notable strength in office, industrial, and data centers [10] - Building Operations & Experience segment saw 11% revenue growth, with significant contributions from data center hyperscalers [11] - Project management segment revenue increased by 19%, supported by strong activity in the U.K., Middle East, and North America [12] - Investment management raised $2.4 billion in new capital, with AUM reaching approximately $156 billion [13] Market Data and Key Metrics Changes - Combined revenue from Japan and India rose more than 30% to nearly $400 million, indicating strong growth potential in these markets [8] - The data center asset type generated nearly $700 million in revenue, a 40% increase compared to Q3 2023 [7] Company Strategy and Development Direction - The company emphasizes its scale and breadth across asset types, client types, and geographies to drive growth and create integrated solutions for clients [7] - Focus on M&A and co-investment into real estate investments, with a patient approach to finding the right targets [20] - The company is building sustainable businesses in the data center sector, anticipating significant growth in this area over the next five years [41][44] Management's Comments on Operating Environment and Future Outlook - Management expects a longer, slower recovery in the sales part of the business, with strong pipelines and pent-up demand from both buyers and sellers [24][25] - The outlook for Q4 includes strong activity, but management acknowledges tougher year-over-year comparisons [27] - Management remains optimistic about the facilities management business, citing expanded total addressable market (TAM) due to recent acquisitions [60] Other Important Information - The company will no longer report net revenue but will focus on gross revenue in formal reporting [4] - Free cash flow for the year is expected to be approximately $1.8 billion, with net leverage at 1.2 turns [15] Q&A Session Summary Question: Did anything get pulled forward from Q4 due to Q3 strength? - Management indicated no significant pull forward across segments, but acknowledged tougher comps in Q4 [18] Question: Can you comment on the M&A pipeline? - Management stated that M&A remains a priority, and they are actively looking for well-operated targets that can benefit from being part of the CBRE platform [20] Question: Where are we in the CRE transaction market recovery? - Management expects a steady recovery in investment sales over the next couple of years, driven by pent-up demand from buyers and sellers [24] Question: How is deal activity in Q4 compared to last year? - Pipelines are strong, with expectations for continued strong activity in leasing and sales [27] Question: Are you appropriately staffed in the advisory segment? - Management believes they are appropriately staffed but are also looking to add talent where necessary [32] Question: What is the outlook for the BOE segment? - Pipelines are strong, with expectations for elevated sales volume in Q4, which should reflect in revenue in the second half of next year [54] Question: How do you view the facilities management business's TAM? - Management believes they have consistently expanded their TAM through various acquisitions and are optimistic about future growth [60] Question: What is the impact of data center development sites? - Management noted that access to power is a constraint for data center development, but they are strategically acquiring and improving land to facilitate this [63] Question: What is the outlook for office leasing? - Management sees broad-based growth in office leasing, with a notable resurgence in gateway markets [66] Question: What is the expectation for EBITDA margins going forward? - Management expects steady margins in advisory and continued margin expansion in BOE and project management segments [75]

Financial Data and Key Metrics Changes - CBRE reported a 34% growth in core EPS and a 19% increase in core EBITDA for Q3 2025, exceeding expectations across the board [9][15] - The company raised its full-year core EPS outlook to $6.25 to $6.35 from a previous range of $6.10 to $6.20, reflecting strong performance and confidence in the fourth quarter [8][15] Business Line Data and Key Metrics Changes - Advisory services revenue grew by 16%, driven by strong performance in leasing and sales [10] - Global leasing revenue increased by 17%, with U.S. industrial leasing up by 27% and data center leasing more than doubling year-over-year [10][11] - Property sales revenue rose by 28%, with notable strength in office, industrial, and data centers [10] - The Building Operations & Experience segment saw an 11% revenue growth, supported by data center hyperscalers and expansions in technology and healthcare sectors [11] - Project management revenue increased by 19%, with broad-based growth across regions [12] - Investment management raised $2.4 billion in new capital, with AUM reaching approximately $156 billion, up $500 million for the quarter [13] Market Data and Key Metrics Changes - Revenue from Japan and India combined rose more than 30% to nearly $400 million, indicating strong growth potential in these markets [8] - The U.S. office leasing market showed a resurgence, particularly in gateway cities like New York and San Francisco [66] Company Strategy and Development Direction - CBRE's strategy focuses on leveraging its scale across various asset types, client types, and geographies to drive growth [7] - The company is actively pursuing M&A opportunities while prioritizing capital allocation towards resilient business areas [20] - There is a strong emphasis on enhancing relationships with occupiers to drive cross-selling opportunities across different service lines [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a steady recovery in the commercial real estate market, driven by pent-up demand from both buyers and sellers [24][25] - The company anticipates continued strong activity in the fourth quarter, although it acknowledges tougher