Company Overview - CBRE Group, Inc. is a commercial real estate services and investment firm headquartered in Dallas, TX, providing a wide range of services including facilities management, transaction and project management, property management, investment management, appraisal and valuation, property leasing, strategic consulting, property sales, mortgage services, and development services [11] - The company employs over 155,000 individuals and serves clients in more than 100 countries as of December 31, 2025 [11] Investment Ratings - CBRE is rated 2 (Buy) on the Zacks Rank, indicating a positive outlook for the stock [12] - The company has a VGM Score of A, suggesting strong performance across value, growth, and momentum metrics [12] Growth Potential - CBRE has a Growth Style Score of A, forecasting a year-over-year earnings growth of 15.4% for the current fiscal year [12] - In the last 60 days, three analysts have revised their earnings estimates upwards, with the Zacks Consensus Estimate increasing by $0.10 to $7.36 per share [12] - The company boasts an average earnings surprise of +7.9%, indicating a history of exceeding earnings expectations [12] Conclusion - With a solid Zacks Rank and top-tier Growth and VGM Style Scores, CBRE is positioned as a strong candidate for investors seeking growth opportunities [13]

Core Insights - Jones Lang LaSalle (JLL) has introduced its new Accelerate 2030 strategy, which aims to enhance its competitive position and drive shareholder value through economic cycles [1] - The strategy focuses on leveraging data, technology, and AI to improve advisory services and real estate execution [2] Financial Targets - JLL has set long-term financial targets, including an average annual revenue growth of approximately 8%, adjusted EBITDA growth of around 12%, and adjusted earnings per share growth of about 16% through the cycle [3] - These targets reflect management's confidence in expanding margins, growing earnings, and generating stronger cash flows as the company's platform scales globally [3] Capital Allocation - JLL announced a $2.2 billion share repurchase authorization, increasing its total buyback program to a record $3 billion, the largest in the company's history [4] - The firm plans to initiate a $200 million accelerated share repurchase, indicating its commitment to returning capital to shareholders while investing in strategic growth initiatives [4] Company Scale and Reach - JLL reported annual revenues of $26.1 billion and operates in over 80 countries with a workforce exceeding 113,000 employees [5] - The Accelerate 2030 roadmap positions the company to capture opportunities in the evolving commercial real estate landscape through enhanced technology, data, and advisory capabilities [5] Analyst Sentiment - Analysts are optimistic about JLL, with a Zacks Rank of 1 (Strong Buy) and a consensus estimate for 2026 earnings per share moving nearly 1% higher to $21.44 [6] - In the past month, JLL's shares have increased by 1.7%, contrasting with a 12.7% decline in the industry [6]

Investor Presentation M a r c h 2 0 2 6 • All amounts in millions of US Dollars unless otherwise noted. • This presentation makes reference to certain non-GAAP measures, including local currency ("LC") revenue growth rate, internal revenue growth rate, Adjusted EBITDA ("AEBITDA"), Adjusted EBITDA from recurring revenue percentage, Adjusted EPS ("AEPS"), free cash flow, assets under management ("AUM") and fee-paying assets under management ("FPAUM"). Please refer to Appendix for reconciliations to the most d ...

Newmark Group, Inc. (Nasdaq: NMRK) Fourth Quarter 2025 Financial Results Presentation February 25, 2026 Property Type: Multifamily N M R K .C OM NEWMARK 2 Table of Contents Property Type: Office 04 Recent Consolidated Results & Company Overview 13 Outlook & Targets 16 GAAP Financial Results 21 Additional Information on Newmark 29 Additional Industry Information 31 Financial Tables & Reconciliations Discussion of Forward-Looking Statements References in this document to "we," "us," "our," the "Company" and " ...

