Q2 2025 Financial Performance - Fee revenue for Q2 2025 reached $1.7 billion, a 7% increase compared to Q2 2024[18] - Leasing fee revenue increased by 8%, primarily driven by growth in the Americas and EMEA regions[18] - Capital markets fee revenue saw a significant increase of 26%, with double-digit growth in both the Americas and EMEA[18] - Adjusted EBITDA reached $162 million, a 15% increase compared to the previous year[18] - The adjusted EBITDA margin improved to 9.5%, a 75 bps increase compared to Q2 2024[18] - Adjusted EPS increased by 50% to $0.30, marking four consecutive quarters of year-over-year growth[18] Liquidity and Debt Management - The company repaid an additional $25 million in term loan debt[18] - Subsequent to quarter end, the company repriced approximately $950 million of term loan debt maturing in 2030, reducing the applicable interest rate by 50 bps, and paid down an additional $150 million of term loan debt maturing in 2030[18] - Liquidity at the end of Q2 2025 was $1.7 billion, comprising $0.6 billion in cash and $1.1 billion in undrawn revolving credit facility availability[18] - Net debt to LTM Adjusted EBITDA was 3.7x[44, 50] Segment Performance - Americas fee revenue was $1.205 billion in Q2 2025, a 7% increase compared to Q2 2024[24, 27] - EMEA fee revenue was $224 million in Q2 2025, a 9% increase compared to Q2 2024[24, 34] - APAC fee revenue was $270 million in Q2 2025, a 3% increase compared to Q2 2024[24, 38] 2025 Outlook - Leasing revenue growth is projected to be between 6% and 8%[48] - Capital Markets revenue growth is expected to be in the mid-teens, improved growth vs 2024's +4%[48] - Organic Services revenue growth is anticipated to be in the mid-single digits[48] - Adjusted EPS growth is projected to be between 25% and 35%[48]

Financial Data and Key Metrics Changes - The company reported record quarterly net income of $195.5 million, up from $189 million in the previous quarter, representing a growth of approximately 2.6% [5] - Net interest income also reached a record high of $547 million, driven by loan growth of $2.3 billion in the second quarter, which reflects a 19% annualized increase [5][10] - Total assets grew by $3.1 billion to $69 billion, including the impact of a $425 million preferred stock offering [11] Business Line Data and Key Metrics Changes - Residential mortgage activity increased slightly but remains muted in the current rate environment, with the company managing expenses to protect financial results [7] - The property and casualty premium finance group saw growth of over $1 billion, while commercial real estate grew by $377 million and mortgage warehouse grew by $213 million [19][20] - Non-interest income totaled $124.1 million, up approximately $7.5 million from the prior quarter, with increases in mortgage banking and wealth management revenue [13] Market Data and Key Metrics Changes - The company experienced a 17% increase in deposit growth, amounting to $2.2 billion on an annualized basis, which helped fund the strong loan growth [9] - The net interest margin for the quarter remained stable at 3.54%, indicating effective management of interest income and expenses [6][12] Company Strategy and Development Direction - The company aims for continued mid to high single-digit loan growth for the second half of the year, supported by strong pipelines and disciplined growth strategies [5][21] - Management emphasized a client-first approach, focusing on delivering sophisticated financial solutions while maintaining expense discipline [26] - The company is cautiously optimistic about the overall business environment, with a focus on maintaining strong credit quality and managing risks effectively [22] Management's Comments on Operating Environment and Future Outlook - Management noted that credit quality remains strong, with non-performing loans stable and charge-offs unchanged from the previous quarter [22][23] - There is a belief that the impacts of economic uncertainties will be limited due to strong underwriting standards and a diversified portfolio [21] - The company is optimistic about the potential for M&A activity, driven by market dynamics and opportunities arising from regulatory changes [51][92] Other Important Information - The company continues to build tangible book value per share and has grown it every year since going public [15] - The recent preferred stock issuance will impact earnings per share calculations in the third quarter, but not operating net income [16][17] Q&A Session Summary Question: Loan growth expectations for Q3 - Management expects loan growth to remain in the mid to high single digits based on the June 30 balance [33][34] Question: Sources of deposit growth - Deposit growth is broad-based, with significant contributions from commercial and consumer households [36] Question: Wealth management outsourcing progress - The conversion to the LPL platform is largely complete, and the focus is now on serving clients and growing the wealth business [37] Question: NII growth sustainability amid deposit competition - Management anticipates mid to high single-digit NII growth, supported by stable margins and asset growth [43][46] Question: Impact of deregulation on the company - Management is hopeful for regulatory adjustments that could facilitate growth and acquisition opportunities [51] Question: Borrower sentiment and loan growth - Borrower sentiment is cautiously optimistic, with improved confidence in the economic environment [111] Question: Non-performing loans in the CRE portfolio - The increase in non-performing loans is attributed to a few specific credits, but overall management remains confident in the portfolio's health [96]

