Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that may affect future results. The MD&A in this Quarterly Report on Form 10-Q (Quarterly Report) for CBRE Group, Inc. for the three months ended March 31, 2026 should be read in conjunction with our consolidated financial statements and related notes included in our 2025 Annual Report on Form 10-K (2025 Annual Report) as well as the unaudited financial statements included elsewhere in this Quarterly Report.

In addition, the statements and assumptions in this Quarterly Report that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects as well as estimates of industry growth for the next quarter and beyond. For important information regarding these forward-looking statements, please see the discussion below under the caption “Cautionary Note on Forward-Looking Statements.”

During the first quarter of 2026, we began reclassifying amortization associated with MSRs (mortgage servicing rights) to net against the related revenue (Commercial mortgage origination). Historically, the corresponding MSR intangible assets were amortized through amortization expense over the estimated mortgage service period. Prior year amounts have been reclassified to conform to the fiscal 2026 presentation.

Business Environment

The strong recovery of the commercial real estate market that began in 2025 continued in early 2026. This is evident in the continuation of markedly increased property leasing and sales activity during the first quarter. Occupier demand remained notably strong in the U.S. particularly for industrial, office and data center space in the U.S. During the quarter, investment sales and financing activity improved sharply in most global markets, buoyed by broad capital availability, improved occupancy market fundamentals and tighter bid-ask spreads. Large occupiers’ growing appetite for outsourcing services continued to underpin demand for facilities management and project management activities, while the outsized growth of Artificial Intelligence investments and data center buildouts fuels strong demand for critical infrastructure services. To date, the ongoing Middle East conflict has had limited impact on CBRE’s business except for a notable slowdown in fundraising from capital sources based in the region.

Capital Allocation

We deployed $538 million in 2026 to repurchase 3,639,682 shares as of April 21, 2026.

Results of Operations

The following table sets forth items derived from our consolidated statements of operations for the three months ended March 31, 2026 and 2025 (dollars in millions):

			Three Months Ended March 31, (1)
			2026												2025
Revenue:
Facilities management			$	5,229					49.7		%				$	4,469					50.4		%
Property management			684						6.5		%				586						6.6		%
Critical infrastructure			578						5.5		%				338						3.8		%
Project management			1,838						17.5		%				1,594						18.0		%
Advisory leasing			1,035						9.8		%				862						9.7		%
Valuation			200						1.9		%				183						2.1		%
Loan servicing			120						1.1		%				120						1.4		%
Other portfolio services			75						0.7		%				81						0.9		%
Capital markets:
Advisory sales			513						4.9		%				360						4.1		%
Commercial mortgage origination			81						0.8		%				53						0.6		%
Investment management			154						1.5		%				154						1.7		%
Development services			45						0.4		%				79						0.9		%
Corporate, other and eliminations			(25)						(0.2)		%				(4)						0.0		%
Total revenue			10,527						100.0		%				8,875						100.0		%
Costs and expenses:
Pass-through costs (2)			4,448						42.3		%				3,798						42.8		%
Cost of revenue, excluding pass-through costs			4,227						40.2		%				3,467						39.1		%
Operating, administrative and other			1,460						13.9		%				1,192						13.4		%
Depreciation and amortization			182						1.7		%				142						1.6		%
Total costs and expenses			10,317						98.0		%				8,599						96.9		%
Gain on disposition of real estate			301						2.9		%				—						0.0		%
Operating income			511						4.9		%				276						3.1		%
Equity (loss) income from unconsolidated subsidiaries			(9)						(0.1)		%				16						0.2		%
Other income			11						0.1		%				1						0.0		%
Interest expense, net of interest income			59						0.6		%				50						0.6		%
Income before provision for income taxes			454						4.3		%				243						2.7		%
Provision for income taxes			112						1.1		%				52						0.6		%
Net income			342						3.2		%				191						2.2		%
Less: Net income attributable to non-controlling interests			24						0.2		%				28						0.3		%
Net income attributable to CBRE Group, Inc.			$	318					3.0		%				$	163					1.8		%
Core EBITDA			$	831					7.9		%				$	518					5.8		%

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(1)Calculated as a percentage of Total Revenue.

(2)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.

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

We reported consolidated net income of $318 million for the quarter, on revenue of $10.5 billion as compared to consolidated net income of $163 million on revenue of $8.9 billion in the prior year.

Revenue increased 18.6% reflecting double-digit growth across the Advisory Services, Building Operations & Experience (BOE) and Project Management segments, partially offset by a decrease in revenue in the Real Estate Investments (REI) segment.

