EXHIBIT 99.1
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Press Release


FOR IMMEDIATE RELEASE
For further information:
Chandni Luthra - Investors
Steve Iaco - Media
212.984.8113
212.984.6535
Chandni.Luthra@cbre.com
Steven.Iaco@cbre.com

CBRE GROUP, INC. REPORTS FINANCIAL RESULTS FOR Q2 2026

Dallas – July 29, 2026 — CBRE Group, Inc. (NYSE: CBRE) today reported financial results for the second quarter ended June 30, 2026.

Key Highlights:

•GAAP EPS of $0.69 and Core EPS of $1.56
•Revenue up 16% to $11.2 billion
•Resilient Businesses(1) revenue up 15%
•Transactional Businesses(1) revenue up 19%
•Cash flow from operations of nearly $1.4 billion and free cash flow of nearly $1.7 billion on a trailing 12-month basis
•2026 core EPS outlook raised to $7.80 to $7.90 from $7.60 to $7.80, reflecting 23% growth at midpoint of new range

“The momentum in CBRE’s business continued in the second quarter, with Core EPS up 30% on a 16% revenue increase,” said Bob Sulentic, CBRE’s chair and chief executive officer. “Our strength was balanced across the company. Each of our segments – Advisory, Building Operations & Experience, Project Management and Real Estate Investments – grew Segment Operating Profit by more than 25%.”
“Our strategy is working the way we intended,” Mr. Sulentic continued. “Resources and investments are being productively directed into areas that drive current growth and position us for long-term growth.”



CBRE Press Release
July 29, 2026
Page 2
Consolidated Financial Results Overview
The following table presents highlights of CBRE performance (dollars in millions, except per share data):
% Change
Q2 2026
Q2 2025
USD
LC (2)
Operating Results
Revenue$11,226 $9,717 15.5 %14.3 %
Pass-through costs (3)
4,622 4,085 13.1 %12.0 %
GAAP net income204 215 (5.1)%(5.6)%
Core adjusted net income (4)
459 361 27.1 %26.6 %
GAAP EPS0.69 0.72 (4.2)%(2.8)%
Core EPS (4)
1.56 1.20 30.0 %30.3 %
Core EBITDA (5)
836 626 33.5 %32.4 %
Cash Flow Results
Cash flow provided by operations
$138 $57 142.1 %
Gain on disposition of real estate5 19 (73.7)%
Less: Capital expenditures114 74 54.1 %
Free cash flow (6)
$29 $2 N/M

•Second-quarter GAAP net income was reduced by $168 million due to the non-cash impact of an increased reserve for fire-safety remediation in the U.K. development business. Without this item, second-quarter GAAP net income would have increased by 53% and GAAP EPS by 57%.

Advisory Services Segment
The following table presents highlights of the Advisory Services segment performance (dollars in millions):
% Change
Q2 2026
Q2 2025
USDLC
Revenue$2,306$1,95917.7%16.8%
Pass-through costs813(38.5)%(38.5)%
Segment operating profit (7)
44934729.4%28.7%

•Revenue and segment operating profit increased by 18% (17% local currency) and 29% (same local currency), respectively.
•Global leasing revenue increased 24% (23% local currency). The U.S. was also up 24% led by office and industrial. EMEA saw leasing revenue rise 27% (22% local currency) with especially strong growth in France, Germany and Spain, while APAC was up 19% (20% local currency).
•Global property sales revenue increased 20% (19% local currency). The U.S. was up 24% with strong growth across most property types. APAC and EMEA sales revenue grew more modestly.
•Mortgage origination revenue rose 8% (same local currency). Strong activity with private capital sources was partly offset by lower government agency lending.