year-over-year comparisons [18][27] - Management highlighted the importance of real estate as a strategic asset for companies, which is expected to drive ongoing demand [67] Other Important Information - The company will no longer report net revenue but will focus on gross revenue in its formal reporting [4] - CBRE expects to generate approximately $1.8 billion of free cash flow for the year, with net leverage at 1.2 turns [15] Q&A Session Summary Question: Did anything get pulled forward from Q4? - Management indicated no significant pull forward across segments, but acknowledged tougher comparisons in Q4 [18] Question: Can you comment on the M&A pipeline? - Management confirmed that M&A remains a priority, with a focus on well-operated targets that can benefit from CBRE's platform [20] Question: Where are we in the CRE transaction market recovery? - Management expects a longer, slower recovery in the sales segment, with strong pipelines and pent-up demand from both buyers and sellers [24] Question: How is deal activity in Q4? - Pipelines are strong, with expectations for continued strong activity in leasing and sales [27] Question: Are you appropriately staffed in the advisory segment? - Management stated they are appropriately staffed but are also looking to add talent where necessary [31] Question: What is the outlook for the BOE segment? - Management reported strong pipelines and expects elevated sales volume in Q4, with revenue growth anticipated in the second half of next year [53] Question: What is the ultimate TAM for facilities management? - Management noted that the TAM has consistently expanded due to various acquisitions and the growing importance of data centers [59] Question: What are the constraints for data center development sites? - The primary constraint is access to power, which has become increasingly competitive [63] Question: How is the leasing market performing? - Management observed broad-based growth in office leasing, with a resurgence in gateway markets [66] Question: What is the outlook for EBITDA margins? - Management expects steady margins in advisory and continued margin expansion in BOE and project management segments [77]

Financial Data and Key Metrics Changes - CBRE reported a 34% growth in core EPS and a 19% increase in core EBITDA for Q3 2025, exceeding expectations across the board [9][19] - The company raised its full-year core EPS outlook to $6.25 to $6.35 from $6.1 to $6.2, reflecting strong performance and confidence in the fourth quarter pipeline [7][19] - Free cash flow for the year is expected to be approximately $1.8 billion, with net leverage at 1.2 turns at quarter end [18] Business Line Data and Key Metrics Changes - Advisory Services saw a 16% revenue growth, driven by strong performance in leasing and sales, with U.S. leasing reaching its highest level for any third quarter, growing 18% [10][11] - Property sales business delivered a 28% revenue growth, with notable strength in office, industrial, and data centers [12] - Building Operations and Experience segment achieved 11% revenue growth, with significant contributions from data center hyperscalers [14] - Project Management segment revenue increased by 19%, supported by strong activity in the UK, Middle East, and North America [15] - Real Estate Investments segment operating profit was up 8%, with AUM ending the quarter at approximately $156 billion [16] Market Data and Key Metrics Changes - Combined revenue from Japan and India rose more than 30% to nearly $400 million, indicating strong growth potential in these markets [7] - Data center revenue reached nearly $700 million in Q3, a 40% increase compared to Q3 2024, contributing about 10% to overall EBITDA [6][7] Company Strategy and Development Direction - CBRE's strategy focuses on leveraging its scale across asset types, client types, and geographies to drive growth in resilient and cyclically favored areas [5] - The company is actively pursuing M&A opportunities while prioritizing capital allocation towards M&A and co-investments in Real Estate Investments [24][25] - CBRE is building sustainable businesses in the data center sector, anticipating significant growth in the coming years [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of the commercial real estate market, expecting a steady recovery in investment sales over the next couple of years [30] - The company noted strong pipelines and activity levels in the fourth quarter, with expectations for continued growth in leasing and sales [34] - Management highlighted the importance of real estate as a strategic asset class for companies, indicating a shift in how occupiers view their real estate needs [78] Other Important Information - The company will no longer report net revenue but will focus on gross revenue in formal reporting [4][10] - CBRE is integrating its operations following acquisitions, which is expected to yield cost synergies and enhance service offerings [42] Q&A Session Summary Question: Did anything get pulled forward from Q4 due to Q3 strength? - Management indicated no significant pull forward was observed, but acknowledged tougher comps in Q4 [21][22] Question: Can you comment on the M&A pipeline? - Management confirmed that M&A remains a priority, with a focus on resilient business areas and well-operated targets [24][25] Question: What is the outlook for the CRE transaction market recovery? - Management expects a longer, slower recovery in the sales part of the business, with strong pipelines and pent-up demand from both buyers and sellers [30][32] Question: How are pipelines trending in the fourth quarter? - Pipelines are strong, with expectations for high-end EPS if transaction activity continues as anticipated [34] Question: Is the company appropriately staffed for growth? - Management stated they are appropriately staffed but are also looking to add talent where necessary to support growth [38][40] Question: What is the outlook for the BOE segment? - Management reported strong pipelines and expects elevated sales volume in Q4, with revenue growth anticipated in the second half of next year [61] Question: How does the company view the Facilities Management market? - Management believes they have expanded their total addressable market (TAM) significantly through various acquisitions and strategic initiatives [67][69]