Foreign currency translation had a 4.0% positive impact on revenue, reflecting strength in the euro and British pound sterling partially offset by weakness in the Indian rupee.

Pass-through costs increased 17.1% during the quarter as compared to the same period in prior year primarily due to revenue growth in the BOE and Project Management segments. Foreign currency translation had a 4.1% negative impact on pass-through costs.

Cost of revenue, excluding pass-through costs increased 21.9% during the quarter as compared to the same period in prior year primarily reflecting business growth and higher commission expenses and employee compensation, as well as higher indirect reimbursed costs. Foreign currency translation had a 4.0% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs increased to 40.2% of total revenue from 39.1% driven by higher costs to support growth in revenues.

Operating, administrative and other expenses increased 22.5% during the quarter as compared to the same period in prior year. The increase was primarily due to higher employee compensation and business promotion and advertising expense, driven by business growth. Foreign currency translation had a 4.0% negative impact on total operating expenses during the quarter. Operating, administrative and other expenses as a percentage of revenue increased to 13.9% in the first quarter 2026 from 13.4% in the first quarter 2025, as operating expenses grew higher than revenue.

Depreciation and amortization expense increased by 28.2% during the quarter, as compared to the same period in prior year, reflecting higher amortization expense related to intangible assets from recent acquisitions, such as Pearce.

Gain on disposition of real estate increased by $301 million during the quarter, driven by monetization of real estate development assets in the REI segment.

We recorded equity loss from unconsolidated subsidiaries of approximately $9 million, compared to equity income of $16 million in the first quarter 2025. In the first quarter 2025, we recorded equity income of $21 million, reflecting the higher value of our investment in Altus, which was sold in the second quarter 2025.

Interest expense, net of interest income, increased by 18.0%, compared with the first quarter 2025. This increase was primarily attributable to increased commercial paper borrowings, offset by the impact of net investment hedging activity.

Our provision for income taxes on a consolidated basis was $112 million for the three months ended March 31, 2026 as compared to a provision for income taxes of $52 million for the three months ended March 31, 2025. The increase of $60 million is primarily related to an increase in earnings. Our effective tax rate increased to 24.7% for the three months ended March 31, 2026 from 21.4% for the three months ended March 31, 2025. Our effective tax rate for the three months ended March 31, 2026 is different than the U.S. federal statutory tax rate of 21.0% primarily due to the U.S. state taxes and permanent book tax differences.

Legislative Developments

The Organization for Economic Co-operation & Development (OECD) Pillar Two Model Rules established a minimum global effective tax rate of 15% on country-by-country profits of large multinational companies. European Union member states along with many other countries adopted or expect to adopt the OECD Pillar Two Model effective January 1, 2024 or thereafter. In January 2026, the OECD issued a comprehensive Side by Side Package, which introduces additional administrative guidance intended to enhance coordination and simplify aspects of the global minimum tax framework. The package includes several new safe harbors including the new Side by Side and Ultimate Parent Entity safe harbors that may deem certain top-up taxes to be zero in jurisdictions with qualifying minimum tax regimes, such as the United States. We will

continue to monitor additional administrative guidance and legislative action to incorporate the guidance into local law to assess the global impact of the Pillar Two Model Rules. The impact of Pillar Two top-up taxes is expected to be insignificant for 2026.

On July 4, 2025, the U.S. federal government enacted, H.R.1, the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package that changes the U.S. federal income tax laws, including extensions of various expiring provisions from the Tax Cuts and Jobs Act of 2017. The 2026 impacts of the OBBBA are insignificant based on our current operations.

Segment Operations

We organize our operations around, and publicly report our financial results for, four reportable business segments: (1) Advisory Services; (2) BOE; (3) Project Management; and (4) REI.

Advisory Services provides a comprehensive range of services globally, including leasing, capital markets (property sales and loan origination), loan servicing, and valuation. BOE provides a broad suite of integrated, contractually based outsourcing services to occupiers and owners of real estate, including facilities management, property management and critical infrastructure. Our Project Management business delivers program management and cost consultancy services across commercial real estate, infrastructure and natural resources sectors. REI is a major real assets developer, investor and operator and is comprised of two businesses: investment management and development services.

We also have a Corporate and Other segment. Corporate primarily consists of corporate overhead costs, and costs associated with our platform that are not allocated to segments, including corporate leadership costs. Other consists of activities from strategic non-core, non-controlling equity investments and is considered an operating segment but does not meet the aggregation criteria for presentation as a separate reportable segment and is, therefore, combined with Corporate and reported within Corporate and Other. It also includes eliminations related to inter-segment revenue. For additional information on our segments, see Note 16 – Segments of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.