CBRE Press Release
July 29, 2026
Page 3
•The loan servicing portfolio edged up 2% for the quarter to more than $468 billion. Loan servicing revenue growth was tempered by a decline in escrow income tied to lower average interest rates.
•Valuations revenue rose 12% (10% local currency), driven by especially strong growth in the U.S.
Building Operations & Experience (BOE) Segment
The following table presents highlights of the BOE segment performance (dollars in millions):
% Change
Q2 2026
Q2 2025
USDLC
Revenue$6,686 $5,833 14.6%13.3%
Pass-through costs3,534 3,188 10.9%9.6%
Segment operating profit335 267 25.5%23.1%

•Revenue and segment operating profit increased by 15% (13% local currency) and 25% (23% local currency), respectively.
•Revenue from critical infrastructure services increased 68% (66% local currency), driven by growth in data center solutions and contributions from Pearce Services, acquired in November 2025.
•Facilities management revenue rose 11% (10% local currency), led by local facilities management.
•Property management revenue rose 8% (7% local currency).
•Operating leverage was aided by the reclassification of certain amortization costs, as disclosed in first-quarter 2026 results.
Project Management Segment
The following table presents highlights of the Project Management segment performance (dollars in millions):
% Change
Q2 2026
Q2 2025
USDLC
Revenue$2,045 $1,717 19.1%18.1%
Pass-through costs1,080 884 22.2%21.6%
Segment operating profit147 115 27.8%26.1%


•Revenue and segment operating profit increased by 19% (18% local currency), and 28% (26% local currency), respectively.
•Project Management growth was underpinned by solid infrastructure activity in the U.K., Europe and the Middle East, and strong gains in real estate projects in North America and Asia.


CBRE Press Release
July 29, 2026
Page 4
Real Estate Investments (REI) Segment
The following table presents highlights of the REI segment performance (dollars in millions):
% Change
Q2 2026
Q2 2025
USDLC
Revenue$193 $215 (10.2)%(11.6)%
Segment operating profit
42 25 68.0 %64.0 %

Real Estate Development
•Operating profit(8) totaled $9 million.
•The portfolio of in-process projects and pipeline ended the second quarter at $29.6 billion, unchanged from the prior quarter. Excluding fee development, the overall portfolio stands at $21.2 billion.

Investment Management
•Revenue edged up 2% (1% local currency), reflecting higher recurring asset management fees.
•Operating profit(8) increased 3% (same local currency), as higher asset management fees were partly offset by lower co-investment returns.
•Assets under management (AUM) ended the second quarter at approximately $155 billion, down slightly from the prior quarter, driven by unfavorable currency movement.
Core Corporate Segment
Core corporate operating loss increased by approximately $9 million for the quarter, primarily driven by higher incentive compensation related to the company’s strong performance.
Capital Allocation Overview
•Free Cash Flow – Free cash flow totaled nearly $1.7 billion for the 12 months ended June 30, 2026.
•Stock Repurchase Program – Year-to-date, the company repurchased nearly $1.0 billion worth of shares.


CBRE Press Release
July 29, 2026
Page 5
Leverage and Financing Overview
•Leverage – CBRE’s net leverage ratio (net debt(9) to trailing twelve-month core EBITDA) was 1.60x as of June 30, 2026. The net leverage ratio is computed as follows (dollars in millions):
As of
June 30, 2026
Total debt$7,382 
Less: Cash and cash equivalents
1,489 
Net debt (9)
$5,893 
Divided by: Trailing twelve-month Core EBITDA$3,680 
Net leverage ratio1.60x

•Liquidity – At the end of the second quarter, the company had $4.4 billion of total liquidity.(10)

Conference Call Details
The company’s second quarter earnings webcast and conference call will be held today, Wednesday, July 29, 2026 at 8:30 a.m. Eastern Time. Investors are encouraged to access the webcast via this link or they can click this link beginning at 8:15 a.m. Eastern Time for automated access to the conference call.
Alternatively, investors may dial into the conference call using these operator-assisted phone numbers: 877.407.8037 (U.S.) or 201.689.8037 (International). A replay of the call will be available starting at 1:00 p.m. Eastern Time on July 29, 2026. The replay is accessible by dialing 877.660.6853 (U.S.) or 201.612.7415 (International) and using the access code: 13761434#. A transcript of the call will be available on the company’s Investor Relations website at https://ir.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
Safe Harbor and Footnotes
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the economic outlook, the company’s future growth momentum, operations and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause


CBRE Press Release
July 29, 2026
Page 6
results to differ materially include, but are not limited to: disruptions in general economic, political and regulatory conditions and significant public health events, particularly in geographies or industry sectors where our business may be concentrated; volatility or adverse developments in the securities, capital or credit markets, interest rate increases and conditions affecting the value of real estate assets, inside and outside the United States; poor performance of real estate investments or other conditions that negatively impact clients’ willingness to make real estate or long-term contractual commitments; cost and availability of capital for investment in real estate; foreign currency fluctuations and changes in currency restrictions, trade sanctions and import/export and transfer pricing rules; our ability to compete globally, or in specific geographic markets or business segments that are material to us; our ability to identify, acquire and integrate accretive businesses; costs and potential future capital requirements relating to businesses we may acquire; integration challenges arising out of companies we may acquire; increases in unemployment and general slowdowns in economic or commercial activity; trends in pricing and risk assumption for commercial real estate services; the effect of significant changes in supply/demand and capitalization rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; client actions to restrain project spending and reduce outsourced staffing levels; our ability to further diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; our ability to attract new occupier and investor clients; our ability to retain major clients and renew related contracts; our ability to leverage our global services platform to maximize and sustain long-term cash flow; our ability to continue investing in our platform and client service offerings; our ability to maintain expense discipline; the emergence of disruptive business models and technologies; negative publicity or harm to our brand and reputation; the failure by third parties to comply with service level agreements or regulatory or legal requirements; the ability of our investment management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; the ability of our indirect wholly-owned subsidiary, CBRE Capital Markets, Inc. to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; declines in lending activity of U.S. Government Sponsored Enterprises, regulatory oversight of such activity and our loan servicing revenue from the commercial real estate mortgage market; changes in U.S. and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, tariffs, currency controls and other trade control laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions; litigation and its financial and reputational risks to us; our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; our ability to retain, attract and incentivize key personnel; our ability to manage organizational challenges associated with our size; liabilities under guarantees, or for construction defects, that we incur in our development services business; our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-rating downgrade; our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; cybersecurity threats or other threats to our information technology networks, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, fire and safety building requirements and regulations, as well as data privacy and protection regulations, sustainability matters, and the anti-corruption laws and trade sanctions of the U.S. and other countries; changes in applicable tax or accounting requirements; any inability for us to implement and maintain effective internal controls over financial reporting; the effect of implementation of new accounting rules and standards or the impairment of our goodwill and intangible assets; and the performance of our equity investments in companies we do not control.
Additional information concerning factors that may influence the company’s financial information is discussed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2025, our quarterly reports on Form 10-Q, as well as in the company’s press releases and other periodic filings with the Securities and Exchange Commission (SEC). Such filings are available publicly and may be obtained on the company’s website at www.cbre.com or upon written request from CBRE’s Investor Relations Department at investorrelations@cbre.com.
The terms “core adjusted net income,” “core EBITDA,” “core EPS,” “business line operating profit (loss),” “net debt” and “free cash flow,” all of which CBRE uses in this press release, are non-GAAP financial measures under SEC guidelines, and you should refer to the footnotes below as well as the “Non-GAAP Financial Measures” section in this press release for a further explanation of these measures. We have also included in that section reconciliations of these measures in specific periods to their most directly comparable financial measure calculated and presented in accordance with GAAP for those periods.