Core Insights - Colliers is investing significantly in artificial intelligence to enhance productivity and competitiveness across its three business segments [1][2] - The company reported a revenue of nearly $1.6 billion in Q4 2025, reflecting a 5% year-over-year growth, and a total revenue of $5.5 billion for the year, up approximately 15% from $4.9 billion in 2024 [3][5] Financial Performance - Q4 2025 net revenue from the commercial real estate segment increased by 7% [4] - Revenue from the capital markets business rose by 13%, while the leasing business grew by 3% [4] - The engineering segment's net revenue was up by 8%, supported by the acquisition of Ayesa Engineering, which is expected to enhance growth, particularly outside North America [5] Strategic Initiatives - The increased capital expenditure on IT marks a significant shift for Colliers, which has historically been a low CapEx business, with expectations of returns in 2-3 years [2] - The focus on capital markets within commercial real estate is driving growth, with office and industrial sectors showing the most activity [5] - There is an anticipated continuation of higher outsourcing activity across all commercial real estate services, particularly in valuation and advisory [5]

Financial Data and Key Metrics Changes - For Q4 2025, the company generated revenues of $1.6 billion, up 5% year-over-year, with adjusted EBITDA of $245 million, reflecting a 6% increase [10][11] - Full-year internal revenue growth was solid at 5%, with commercial real estate segment net revenue up 7% [10][11] - Investment management ended the year with over $108 billion in assets under management, flat relative to September 30 [6][14] Business Line Data and Key Metrics Changes - Capital Markets revenues increased by 13%, driven by strong activity in the U.S., while leasing revenues rose by 3% [11][12] - Outsourcing solutions grew by 8%, with valuation practices contributing significantly [11] - Engineering segment net revenue was up 8%, supported by recent acquisitions, with a strong revenue backlog providing visibility for future growth [12][16] Market Data and Key Metrics Changes - The U.S. market showed strong performance, particularly in Capital Markets and leasing activities, while EMEA and Asia Pacific experienced modest growth [11][35] - The company expects low teens top-line growth in commercial real estate for 2026, with Capital Markets projected to grow in the high teens [16][63] Company Strategy and Development Direction - The company is focused on expanding its diversified platform and pursuing further acquisitions, with the recent acquisition of Ayesa Engineering expected to enhance growth opportunities [4][5] - AI is viewed as a productivity and growth enabler, helping to automate routine tasks and improve efficiency across all segments [8][9] - The company aims to maintain a strong partnership model, emphasizing inside ownership to align leaders with clients and shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with strong momentum and a healthy pipeline, expecting solid internal growth and contributions from recent acquisitions [7][16] - The company anticipates mid-teens growth across key operating metrics, driven by favorable trends in infrastructure and urbanization [16][63] Other Important Information - The company plans to maintain leverage at around 2x, with the recent acquisition expected to add approximately 0.7 turns of leverage on a pro forma basis [15][70] - Fundraising targets for 2026 are set between $6 billion and $9 billion, with several funds currently in the market [13][66] Q&A Session Summary Question: Organic growth in engineering - Management noted strong demand for services, with opportunities to increase pricing and a growing workforce to meet demand [19][20] Question: Capital allocation and share buybacks - Management indicated a preference for careful capital management, with no immediate plans for stock buybacks due to ongoing acquisitions [28] Question: Macro perspective on Capital Markets - Management does not expect rate cuts to impact their outlook, citing pent-up demand for transactions as a key driver for growth [35][36] Question: AI's impact on business - Management sees AI as a margin enhancer rather than a disruptor, emphasizing its role in improving efficiency and decision-making [72] Question: Ayesa acquisition and growth expectations - Management expects high single-digit organic growth for Ayesa, leveraging its expertise in high-demand markets [80][81] Question: Fund performance and fundraising - Fund performance has been strong, with the flagship fund exceeding benchmarks, aiding in fundraising efforts [67][68]