Advisory Services

The following table summarizes our results of operations for our Advisory Services operating segment for the three months ended March 31, 2026 and 2025 (dollars in millions):

			Three Months Ended March 31, (1)
			2026												2025
Revenue:
Advisory leasing			$	1,035					51.1		%				$	862					52.0		%
Valuation			200						9.9		%				183						11.0		%
Loan servicing			120						5.9		%				120						7.2		%
Other portfolio services			75						3.7		%				81						4.9		%
Capital markets:
Advisory sales			513						25.3		%				360						21.7		%
Commercial mortgage origination			81						4.0		%				53						3.2		%
Total segment revenue			2,024						100.0		%				1,659						100.0		%
Costs and expenses:
Pass-through costs (2)			8						0.4		%				12						0.7		%
Cost of revenue, excluding pass-through costs			1,181						58.3		%				955						57.6		%
Operating, administrative and other			469						23.2		%				428						25.8		%
Depreciation and amortization			33						1.6		%				32						1.9		%
Total costs and expenses			1,691						83.5		%				1,427						86.0		%
Operating income			333						16.5		%				232						14.0		%
Equity (loss) income from unconsolidated subsidiaries			(1)						0.0		%				1						0.1		%
Other income			1						0.0		%				1						0.1		%
Add-back: Depreciation and amortization			33						1.6		%				32						1.9		%
Adjustments:
Net non-cash mortgage servicing rights			12						0.6		%				13						0.8		%
Business and finance transformation			2						0.1		%				—						0.0		%
Costs associated with efficiency and cost-reduction initiatives			(5)						(0.2)		%				—						0.0		%
Segment operating profit			$	375											$	279

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(1)Calculated as a percentage of Total Revenue.

(2)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.

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Revenue increased 22.0% during the quarter compared to the same period in 2025. Property sales revenue grew 42.5%, led by industrial, retail, multifamily, office, and data centers in the U.S. and Asia Pacific. Globally, sales grew double-digits across industrial, office, and multifamily. Global leasing revenue rose 20.1%, led by data centers, industrial and office leasing driven by growth in the Americas which grew 20.5%, including 20.7% in the United States, and growth in Asia Pacific which grew 24.4%.

Foreign currency translation had a 2.8% positive impact on total revenue during the quarter, primarily driven by strength in the euro and British pound sterling partially offset by weakness in the Indian rupee and Japanese yen.

Cost of revenue, excluding pass-through costs increased 23.7%, primarily reflecting business growth and higher commission expense, salaries and bonus. Foreign currency translation had a 3.0% negative impact on total cost of revenue, excluding pass-through costs.

Operating, administrative and other expenses increased by 9.6%, as compared to the same period in 2025, primarily due to higher employee compensation and business promotion and advertising expenses driven by the growth in the business. Foreign currency translation had a 4.2% negative impact on total operating expenses.

For the three months ended March 31, 2026, gross income from mortgage servicing rights (MSR) was $26 million, offset by $38 million of amortization of related intangible assets, resulting in a net reduction to Commercial Mortgage Origination revenue of $12 million. For the three months ended March 31, 2025, the comparable amounts were $22 million and $35 million, respectively, resulting in a net reduction of $13 million. The change was associated with higher origination activity given an increase in financing activities.

In connection with the origination and sale of mortgage loans with servicing rights retained, we record servicing assets or liabilities based on the fair value of mortgage servicing rights (MSRs) on the date the loans are sold. Upon origination of a mortgage loan held for sale, the fair value of the mortgage servicing rights to be retained is included in the forecasted proceeds from the anticipated loan sale and results in a net gain (which is reflected in revenue). Our MSRs are initially recorded at fair value. Subsequent to the initial recording, MSRs are amortized in proportion to and over the period that the servicing income is expected to be received based on projections and timing of estimated future net cash flows and assessed for impairment based on the fair value each reporting period. During the first quarter of 2026, we began reclassifying amortization associated with MSRs (mortgage servicing rights) to net against the related revenue (Commercial mortgage origination). Historically, the corresponding MSR intangible assets were amortized through amortization expense over the estimated mortgage service period. Prior year amounts have been reclassified to conform to the fiscal 2026 presentation.

