CUSHMAN & WAKEFIELD COMPANY OVERVIEW MARCH 2026 Cushman & Wakefield 1 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 future events. Such statements are also subject to a number of uncertainties and factors outside the control of the Cushman & Wakefield Ltd. (the "Company"). Such factors include, but are not limited to, disruptions in gener ...

Popular is a leading regional financial institution with a significant presence in Puerto Rico and expanding operations in select U.S. and Caribbean markets. The company leverages a diversified product offering and an extensive branch and ATM network to drive customer engagement and deposit growth. Its competitive edge lies in its deep local market knowledge and ability to serve a wide range of clients with tailored financial solutions.Serves individuals, small and medium-sized businesses, and institutional ...

Financial Data and Key Metrics Changes - Total revenues increased by 15.3% to just over $1 billion, compared to $872.7 million in the previous year, marking an all-time high for the company [11] - Adjusted EPS rose by 23.6% to $0.68, exceeding previous guidance by $0.04 [13] - Adjusted EBITDA was $214 million, up 17% from $182.9 million, with an improved adjusted EBITDA margin [14] Business Line Data and Key Metrics Changes - Leasing revenues increased by 13.6%, driven by strong activity in New York and Texas across retail, office, and industrial sectors [12] - Management and servicing revenues grew by 13%, reaching a record high for these recurring businesses [11] - Capital markets saw a 19.2% increase, reflecting significant activity in office, retail, and multifamily sectors [12] Market Data and Key Metrics Changes - Newmark's investment sales volumes were up 56% for the full year, compared to 20% for overall U.S. volumes [7] - Quarterly debt volumes increased by 12%, with origination volumes up 67% for the year, outpacing the U.S. industry growth of 43% [8] Company Strategy and Development Direction - The company aims to achieve over $2 billion in management and servicing revenues by 2029, leveraging deep client relationships [6] - Newmark is focused on expanding its international presence and enhancing its platform through strategic hiring and investments [10] - The integration of artificial intelligence is seen as a significant opportunity to enhance efficiency and margins across service lines [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving double-digit growth in both top and bottom lines for the third consecutive year in 2026, supported by a favorable macroeconomic backdrop [10] - The company anticipates total revenues for 2026 to be between $3.7 billion and $3.8 billion, reflecting a 13.8% increase at the midpoint [16] Other Important Information - The company ended 2025 with $229.1 million in cash and cash equivalents and a net leverage ratio of 0.8x, indicating a healthy balance sheet [15] - The board of directors increased the share repurchase authorization to $400 million, signaling a commitment to returning capital to shareholders [14] Q&A Session Summary Question: How are clients considering AI in relation to their office needs? - Management noted that it is still early to fully understand AI's impact, but there is increased activity in returning to the office, with AI seen as an accelerant for business opportunities [20][21] Question: What is the outlook for refinancing and restructuring in the debt market? - Management indicated that there is $2 trillion of debt coming due over the next three years, suggesting ripe opportunities for market action [27][28] Question: What are the risks of property-level data becoming public? - Management acknowledged that while some data is confidential, they have collected significant proprietary data that can be leveraged for client value [32] Question: How has the competitive landscape for talent evolved? - Management stated that they have successfully recruited talent by offering a less competitive internal environment, focusing on higher revenue per employee [63] Question: What are the expectations for revenue growth across different business lines? - Management expects capital markets to grow faster than the midpoint, management services to be in line, and leasing to be slightly below the midpoint of guidance [68]

Q4 2025 EARNINGS PRESENTATION February 19, 2025 Q4 & FY 2025 FEBRUARY 19, 2026 Cushman & Wakefield 1 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 future events. Such statements are also subject to a number of uncertainties and factors outside the control of the Cushman & Wakefield Ltd. (the "Company"). Such factors include, but are no t ...