CBRE Press Release
July 29, 2026
Page 7
Note: We have not reconciled the (non-GAAP) core earnings per share forward-looking guidance included in this release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, carried interest incentive compensation and financing costs, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
(1)Resilient Businesses include facilities management, critical infrastructure services, property management, project management, loan servicing, valuations, other portfolio services and recurring investment management fees. Transactional Businesses include property sales, leasing, mortgage origination, carried interest and incentive fees in the investment management business, and development fees.
(2)Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.
(3)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue.
(4)Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from U.S. GAAP net income and U.S. GAAP earnings per diluted share. Adjustments during the periods presented included non-cash amortization expense related to intangible assets attributable to acquisitions, interest expense related to indirect tax audits and settlements, write-off of financing costs on extinguished debt, impact of adjustments on non-controlling interest, the tax impact of adjusted items and strategic non-core investments, net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation (reversal) expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, costs associated with efficiency and cost-reduction initiatives, provision associated with Telford’s fire safety remediation efforts, and net fair value adjustments on strategic non-core investments.
(5)Core EBITDA represents earnings before the portion attributable to non-controlling interests, depreciation and amortization, asset impairments, net interest expense, write-off of financing costs on extinguished debt, income taxes, further adjusted for net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation (reversal) expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, costs associated with efficiency and cost-reduction initiatives, provision associated with Telford’s fire safety remediation efforts and net fair value adjustments on strategic non-core investments.
(6)Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows).
(7)Segment operating profit (SOP) is the measure reported to the chief operating decision maker (CODM) for purposes of assessing performance and allocating resources to each segment. SOP represents earnings, inclusive of non-controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation (reversal) expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, the impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, costs associated with efficiency and cost-reduction initiatives, and provision associated with Telford’s fire safety remediation efforts.
(8)Represents line of business profitability/losses, as adjusted.
(9)Net debt is calculated as total debt (excluding non-recourse debt) less cash and cash equivalents.
(10)Includes cash available for company use, as well as availability under the company’s revolving credit facilities and commercial paper program.




CBRE Press Release
July 29, 2026
Page 8
CBRE GROUP, INC.
OPERATING RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
(in millions, except share and per share data)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$11,226 $9,717 $21,753 $18,592 
​
Costs and expenses:
Cost of revenue9,140 7,942 17,815 15,207 
Operating, administrative and other1,536 1,275 2,996 2,467 
Depreciation and amortization190 145 372 287 
Total costs and expenses10,866 9,362 21,183 17,961 
​
Gain on disposition of real estate5 19 306 19 
​
Operating income365 374 876 650 
​
Equity income (loss) from unconsolidated subsidiaries4 (18)(5)(2)
Other income6 6 17 7 
Interest expense, net of interest income60 59 119 109 
Write-off of financing costs on extinguished debt— 2 — 2 
Income before provision for income taxes315 301 769 544 
Provision for income taxes68 61 180 113 
Net income247 240 589 431 
Less: Net income attributable to non-controlling interests43 25 67 53 
Net income attributable to CBRE Group, Inc.$204 $215 $522 $378 
​
Basic income per share:
Net income per share attributable to CBRE Group, Inc.$0.70 $0.72 $1.78 $1.26 
Weighted-average shares outstanding for basic income per share291,824,424 297,950,927 293,089,123 299,113,472 
​
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.$0.69 $0.72 $1.77 $1.25 
Weighted-average shares outstanding for diluted income per share293,859,609 300,008,422 295,411,671 301,455,253 
​
Core EBITDA$836 $626 $1,667 $1,144 



CBRE Press Release
July 29, 2026
Page 9
CBRE GROUP, INC.
SEGMENT RESULTS
FOR THE THREE MONTHS ENDED JUNE 30, 2026
(in millions)
(Unaudited)
Three Months Ended June 30, 2026
 Advisory ServicesBuilding Operations & ExperienceProject ManagementReal Estate Investments
Corporate (1)
Total CoreOtherTotal
Consolidated
Revenue$2,306 $6,686 $2,045 $193 $(4)$11,226 $— $11,226 
Pass-through costs
8 3,534 1,080 — — 4,622 — 4,622 
​
Cost of revenue, excluding pass-through costs1,358 2,461 686 15 (2)4,518 — 4,518 
Operating, administrative and other 504 381 134 311 206 1,536 — 1,536 
Depreciation and amortization 33 108 26 9 14 190 — 190 
Gain on disposition of real estate— — — 5 — 5 — 5 
​
Operating income (loss)403 202 119 (137)(222)365 — 365 
​
Equity (loss) income from unconsolidated subsidiaries(2)(2)— 8 — 4 — 4 
Other income (loss)— 5 1 — 1 7 (1)6 
Add-back: Depreciation and amortization33 108 26 9 14 190 — 190 
Adjustments:
Net non-cash mortgage servicing rights11 — — — — 11 — 11 
Integration and other costs related to acquisitions
— 3 1 — 41 45 — 45 
Carried interest incentive compensation reversal to align with the timing of associated revenue— — — (11)— (11)— (11)
Net results related to the wind-down of certain businesses
— 5 — 5 — 10 — 10 
Business and finance transformation4 14 — — 20 38 — 38 
Costs associated with efficiency and cost-reduction initiatives— — — — 9 9 — 9 
Provision associated with Telford’s fire safety remediation efforts— — — 168 — 168 — 168 
​
Total segment operating profit (loss)$449 $335 $147 $42 $(137)$(1)$835 
​
Core EBITDA$836 
_______________
(1)Includes elimination of inter-segment revenue and expense.