Building Operations & Experience

The following table summarizes our results of operations for our BOE operating segment for the three months ended March 31, 2026 and 2025 (dollars in millions):

			Three Months Ended March 31, (1)
			2026												2025
Revenue:
Facilities management			$	5,229					80.6		%				$	4,469					82.9		%
Property management			684						10.5		%				586						10.9		%
Critical infrastructure			578						8.9		%				338						6.3		%
Total segment revenue			6,491						100.0		%				5,393						100.0		%
Costs and expenses:
Pass-through costs (2)			3,513						54.1		%				2,959						54.9		%
Cost of revenue, excluding pass-through costs			2,371						36.5		%				1,922						35.6		%
Operating, administrative and other			377						5.8		%				300						5.6		%
Depreciation and amortization			107						1.6		%				70						1.3		%
Total costs and expenses			6,368						98.1		%				5,251						97.4		%
Operating income			123						1.9		%				142						2.6		%
Equity income from unconsolidated subsidiaries			2						0.0		%				1						0.0		%
Other income			11						0.2		%				1						0.0		%
Add-back: Depreciation and amortization			107						1.6		%				70						1.3		%
Adjustments:
Integration and other costs related to acquisitions			26						0.4		%				4						0.1		%
Net results related to the wind-down of certain businesses (3)			1						0.0		%				—						0.0		%
Business and finance transformation			10						0.2		%				—						0.0		%
Segment operating profit			$	280											$	218

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(1)Calculated as a percentage of Total Revenue.

(2)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.

(3)Management made the decision to wind down certain businesses within the BOE Segment.

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Revenue increased 20.4%, reflecting double-digit increases in facilities management, critical infrastructure and property management, primarily due to growth in clients driving increased management fees and reimbursements as well as the impact from recent acquisitions. Foreign currency translation had a 4.4% positive impact on total revenue during the quarter, primarily driven by strength in the euro and British pound sterling, partially offset by weakness in the Indian rupee.

Pass-through costs increased 18.7% during the quarter as compared to the same period in 2025 primarily due to revenue growth in the BOE segment. Foreign currency translation had a 4.4% negative impact on pass-through costs.

Cost of revenue, excluding pass-through costs increased 23.4%, driven primarily by higher professional compensation and indirect managed spend due to revenue growth. Foreign currency translation had a 4.1% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs was 36.5% of total revenue, and increased compared to 35.6% in the first quarter 2025.

Operating, administrative and other expenses increased 25.7%, primarily due to higher employee compensation and benefit expenses. Foreign currency translation had a 4.7% negative impact on total operating expenses during the quarter.

Depreciation and amortization expense increased 52.9%, reflecting higher amortization expense related to intangible assets from recent acquisitions, such as Pearce.

Project Management

The following table summarizes our results of operations for our Project Management operating segment for the three months ended March 31, 2026 and 2025 (dollars in millions):

			Three Months Ended March 31, (1)
			2026												2025
Segment revenue			$	1,838					100.0		%				$	1,594					100.0		%
Costs and expenses:
Pass-through costs (2)			927						50.4		%				827						51.9		%
Cost of revenue, excluding pass-through costs			651						35.4		%				547						34.3		%
Operating, administrative and other			127						6.9		%				115						7.2		%
Depreciation and amortization			26						1.4		%				25						1.6		%
Total costs and expenses			1,731						94.2		%				1,514						95.0		%
Operating income			107						5.8		%				80						5.0		%
Add-back: Depreciation and amortization			26						1.4		%				25						1.6		%
Adjustments:
Integration and other costs related to acquisitions			2						0.1		%				7						0.4		%
Segment operating profit			$	135											$	112

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(1)Calculated as a percentage of Total Revenue

(2)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.

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Revenue increased 15.3% due to strong business activity in the United Kingdom and Asia and increased revenue from pass-through costs. Foreign currency translation had a 4.3% positive impact on total revenue during the quarter, primarily driven by strength in the British pound sterling and euro partially offset by weakness in Indian rupee.

Pass-through costs increased 12.1% during the quarter as compared to the same period in 2025 primarily due to revenue growth in the Project Management segment. Foreign currency translation had a 3.0% negative impact on pass-through costs.

Cost of revenue, excluding pass-through costs increased 19.0%, driven by increased professional compensation and third party spend due to revenue growth. Foreign currency translation had a 5.7% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs was 35.4% of total revenue, and increased from 34.3% in the first quarter 2025.

Operating, administrative and other expenses increased 10.4%, primarily due to higher employee compensation related expenses reflecting revenue growth. Foreign currency translation had a 3.4% negative impact on total operating expenses during the quarter.

