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 ...

Company Overview - CBRE Group, Inc. is a leading global provider of commercial real estate services with a market capitalization of $39.73 billion [1] Stock Performance - CBRE's shares reached a 52-week high of $174.27 on February 10 but have since declined 24% due to concerns about commercial real estate fundamentals, high interest rates, and economic slowdown risks [2] - Over the past three months, CBRE's stock has decreased by 17.4%, while the Nasdaq Composite index has fallen by 3.7% [2] - In the past 52 weeks, CBRE's stock has gained 5.3%, contrasting with a 30.3% increase in the Nasdaq Composite index [3] - Year-to-date, CBRE's stock has dropped 17.6%, while the broader index has seen a decline of 2.3% [3] - The stock has been trading below its 50-day and 200-day moving averages since mid-February [3] Financial Results - For Q4 of fiscal 2025, CBRE reported revenue of $11.63 billion, an 11.8% year-over-year growth, although it slightly missed analyst estimates, leading to an 8.8% intraday stock drop [4] - The company's core EPS increased by 17.7% year-over-year to $2.73 [4] - By the end of Q4, CBRE had total liquidity of approximately $5.70 billion, up from $5.20 billion at the end of Q3 [4] Future Projections - Analysts expect CBRE's diluted EPS to rise by 26.7% year-over-year to $1.09 for the current quarter [5] - For fiscal 2026, EPS is projected to increase by 16.5% annually to $7.43, followed by a 15.1% growth to $8.55 in fiscal 2027 [5] Comparative Performance - Compared to CoStar Group, Inc., which has declined 41% over the past 52 weeks and 32.6% year-to-date, CBRE has outperformed significantly [6] Analyst Sentiment - Wall Street analysts are bullish on CBRE's stock, with a consensus rating of "Strong Buy" from 13 analysts [7] - The mean price target of $186.18 suggests a 40.5% upside from current levels, while the highest price target of $200 indicates a potential 51% upside [7]

Investor Briefing 2026 March 12, 2026 ©2026 Jones Lang LaSalle IP, Inc. All rights reserved. Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, with respect to the future financial or business performance, strategies, or expectations of Jones Lang LaSalle Incorporated ("JLL"). Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "bel ...

Group 1 - The market is currently experiencing a phase of disruption, with various sectors being targeted for potential changes, leading to a reactive selling approach among investors [1][6] - The real estate services sector, particularly companies like CBRE, faces risks due to their reliance on high-cost intermediary roles, which may be threatened by advancements in AI and automation [2][3] - The transition from theoretical AI capabilities to real-world applications is causing concern among analysts regarding the future demand for real estate as white-collar jobs may be displaced [4][5] Group 2 - There is a perception that the market's reaction to AI disruption is an overreaction, with many investors feeling caught off guard by the sudden shifts in sentiment [6][8] - Analysts suggest that while there is a threat of disruption across various sectors, there may be opportunities to capitalize on the market's volatility and investor anxiety [7][8] - Wealth management stocks currently show a lack of sell ratings, indicating a potential disconnect between market sentiment and actual performance expectations [9]

Earnings Presentation 4th Quarter 2025 1 Cautionary Statements Forward Looking: This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the beliefs, expectations, or opinions of TowneBank and its management regarding future events, many of which, by their nature, are inherently uncertain. Forward-looking statements may be identified by the use of such wor ...

Group 1 - Cushman & Wakefield (CWK) is a global real estate services firm that offers property management, facilities management, and investment management services, competing with major players like CBRE Group and JLL [1] - Morgan Stanley has set a price target of $19 for CWK, indicating a potential price increase of about 10.47% from its current price of $17.20 [1][5] - CWK's current stock price is $17.20, reflecting a slight increase of 0.73% or $0.13, with fluctuations between a low of $16.84 and a high of $17.21 on the day [2] - Over the past year, CWK's stock has shown significant volatility, with a high of $17.33 and a low of $7.64 [2][5] - CWK has a market capitalization of approximately $3.98 billion, indicating its size and influence in the real estate industry [4] - The trading volume for CWK on the NYSE today is 1,172,944 shares, demonstrating active investor interest [4] Group 2 - The company is making strategic moves to strengthen its position in the industrial sector by appointing Joe Howell and Brett Spitzer as Vice Chairs in its Occupier Advisory Services [3][5]

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]

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 - The company reported strong momentum in Q2 2025, with resilient revenues growing by 17%, surpassing the 15% growth rate for transactional businesses [4][6] - Core EBITDA and core EPS grew by 30% and 47% respectively, exceeding expectations [8] - The company raised its core EPS guidance for the year to a range of $6.1 to $6.2, indicating over 20% growth for the year if the midpoint is achieved [6][16] Business Line Data and Key Metrics Changes - Advisory Services revenue rose by 14% with SOP growing by 31%, driven by margin expansion [9] - Global leasing revenue increased by 13%, with U.S. office leasing leading at a 15% increase [9][10] - The Building Operations and Experience segment saw mid-teens revenue growth, while Project Management achieved 13% revenue growth and 18% SOP growth [12][13] Market Data and Key Metrics Changes - Growth in non-gateway markets outpaced gateway markets, indicating increased momentum in regions outside major cities [10] - U.S. industrial leasing revenue was up 15%, driven by third-party logistics providers [10] - Global property sales rose by 19%, with U.S. property sales increasing by 25%, particularly strong in data centers, office, and retail [11] Company Strategy and Development Direction - The company is focused on synergies across its nearly 8 billion square foot management portfolio and is optimistic about the integration of Turner and Townsend with its legacy project management business [5][29] - The company is targeting growth in infrastructure services and asset management, with a growing $10 billion AUM infrastructure fund [66][67] - The outlook for capital markets activity remains strong, with expectations for continued sales and refinancing activity [36][39] Management's Comments on Operating Environment and Future Outlook - Management noted that while the macro environment remains uncertain, occupier and investor clients are proceeding with their plans [4] - The company expects to set a new earnings peak this year, just two years after the 2023 downturn in commercial real estate [6][7] - Management expressed confidence in the resilience of the economy with limited risk of recession later this year [16] Other Important Information - The company generated $1.3 billion of free cash flow on a trailing twelve-month basis, with expectations of over $1.5 billion for the full year [15] - A bond offering of $1.1 billion was completed during the quarter, increasing liquidity to $4.7 billion [16] Q&A Session Summary Question: What are the expectations for the office leasing recovery? - Management acknowledged that comparisons will become tougher but noted strong momentum in office leasing, particularly in second-tier markets [20][22] Question: What benefits have been seen from the integration of Turner and Townsend? - Management reported no unexpected challenges and highlighted significant cost and revenue synergies, with expectations for continued benefits over the next couple of years [29][30] Question: What is the outlook for capital markets activity? - Management expects strong sales and refinancing activity to continue, with no significant changes anticipated in interest rates [36][39] Question: How is the company addressing potential synergies in the Building Operations and Experience segment? - Management indicated that while synergies are expected to be significant, they have not yet quantified them [23][24] Question: What is the expected growth for project management revenue in the second half of the year? - Management anticipates low double-digit revenue growth for project management, with normalization expected in the second half [55][56] Question: How is the company approaching capital deployment and share buybacks? - Management reiterated a focus on M&A opportunities while balancing share buybacks, with no specific capital allocation embedded in guidance [40][41]