Financial Data and Key Metrics Changes - CBRE reported a 34% growth in core EPS and a 19% increase in core EBITDA for Q3 2025, exceeding expectations across the board [8][13] - The company raised its full-year core EPS outlook to $6.25 to $6.35 from $6.10 to $6.20, reflecting strong performance and confidence in the fourth quarter [6][13] Business Line Data and Key Metrics Changes - Advisory services revenue grew by 16%, driven by strong performance in leasing and sales, with global leasing revenue rising 17% [8][9] - Property sales business delivered a 28% revenue growth, with notable strength in office, industrial, and data centers [9][10] - The Building Operations & Experience segment saw an 11% revenue growth, supported by work for data center hyperscalers and new client wins [10] - Project management segment revenue increased by 19%, with broad-based double-digit growth across regions [11] Market Data and Key Metrics Changes - Revenue from Japan and India combined rose more than 30% to nearly $400 million, indicating strong growth potential in these markets [6] - U.S. industrial leasing increased by 27%, driven by third-party logistics providers [9] Company Strategy and Development Direction - The company emphasizes its scale and breadth across asset types, client types, and geographies to drive growth and create integrated solutions for clients [5] - CBRE is focusing on M&A and co-investment into real estate investments, prioritizing these over share repurchases [18] - The company is building sustainable businesses in the data center sector, expecting significant growth in this area over the next five years [38][40] Management's Comments on Operating Environment and Future Outlook - Management expects a longer, slower recovery in the sales part of the business, with strong pipelines and pent-up demand from both buyers and sellers [22] - The company anticipates continued strong activity in the fourth quarter, with robust pipelines in leasing and sales [25] - Management noted that real estate has become a more strategic asset class for companies, enhancing the importance of their services [57] Other Important Information - CBRE expects to generate approximately $1.8 billion of free cash flow for the year, with net leverage at 1.2 turns [13] - The company is integrating its operations with Turner & Townsend to enhance service offerings and achieve cost synergies [32] Q&A Session Summary Question: Did anything get pulled forward from Q4 due to Q3 strength? - Management indicated no significant pull forward across segments, but acknowledged tougher comps in Q4 [16] Question: Can you comment on the M&A pipeline? - The company remains focused on M&A and co-investment, looking for well-operated targets that can benefit from being part of CBRE [18] Question: Where are we in the CRE transaction market recovery? - Management expects a steady recovery in investment sales over the next couple of years, driven by pent-up demand [22] Question: How are pipelines trending in the fourth quarter? - Pipelines are strong, with expectations for continued strong activity in leasing and sales [25] Question: Are you appropriately staffed in the advisory segment? - Management stated they are appropriately staffed but are also looking to add talent where necessary [27] Question: What is the outlook for the BOE segment? - Pipelines in the BOE segment are strong, with elevated sales expected to show up in revenue in the second half of next year [47] Question: How do you view the facilities management market? - The company has expanded its total addressable market (TAM) through various acquisitions and believes it can continue to grow in this space [51] Question: What is the constraint for data center development sites? - Access to power is a significant constraint for data center land development [54] Question: What is the outlook for office leasing? - Management sees broad-based growth in office leasing, with a resurgence in gateway markets [56][62]

Core Insights - CBRE Group, Inc. is set to announce its Q3 2025 earnings on October 23, showcasing its leadership in real estate services with a comprehensive suite of offerings [1] - The company reported a 13.33% earnings surprise in the last quarter, with a net revenue growth of 17%, exceeding the 15% increase in transactional businesses [2] Financial Performance - Over the past four quarters, CBRE has consistently surpassed the Zacks Consensus Estimate, with an average earnings beat of 9.42% [3] - The Zacks Consensus Estimate for Q3 revenues is $9.92 billion, indicating a year-over-year increase of 9.83% [7] - The expected earnings per share (EPS) for the July-September quarter is $1.47, reflecting a 22.5% year-over-year increase [8] Business Dynamics - CBRE is likely to benefit from a balanced operating model focusing on contractual and recurring revenues, alongside diversified services across various sectors [3] - The demand for outsourcing services presents significant growth opportunities for CBRE, which is expected to capitalize on these trends in Q3 [4] - The company has seen growth in hyperscale data centers and sectors such as technology, healthcare, and industrial [5] Market Conditions - A gradual improvement in the Advisory Services segment is anticipated, supported by a solid leasing business, despite ongoing macroeconomic uncertainties affecting commercial real estate transactions [6] - Elevated interest rates are causing caution among investors, impacting deal timelines in the commercial real estate market [6] Earnings Prediction - The current Zacks Rank for CBRE is 2 (Buy), but the Earnings ESP is -1.02%, indicating uncertainty regarding an earnings surprise this season [10]