Group 1 - CBRE Group is the global leader in the real estate service market, holding the 1 position in leasing, property sales, outsourcing, appraisal, and property management markets [1] - Financial institutions have consistently increased asset allocations to the real estate market over the past few years [1]

Core Insights - Coop Pank experienced growth in customer base and loan portfolio despite a challenging economic environment, indicating resilience and operational efficiency [1][9][12] Customer Metrics - By the end of Q2 2025, Coop Pank had 218,000 customers, an increase of 5,000 customers in the quarter (+2%) and 22,000 in the year (+11%) [1] - The number of active customers reached 103,600, with an increase of 1,800 (+2%) in the quarter and 8,300 (+9%) year-over-year [1] Deposit Trends - In Q2 2025, total deposits decreased by 98 million euros (-5%) to 1.81 billion euros, attributed to a successful covered bond issuance [2] - Deposits from private clients increased by 0.4 million euros, while deposits from domestic business customers decreased by 78 million euros [2] - Compared to Q2 2024, total deposits increased by 77 million euros (+4%) [2] Loan Portfolio Performance - The net loan portfolio increased by 125 million euros (+7%) in Q2 2025, reaching 1.94 billion euros [3] - Business loans showed the strongest growth, increasing by 82 million euros (+10%), while home loans rose by 37 million euros (+5%) [3] - Year-over-year, the total loan portfolio grew by 322 million euros (+20%) [3] Financial Health - The overdue loan portfolio stood at 2.8% in Q2 2025, up from 2.2% a year ago [4] - Impairment costs for financial assets were 1.4 million euros, reflecting an increase from the previous quarter and year [4] Income and Profitability - Net income for Q2 2025 was 19.5 million euros, a 1% increase quarter-over-quarter but a 5% decrease year-over-year [5] - The net profit was 6.6 million euros, down 16% from the previous quarter and 17% from the same period last year [6] - The cost-to-income ratio was 52%, and return on equity was 12.1% [6][12] Economic Context - The Estonian economy has not yet regained growth momentum, with 5% inflation and rising unemployment nearing 9% impacting consumer confidence [7][8] - Despite these challenges, Coop Pank's loan portfolio grew significantly, indicating strong demand in the manufacturing and real estate sectors [9] Strategic Developments - Coop Pank has enhanced its collaboration with Coop retail by introducing a new cashback solution for shared private customers [10] - The bank aims to leverage the synergy between retail and banking to improve everyday banking services [13]

Core Insights - Colliers International Group, Inc. (CIGI) has entered into a definitive agreement to acquire a controlling interest in Astris Infrastructure, LLC (Astris Finance), with the deal expected to close in Q3 2025 [1][7] - The financial terms of the acquisition have not been disclosed [1] - Astris Finance specializes in strategic and transaction advisory services, including mergers and acquisitions (M&A), project finance, and long-term capital raising initiatives for global developers and investors [3][7] Company Overview - Colliers operates under a unique partnership model, allowing senior leadership and designated team members of Astris Finance to retain substantial ownership in the business [2] - Colliers manages over $25 billion in energy transition and infrastructure assets, enhancing its investment management capabilities [4] - The acquisition aims to expand Colliers' investment banking capabilities, positioning the company to better serve institutional clients amid rising global demand for infrastructure [4][7] Market Context - Colliers is a diversified professional services and investment management company, with services including outsourcing, leasing, capital markets, engineering, and investment management [5] - The company has experienced a 0.5% increase in shares over the past three months, compared to a 3.9% increase in the industry [5]

Core Viewpoint - The Crelan Group and Crédit Agricole have signed a long-term partnership agreement, allowing Crédit Agricole to acquire a 9.9% minority stake in Crelan, which will enhance Crelan's service offerings and commercial development in Belgium [2][9]. Group 1: Partnership Details - The partnership includes commercial collaborations in asset management, private banking, wealth management, and leasing [2]. - Crelan and Crédit Agricole plan to establish additional joint commercial initiatives in the near future [2]. Group 2: Strategic Vision - Both Crelan and Crédit Agricole share a vision of cooperative banking, aiming to strengthen their services and provide high-quality banking solutions [3]. - The partnership is expected to benefit customers, cooperators, and society as a whole [3]. Group 3: Financial Implications - The partnership is projected to positively impact Crelan's consolidated 2025 transitional CET1 capital ratio by approximately 2% and have a non-material impact on Crédit Agricole's CET1 ratio [7]. - The conclusion of commercial agreements is anticipated to enhance the revenues of both groups [7]. Group 4: Crelan's Position - Crelan is a cooperative bank in Belgium, maintaining its cooperative model and values while ensuring that all deposits remain invested in Belgium [6]. - The bank has a significant presence with 4327 employees, 727 branches, and €55.8 billion in total assets as of December 31, 2024 [8]. Group 5: Crédit Agricole Overview - Crédit Agricole is a leading financial provider in France and a major player in European banking, recognized for its retail banking and asset management services [10][11]. - The group serves 54 million customers and emphasizes a customer-focused banking model [12].

