Q3 2025 EARNINGS PRESENTATION OCTOBER 30, 2025 Better never settles 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 events. Such statements are also subject to a number of uncertainties and factors outside Cushman & Wakefield's control. Such factors include, but are not limited to, discu in qeneral macroeconomic conditions and qlobal and re ...

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 Performance - Q1 2025 - Fee revenue reached $1.5 billion, a 4% increase compared to Q1 2024[15] - Adjusted EBITDA increased by 24% to $96 million[15] - Adjusted EBITDA margin improved by 103 bps to 6.2%[15] - Adjusted EPS (Diluted) was $0.09, a significant increase from $0.00 in Q1 2024[17] Revenue Breakdown by Service Line - Leasing fee revenue increased by 9%, driven by growth in the Americas and APAC regions[15] - Capital Markets fee revenue increased by 11%, with growth across all regions[15] - Services fee revenue increased by 1%, with organic Services fee revenue up by 4%[15] Regional Performance - Americas fee revenue increased by 6%[21] - EMEA fee revenue decreased by 9%[21] - APAC fee revenue increased by 7%[21] Capital Structure - The company repaid an additional $25 million in debt and repriced $1.0 billion of term loan debt maturing in 2030, reducing the interest rate by 25 bps[15] - Liquidity at the end of Q1 2025 was $1.7 billion, including $0.6 billion in cash and $1.1 billion available from the revolving credit facility[15]