Press release Brussels, Lille, Montrouge, October 7th, 2025 Crelan and Crédit Agricole finalise their strategic partnership Following the communication of 21 May 2025, the Crelan Group and the Crédit Agricole Group today announce that they have finalised their strategic partnership with the signing of commercial agreements and the acquisition of a 9.9% minority stake in Crelan SA/NV by the Crédit Agricole Group. Crelan and the Crédit Agricole Group will now focus on implementing commercial collaborations in ...

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]

Core Insights - Newmark Group reported strong Q2 2025 earnings, exceeding analyst expectations with non-GAAP EPS of $0.31 and GAAP revenue of $759.1 million, reflecting double-digit growth from the previous year [1][2] - The company raised its full-year 2025 guidance, anticipating total revenue between $3.05 billion and $3.25 billion, and adjusted EPS of $1.47 to $1.57 [10] Financial Performance - Non-GAAP EPS increased by 40.9% year-over-year from $0.22 in Q2 2024 to $0.31 in Q2 2025 [2] - GAAP revenue rose by 19.9% year-over-year from $633.4 million in Q2 2024 to $759.1 million in Q2 2025 [2] - Adjusted EBITDA grew by 32.1% year-over-year, reaching $114.0 million [2] - Net income (GAAP, fully diluted) increased by 39.8% year-over-year, from $20.6 million in Q2 2024 to $28.8 million in Q2 2025 [2] Business Segments and Growth Drivers - All key business segments experienced double-digit revenue growth, driven by organic expansion [5] - Management services and servicing fees grew by 13.6%, marking eight consecutive quarters of year-over-year gains [5] - The leasing and other commissions segment increased by 13.8%, supported by a rebound in office and retail leasing in major U.S. cities [6] - The capital markets segment saw a revenue increase of 37.9%, with notable growth in commercial mortgage origination fees and investment sales [7] Operational Efficiency - Non-compensation expenses rose by only 3.1%, significantly lower than the 19.9% increase in total revenues, indicating effective expense control [8] - Adjusted free cash flow improved to $95.9 million, up from $38.7 million in Q2 2024 [8] Strategic Focus and Future Outlook - The company is focusing on technology integration, client relationship strengthening, and global expansion, investing in AI and data analytics [4] - Management plans to maintain a conservative balance sheet while growing recurring fee-based revenue streams [4] - The company expects adjusted EBITDA for FY2025 to be between $523 million and $573 million, an increase from earlier guidance [10]

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]