CBRE Press Release
July 29, 2026
Page 10
CBRE GROUP, INC.
SEGMENT RESULTS—(CONTINUED)
FOR THE THREE MONTHS ENDED JUNE 30, 2025
(in millions)
(Unaudited)
Three Months Ended June 30, 2025
Advisory ServicesBuilding Operations & Experience
Project Management
Real Estate Investments
Corporate (1)
Total CoreOtherTotal
Consolidated
Revenue$1,959 $5,833 $1,717 $215 $(7)$9,717 $— $9,717 
Pass-through costs
13 3,188 884 — — 4,085 — 4,085 
Cost of revenue, excluding pass-through costs1,151 2,063 603 35 5 3,857 — 3,857 
Operating, administrative and other455 343 118 182 177 1,275 — 1,275 
Depreciation and amortization30 61 26 3 25 145 — 145 
Gain on disposition of real estate— — — 19 — 19 — 19 
​
Operating income (loss)310 178 86 14 (214)374 — 374 
​
Equity (loss) income from unconsolidated subsidiaries(1)(17)— (2)— (20)2 (18)
Other income2 3 1 — — 6 — 6 
Add-back: Depreciation and amortization30 61 26 3 25 145 — 145 
Adjustments:
Net non-cash mortgage servicing rights
4 — — — — 4 — 4 
Integration and other costs related to acquisitions
— 42 2 — 32 76 — 76 
Carried interest incentive compensation expense to align with the timing of associated revenue— — — 3 — 3 — 3 
Net results related to the wind-down of certain businesses
— — — 8 — 8 — 8 
Impact of fair value non-cash adjustments related to unconsolidated equity investments2 — — — — 2 — 2 
Business and finance transformation— — — — 28 28 — 28 
Costs associated with efficiency and cost-reduction initiatives— — — (1)1 — — — 
Total segment operating profit (loss)$347 $267 $115 $25 $(128)$2 $628 
​
Core EBITDA$626 
_______________
(1)Includes elimination of inter-segment revenue and expense.




CBRE Press Release
July 29, 2026
Page 11
CBRE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)

June 30, 2026December 31, 2025
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents$1,489 $1,864 
Restricted cash150 150 
Receivables, net8,783 8,284 
Warehouse receivables (1)
722 1,630 
Contract assets520 462 
Prepaid expenses408 372 
Income taxes receivable192 175 
Other current assets648 552 
Total Current Assets12,912 13,489 
Property and equipment, net1,043 1,049 
Goodwill6,998 7,051 
Other intangible assets, net2,844 2,972 
Operating lease assets2,117 2,062 
Investments in unconsolidated subsidiaries853 870 
Non-current contract assets72 103 
Real estate under development982 646 
Non-current income taxes receivable103 106 
Deferred tax assets, net716 697 
Other assets1,831 1,832 
Total Assets$30,471 $30,877 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses$4,934 $4,838 
Compensation and employee benefits payable1,635 1,630 
Accrued bonus and profit sharing1,147 1,879 
Operating lease liabilities323 284 
Contract liabilities469 448 
Income taxes payable55 258 
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)
711 1,609 
Other short-term borrowings1,582 856 
Current maturities of long-term debt69 71 
Other current liabilities392 447 
Total Current Liabilities11,317 12,320 
Long-term debt, net of current maturities5,731 5,050 
Non-current operating lease liabilities2,161 2,121 
Non-current tax liabilities204 183 
Deferred tax liabilities, net246 238 
Other liabilities1,638 1,339 
Total Liabilities21,297 21,251 
Mezzanine Equity:
Redeemable non-controlling interests in consolidated entities454 433 
Equity:
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock3 3 
Additional paid-in capital— — 
Accumulated earnings9,512 9,916 
Accumulated other comprehensive loss(1,117)(1,041)
Total CBRE Group, Inc. Stockholders’ Equity8,398 8,878 
Non-controlling interests322 315 
Total Equity8,720 9,193 
Total Liabilities and Equity$30,471 $30,877 
________________________________________________________________________________________________________________________________________
(1)Represents loan receivables, the majority of which are offset by borrowings under related warehouse line of credit facilities.