Financial Data and Key Metrics Changes - For Q4 2025, the company generated revenues of $1.6 billion, up 5% year-over-year, with overall internal growth for the quarter being essentially flat due to strong prior comparisons [10] - Adjusted EBITDA for the quarter was $245 million, reflecting a 6% increase over the previous year, in line with revenue growth [10] - The company's leverage declined to 2x as of December 31, benefiting from strong seasonal cash flows [15] Business Line Data and Key Metrics Changes - The commercial real estate segment net revenue increased by 7% in Q4, with Capital Markets revenues rising by 13%, primarily driven by strong activity in the U.S. [11] - Leasing revenues grew by 3%, led by the U.S. in office and industrial asset classes [11] - The engineering segment net revenue was up 8%, supported by recent acquisitions, while investment management net revenues increased by 6% [12] Market Data and Key Metrics Changes - The U.S. market continued to show strength, particularly in Capital Markets, which is expected to maintain high teens growth in 2026 [64] - EMEA and Asia Pacific markets experienced modest growth, with expectations for improvement in 2026 [36] Company Strategy and Development Direction - The company is focused on expanding its diversified platform and has recently agreed to acquire Ayesa Engineering, which will enhance growth avenues and strengthen its global presence [5] - The strategy emphasizes leveraging AI as a productivity and growth enabler, improving efficiency and margins while allowing professionals to focus on higher-value advisory services [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with strong momentum and a healthy pipeline, expecting solid internal growth and contributions from recent acquisitions [7] - The company anticipates mid-teens growth across its key operating metrics for 2026, driven by a recovery in Capital Markets and strong demand in engineering and investment management [16] Other Important Information - The company raised $2.1 billion in new capital commitments during Q4 and $5.3 billion for the full year, with a fundraising target of $6 billion to $9 billion for 2026 [13][66] - The integration costs in the investment management segment are expected to continue impacting margins through the first half of 2026 [12][32] Q&A Session Summary Question: Organic growth in engineering - Management noted strong demand for services and opportunities to increase pricing, with hiring ongoing to meet demand [19][20] Question: Capital allocation and share buybacks - Management indicated a preference for careful capital management and highlighted the focus on acquisitions rather than share buybacks at this time [29] Question: Macro perspective on Capital Markets - Management does not expect rate cuts to influence their outlook, citing pent-up demand for transactions as a key driver for growth [36] Question: AI's impact on business - Management views AI as a margin enhancer rather than a disruptor, emphasizing its role in improving efficiency and enabling professionals to focus on complex transactions [71][72] Question: Ayesa acquisition and future growth - Management highlighted the strategic importance of the Ayesa acquisition for expanding into new markets and leveraging existing capabilities [56][87]

Fourth Quarter 2025 Results February 13, 2026 REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT Colliers 2 Highlights (US $ millions, except per share amounts) | Three months ended | 2025 | 2024 | %Change | | | --- | --- | --- | --- | --- | | December 31 | | | USD | LC(1) | | Revenues | 1,606.5 | 1,501.6 | 7% | 5% | | Net Revenues | 1,428.1 | 1,312.8 | 9% | 7% | | Adjusted EBITDA | 245.1 | 225.3 | 9% | 6% | | Adjusted EBITDA Margin | 15.3% | 15.0% | | | | Net Margin | 17.2% | 17.2% | | | | Adjusted ...

Core Viewpoint - Newmark Group (NMRK) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - Rising earnings estimates for Newmark Group indicate an improvement in the company's underlying business, likely leading to increased stock prices [5][10]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7][9]. - The upgrade of Newmark Group to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10]. Earnings Estimate Revisions - For the fiscal year ending December 2025, Newmark Group is expected to earn $1.59 per share, with a 2.3% increase in the Zacks Consensus Estimate over the past three months [8].

Group 1 - Baron Real Estate Fund achieved a 10.25% appreciation in Q3 2025, outperforming the MSCI US REIT Index at 4.49% and the MSCI USA IMI Extended Real Estate Index at 5.65% [1] - The fund highlighted Jones Lang LaSalle Incorporated (NYSE:JLL) as a key stock, which had a one-month return of 1.46% and a 52-week gain of 15.54% [2] - Jones Lang LaSalle's stock closed at $308.54 on November 11, 2025, with a market capitalization of $14.561 billion [2] Group 2 - Jones Lang LaSalle positively contributed to the fund's performance in Q3, supported by a strong Q2 financial report and broad-based business strength [3] - The company is expected to benefit from structural and secular tailwinds, including the outsourcing and institutionalization of commercial real estate, as well as opportunities to increase market share in a fragmented market [3] - At the end of Q2, 35 hedge fund portfolios held Jones Lang LaSalle, an increase from 33 in the previous quarter [4]