Group 1 - Cushman & Wakefield (NYSE:CWK) is recognized as one of the top 10 real estate services stocks favored by hedge funds [1] - Morgan Stanley analyst Ronald Kamdem raised the price target for Cushman & Wakefield from $16.50 to $19, indicating a potential upside of nearly 26% [1] - Barclays analyst Brendan Lynch also increased his price target for the stock from $18 to $19 while maintaining an Equal Weight rating [2] Group 2 - The overall REIT market is projected to return 15%, with specific strengths noted in apartments, billboards, and data centers [2] - Barclays maintains a neutral outlook on the industrial, cold storage, and triple-net sectors while identifying potential in apartments, storage, and family rentals for the upcoming year [3] - Cushman & Wakefield provides a range of commercial real estate services, including leasing, capital markets, occupancy services, and valuations, focusing on facilities management and consulting [4]

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q4 2025 were $0.80, with an adjusted return on assets of 1.52% and an adjusted return on tangible common equity of 20.3% [4][12] - The net interest margin slightly declined to 3.98% from 4.05% year-over-year, but funding costs decreased, mitigating the impact of short-term rate reductions [7][12] - Total adjusted fee income reached a record $77 million, a 5% increase from the previous quarter [5][14] - For the full year 2025, adjusted net income was $281 million, or $2.92 per share, with record revenue of nearly $922 million, an 8% increase over 2024 [6][7] Business Line Data and Key Metrics Changes - Loan growth for Q4 was 4% on an annualized basis, with total average deposits increasing by approximately 7% [4][9] - Non-interest income for the year increased by 16% to a record $280 million, driven by growth in wealth management, foreign exchange, and mortgage income [7][8] - Adjusted non-interest expenses increased by 6% from the linked quarter, primarily due to the Westfield acquisition [5][10] Market Data and Key Metrics Changes - The company maintained 21% of total balances in non-interest-bearing accounts, focusing on growing lower-cost deposit balances [10] - Total deposit balances increased by $2 billion, including $1.8 billion from the Westfield acquisition, with organic growth of $264 million [9][10] Company Strategy and Development Direction - The company plans to achieve organic loan growth of 6%-8% for the full year 2026, with expectations of easing payoff pressure in Q1 [16][17] - The company is expanding its presence in Grand Rapids, Michigan, with plans to establish a full banking office and add mortgage services [32][64] - The company aims to enhance its wealth management services in Northeast Ohio, following the acquisition of Westfield [76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a strong net interest margin and expects it to remain among the highest in the peer group [16] - The company anticipates credit costs in Q1 to approximate Q4 levels, with stable allowance for credit losses coverage [17] - Management highlighted the successful launch of a new banking office and the acquisition of two banking companies as part of their growth strategy [18] Other Important Information - The company issued $300 million of subordinated debt during Q4, with a 10-year maturity and a 6.38% interest rate [10] - Asset quality remained stable, with non-performing assets slightly increasing to 0.48% of total assets [5][11] Q&A Session Summary Question: Fee income guidance for the rest of the year - Management acknowledged seasonality in fee income, particularly in foreign exchange, and expects growth in the latter half of the year [22][24] Question: Growth plans in Grand Rapids - Management detailed the ramp-up of loan commitments and deposit growth in Grand Rapids, with plans for further expansion [30][32] Question: Loan growth outlook - Management confirmed a projected organic loan growth of 6%-8% for the year, excluding acquired balances [38][41] Question: Margin outlook and purchase accounting - Management indicated that the margin would depend on short-term rate movements, with a slight decline expected if rate cuts occur [45][46] Question: Efficiency ratio trends - Management projected the efficiency ratio to be in the mid-50s range, influenced by the integration of recent acquisitions [70][75]