CBRE Press Release
July 29, 2026
Page 12
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Six Months Ended June 30,
20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$589 $431 
Reconciliation of net income to net cash used in operating activities:
Depreciation and amortization372 287 
Amortization of other assets101 103 
Net non-cash mortgage servicing rights and premiums on loan sales15 (2)
Deferred income taxes7 (3)
Stock-based compensation expense107 63 
Equity loss from investments5 2 
Gain on sale of real estate assets
(306)(19)
Other non-cash adjustments30 23 
Sale of mortgage loans7,422 5,776 
Origination of mortgage loans(6,506)(6,646)
Changes in:
Warehouse lines of credit(898)880 
Receivables, prepaid expenses and other assets(783)(167)
Accounts payable, accrued liabilities and other liabilities88 (176)
Accrued compensation expenses(706)(787)
Income taxes, net(224)(254)
Net cash used in operating activities(687)(489)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(195)(138)
Payments for business acquired, net of cash acquired(6)(311)
Capital contributions related to investments(45)(85)
Acquisition and development of real estate assets(337)(134)
Proceeds from disposition of real estate assets352 89 
Other investing activities, net22 112 
Net cash used in investing activities(209)(467)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of revolving credit facility— (132)
Proceeds from commercial paper, net723 1,182 
Proceeds from long-term debt742 1,674 
Repayment of long-term debt
(36)(636)
Repurchase of common stock(940)(680)
Other financing activities, net38 (248)
Net cash provided by financing activities527 1,160 
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash(6)107 
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(375)311 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD2,014 1,221 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD$1,639 $1,532 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$221 $226 
Income tax payments, net$388 $351 
Non-cash investing and financing activities:
Deferred and/or contingent consideration$(2)$27 


CBRE Press Release
July 29, 2026
Page 13
Non-GAAP Financial Measures
The following measures are considered “non-GAAP financial measures” under SEC guidelines:
(i)Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net income”)
(ii)Core EBITDA
(iii)Core EPS
(iv)Business line operating profit/loss
(v)Net debt
(vi)Free cash flow
These measures are not recognized measurements under United States generally accepted accounting principles (GAAP). When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.
Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. The company believes these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The company further uses certain of these measures, and believes that they are useful to investors, for purposes described below.
With respect to core EBITDA, core EPS, core adjusted net income, and business line operating profit/loss, the company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings, income taxes and the accounting effects of capital spending. The presentation of core adjusted net income, excluding amortization of intangible assets acquired in business combinations, is useful to investors as a supplemental measure to evaluate the company’s ongoing operating performance. While amortization expense of acquisition-related intangible assets is excluded from core adjusted net income, the revenue generated from the acquired intangible assets is not excluded. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of core EBITDA, this measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The core EBITDA measure calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt. The company also uses segment operating profit and core EPS as significant components when measuring our operating performance under our employee incentive compensation programs.
With respect to free cash flow, the company believes that investors may find this measure useful to analyze the cash flow generated from operations and real estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to net debt, the company believes that investors use this measure when calculating the company’s net leverage ratio.
With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measures useful to analyze the underlying performance of operations without the impact of strategic non-core equity investments that are not directly related to our business segments. These can be volatile and are often non-cash in nature.
Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (or core adjusted net income), and core EPS, are calculated as follows (in millions, except share and per share data):