Core Insights - Coop Pank experienced strong growth in its loan portfolio due to a significant issuance of business and home loans in April 2025 [1] - The bank's loan portfolio quality remains robust despite economic uncertainties, with a new leasing product introduced for used vehicle financing [2] - A deliberate reduction in deposit volume was linked to a successful issuance of covered bonds, providing a stable funding source [3] Financial Performance - The number of clients increased by 1,700 to reach 214,400, while active clients decreased by 100, marking a 12% growth in the customer base year-over-year [5] - Customer deposits decreased by 107 million euros to 1.81 billion euros, with corporate deposits down by 74 million euros and private deposits down by 5 million euros [5] - The loan portfolio grew by 53 million euros to 1.87 billion euros, with business loans increasing by 39 million euros and home loans by 13 million euros [5] - The bank's net profit for April was 1.8 million euros, with a 19% decrease in net profit for the first four months compared to the previous year [5] - Return on equity stood at 10.3% and the cost-income ratio was 53% in April [5]

Financial Data and Key Metrics Changes - The company reported a 22% increase in revenues, reaching $665.5 million compared to $546.5 million in the previous year [5][8] - Earnings metrics grew approximately 40%, with adjusted EPS increasing by 40% to $0.21 from $0.15 [10] - Adjusted EBITDA was $89.2 million, up 40.5% from $63.5 million, with an adjusted EBITDA margin improvement of approximately 180 basis points to 13.4% [10] Business Line Data and Key Metrics Changes - Capital markets revenues grew by 33%, with a 62.5% volume improvement across all major property types, including a 40% increase in GSE FHA origination volumes [5][8] - Leasing fees increased by 31%, driven by heightened activity in New York City, Boston, and a strong rebound in the San Francisco Bay Area [6][8] - Management and servicing revenues rose by over 10%, marking the seventh consecutive period of solid year-on-year improvement [8] Market Data and Key Metrics Changes - The company noted strong double-digit growth in office and retail leasing volumes, contributing to the overall increase in leasing revenues [8] - Despite potential geopolitical headwinds, the company anticipates further market share gains over time [7] Company Strategy and Development Direction - The company is focused on enhancing capabilities across various verticals and geographies while diversifying into more service lines and alternative property types [6] - The management emphasized a strategy of organic growth, with a careful approach to acquisitions, prioritizing talent acquisition over large-scale mergers [42][43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current business environment, noting that deals and leases continue to progress without significant pullbacks [17][18] - The company maintains its 2025 outlook, citing macroeconomic uncertainties as a reason for a cautious approach despite strong performance in the first quarter [11][36] Other Important Information - The company ended the quarter with $157.1 million in cash and cash equivalents and a net leverage ratio of 1.3 times [11] - There is $371.9 million remaining under the share repurchase program, with management indicating a willingness to engage in buybacks as conditions allow [10][20] Q&A Session Summary Question: Insights on client relationships and macro uncertainty - Management noted that deals are still progressing and there hasn't been a significant change in decision-making despite macro uncertainties [17][18] Question: Transaction market activity - Management indicated that there hasn't been a noticeable slowdown in putting properties on the market, although interest rate changes could influence future decisions [19] Question: Stock buybacks in the current environment - Management expressed confidence in engaging in stock buybacks, citing a clean balance sheet and low net leverage [20] Question: Differentiation in management services - Management highlighted unique offerings such as managed service programs and a focus on partnership with investor clients as key differentiators [24][25] Question: Guidance maintenance despite strong performance - Management explained that while the first quarter was strong, macroeconomic conditions warranted a cautious approach to guidance [34][36] Question: Current appetite for M&A - Management stated that growth has been primarily organic, but they remain open to acquisitions if they align with strategic goals [42][43] Question: Outlook for multifamily housing - Management indicated a strong demand for multifamily housing, driven by a shortage and changing consumer behaviors [47][48] Question: Competitive environment for recruiting - Management asserted that Newmark remains a desirable employer, with ongoing recruitment efforts focused on maintaining high revenue per capita [52][54]

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]

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 ...