Core Insights - Jones Lang LaSalle Incorporated (JLL) is a leading professional services firm in real estate and investment management, offering services such as leasing, property management, and investment advisory [1] - JLL's current stock price is $323.85, with a market capitalization of approximately $15.36 billion, indicating a strong presence in the real estate sector [5][6] Stock Performance - JLL's stock price has shown a slight decrease of approximately 0.56% or $1.84, with fluctuations between a low of $320.45 and a high of $327.37 on the day [4] - Over the past year, JLL's stock reached a high of $335.83 and a low of $194.36, reflecting significant volatility [4] Analyst Outlook - An analyst from CBRE set a price target of $351 for JLL, suggesting a potential price increase of approximately 8.38%, indicating confidence in JLL's strategic initiatives and market position [2][6] Leadership Changes - Amanda Brimmer has been appointed as the Chief Financial Officer for Leasing Advisory and Head of Corporate Development, expected to drive financial growth and performance [3][6] - Brimmer's expertise in mergers and acquisitions and transformational programs is anticipated to optimize JLL's assets and enhance its competitive edge [3]

Core Viewpoint - Mitsubishi UFJ Financial Group (MUFG) commemorates the 20th anniversary of its merger, highlighting its significant role in the global financial landscape and its commitment to sustainable growth [1][2][3]. Group 1: Company Overview - MUFG is one of the largest global financial groups, with nearly $3 trillion in assets and a presence in over 40 countries [4][5]. - The company has a history of over 360 years and employs approximately 150,000 people, offering a wide range of financial services [5][6]. - MUFG aims to be the world's most trusted financial group, focusing on collaboration and sustainable growth [5]. Group 2: Economic Contribution - MUFG plays a crucial role in the U.S. economy by providing capital to thousands of companies, thereby supporting job creation and economic activity [4]. - The company emphasizes its global strength and local knowledge to deliver financial solutions that promote restorative growth across various industries [3][4]. Group 3: Leadership and Vision - MUFG's leadership, including President Hironori Kamezawa and other executives, participated in ringing The Closing Bell® at the New York Stock Exchange to mark the anniversary [2]. - The company's purpose statement reflects its commitment to empowering a brighter future through extensive resources and expertise [3].

Core Insights - Jones Lang LaSalle Incorporated (JLL) is a leading professional services firm in real estate and investment management, offering a variety of services including property management, leasing, and project management [1] - JLL's stock has shown resilience with a 3.22% gain over the past 30 days, indicating positive market sentiment and investor confidence [2][6] - Despite a recent decline of 3.15% in the last 10 days, the overall outlook for JLL remains optimistic, suggesting potential for a rebound [3] - Analysts have set a target price of $360 for JLL, indicating a significant stock price growth potential of 19.83%, suggesting the stock is currently undervalued [4][6] - JLL's strong financial health is highlighted by a Piotroski Score of 8, reflecting its profitability, leverage, liquidity, and operating efficiency, making it an attractive investment option [5][6]

Q3 2025 Financial Performance - Fee revenue for Q3 2025 reached $1.781 billion, an 8% increase compared to Q3 2024[20, 22] - Adjusted EBITDA for Q3 2025 was $160 million, up 11% from Q3 2024[20, 22] - Adjusted diluted EPS increased by 26% to $0.29, marking five consecutive quarters of year-over-year growth[20, 22] - The Adjusted EBITDA margin was 9%, a 23 bps increase compared to Q3 2024[20, 22] Segment and Service Line Performance - Leasing fee revenue increased by 9%, driven by growth in the Americas and EMEA regions[20] - Capital markets fee revenue increased by 20%, with double-digit growth across all regions[20] - Services fee revenue increased by 6%, with organic Services fee revenue up 7%[20] - Americas fee revenue reached $1.277 billion in Q3 2025[25] - EMEA fee revenue reached $225 million in Q3 2025[27] - APAC fee revenue reached $280 million in Q3 2025[27] Balance Sheet Management - The company prepaid $150 million of debt in August and an additional $100 million in October, bringing year-to-date debt prepayments to $300 million[20] - The company repriced $948 million of debt in July and $840 million in October, reducing the applicable interest rate by 50 bps and 25 bps, respectively[20] - Liquidity at the end of Q3 2025 was $1.7 billion, consisting of $0.6 billion of cash and $1.1 billion revolving credit facility availability[20]