CBRE Press Release
July 29, 2026
Page 14
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
​
Net income attributable to CBRE Group, Inc.$204 $215 $522 $378 
​
Adjustments:
Non-cash amortization expense related to intangible assets attributable to acquisitions58 58 116 114 
Interest expense related to indirect tax audits and settlements2 3 4 3 
Write-off of financing costs on extinguished debt— 2 — 2 
Impact of adjustments on non-controlling interest— 1 — — 
Net non-cash mortgage servicing rights11 4 23 17 
Integration and other costs related to acquisitions45 76 114 144 
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue(11)3 (10)7 
Charges related to indirect tax audits and settlements— — — (1)
Net results related to the wind-down of certain businesses10 8 30 14 
Impact of fair value non-cash adjustments related to unconsolidated equity investments— 2 — 2 
Business and finance transformation38 28 70 28 
Costs associated with efficiency and cost-reduction initiatives9 — 6 13 
Provision associated with Telford’s fire safety remediation efforts168 — 168 — 
Net fair value adjustments on strategic non-core investments1 (2)6 (22)
Tax impact of adjusted items and strategic non-core investments(76)(37)(112)(69)
Core net income attributable to CBRE Group, Inc., as adjusted$459 $361 $937 $630 
​
Core diluted income per share attributable to CBRE Group, Inc., as adjusted$1.56 $1.20 $3.17 $2.09 
​
Weighted-average shares outstanding for diluted income per share293,859,609300,008,422295,411,671301,455,253



CBRE Press Release
July 29, 2026
Page 15
Core EBITDA is calculated as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
​
Net income attributable to CBRE Group, Inc.$204 $215 $522 $378 
Net income attributable to non-controlling interests43 25 67 53 
Net income247 240 589 431 
​
Adjustments:
Depreciation and amortization190 145 372 287 
Interest expense, net of interest income60 59 119 109 
Write-off of financing costs on extinguished debt— 2 — 2 
Provision for income taxes68 61 180 113 
Net non-cash mortgage servicing rights11 4 23 17 
Integration and other costs related to acquisitions
45 76 114 144 
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue(11)3 (10)7 
Charges related to indirect tax audits and settlements— — — (1)
Net results related to the wind-down of certain businesses10 8 30 14 
Impact of fair value non-cash adjustments related to unconsolidated equity investments— 2 — 2 
Business and finance transformation38 28 70 28 
Costs associated with efficiency and cost-reduction initiatives9 — 6 13 
Provision associated with Telford’s fire safety remediation efforts168 — 168 — 
Net fair value adjustments on strategic non-core investments1 (2)6 (22)
Core EBITDA$836 $626 $1,667 $1,144 
Core EBITDA for the trailing twelve months ended June 30, 2026 is calculated as follows (in millions):
Trailing
Twelve Months Ended June 30, 2026
Net income attributable to CBRE Group, Inc.$1,301 
Net income attributable to non-controlling interests134 
Net income1,435 
Adjustments:
Depreciation and amortization668 
Interest expense, net of interest income226 
Provision for income taxes384 
Net non-cash mortgage servicing rights
1 
Integration and other costs related to acquisitions
273 
Carried interest incentive compensation reversal to align with the timing of associated revenue(7)
Net results related to the wind-down of certain businesses
90 
Business and finance transformation143 
Non-cash pension buy-out settlement loss
147 
Costs associated with efficiency and cost-reduction initiatives(7)
Provision associated with Telford’s fire safety remediation efforts300 
Net fair value adjustments on strategic non-core investments27 
Core EBITDA$3,680 


CBRE Press Release
July 29, 2026
Page 16
Below represents a reconciliation of REI business line operating profitability/loss to REI segment operating profit (in millions):
Three Months Ended June 30,
Real Estate Investments20262025
Investment management operating profit$32 $31 
Global real estate development operating profit9 3 
Segment overhead (and related adjustments)1 (9)
Real estate investments segment operating profit$42 $25 
Below represents a reconciliation of cash flow provided by (used in) operations to free cash flow for the trailing twelve months ended June 30, 2026 (in millions):
Q3 2025Q4 2025Q1 2026Q2 2026
Trailing
Twelve Months
Cash Flow Results
Cash flow provided by (used in) operations
$827 $1,221 $(825)$138 $1,361 
Gains on disposition of real estate sales
36 404 301 5 746 
Less: Capital expenditures
84 144 81 114 423 
Free cash flow
$779 $1,481 $(605)$29 $1,684