Real Estate Investments

The following table summarizes our results of operations for our REI operating segment for the three months ended March 31, 2026 and 2025 (dollars in millions):

			Three Months Ended March 31, (1)
			2026												2025
Revenue:
Investment management			$	154					77.4		%				$	154					66.1		%
Development services			45						22.6		%				79						33.9		%
Total segment revenue			199						100.0		%				233						100.0		%
Costs and expenses:
Cost of revenue			26						13.1		%				47						20.2		%
Operating, administrative and other			287						144.2		%				166						71.2		%
Depreciation and amortization			4						2.0		%				3						1.3		%
Total costs and expenses			317						159.3		%				216						92.7		%
Gain on disposition of real estate			281						141.2		%				—						0.0		%
Operating income			163						81.9		%				17						7.3		%
Equity loss from unconsolidated subsidiaries			(7)						(3.5)		%				(7)						(3.0)		%
Add-back: Depreciation and amortization			4						2.0		%				3						1.3		%
Adjustments:
Carried interest incentive compensation expense to align with the timing of associated revenue			1						0.5		%				4						1.7		%
Net results related to the wind-down of certain businesses (2)			19						9.5		%				6						2.6		%
Costs associated with efficiency and cost-reduction initiatives			—						0.0		%				2						0.9		%
Segment operating profit			$	180											$	25

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(1)Calculated as a percentage of Total Revenue

(2)Management made the decision to wind down the legacy Telford Homes’ construction self-delivery business.

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Revenue decreased 14.6% for the current quarter primarily due to lower management and development fees from development services. Foreign currency translation had a 4.7% positive impact on total revenue during the quarter primarily driven by strength in the British pound sterling and euro.

Cost of revenue decreased 44.7% in the quarter as compared to the same period in 2025 due to lower construction management costs incurred on our real estate development projects. Foreign currency translation had a 4.2% negative impact on total cost of revenue during the quarter.

Operating, administrative and other expenses increased 72.9% primarily due to an increase in total compensation in our development services lines of business resulting from an increase in development sales during the quarter. Foreign currency translation had a 4.8% negative impact on total operating expenses.

Gain on disposition of real estate increased by $281 million compared with first quarter 2025, driven by monetization of real estate development assets in the current period versus none in the prior year quarter.

A roll forward of our assets under management (AUM) by product type for the three months ended March 31, 2026 is as follows (dollars in billions):

			Funds						Separate Accounts						Securities						Total
Balance at December 31, 2025			$	68.9					$	75.8					$	10.8					$	155.5
Inflows			0.9						0.8						0.3						2.0
Outflows			(0.8)						(1.0)						(0.7)						(2.5)
Market appreciation (depreciation)			0.3						(0.4)						0.3						0.2
Balance at March 31, 2026			$	69.3					$	75.2					$	10.7					$	155.2

AUM generally refers to the properties and other assets with respect to which we provide (or participate in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, securities portfolios and investments in operating companies and joint ventures. Our AUM is intended principally to reflect the extent of our presence in the real estate market, not to be the basis for determining our management fees. Our assets under management consist of:

• the total fair market value of the real estate properties and other assets either wholly-owned or held by joint ventures and other entities in which our sponsored funds or investment vehicles and client accounts have invested or to which they have provided financing. Committed (but unfunded) capital from investors in our sponsored funds is not included in this component of our AUM. The value of development properties is included at estimated completion cost. In the case of real estate operating companies, the total value of real properties controlled by the companies, generally through joint ventures, is included in AUM; and

• the net asset value of our managed securities portfolios, including investments (which may be comprised of committed but uncalled capital) in private real estate funds under our fund of funds investments.

Our calculation of AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers.

Corporate and Other

Our Corporate segment primarily consists of corporate overhead costs. Other consists of activities from strategic non-core non-controlling equity investments and is considered an operating segment but does not meet the aggregation criteria for presentation as a separate reportable segment and is, therefore, combined with our core Corporate function and reported as Corporate and other. The following table summarizes our results of operations for our core Corporate and other segment for the three months ended March 31, 2026 and 2025 (dollars in millions):

			Three Months Ended March 31, (1)
			2026						2025
Elimination of inter-segment revenue			$	(25)					$	(4)
Costs and expenses:
Cost of revenue (2)			(2)						(4)
Operating, administrative and other			200						183
Depreciation and amortization			12						12
Total costs and expenses			210						191
Gain on disposition of real estate (2)			20						—
Operating loss			(215)						(195)
Equity (loss) income from unconsolidated subsidiaries			(3)						21
Other loss			(1)						(1)
Add-back: Depreciation and amortization			12						12
Adjustments:
Integration and other costs related to acquisitions			41						57
Charges related to indirect tax audits and settlements			—						(1)
Business and finance transformation			20						—
Costs associated with efficiency and cost-reduction initiatives			2						11
Segment operating loss			$	(144)					$	(96)

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(1)Percentage of revenue calculations are not meaningful and therefore not included.

(2)Primarily relates to inter-segment eliminations.

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Core corporate

Operating, administrative and other expenses for our core corporate functions rose 9.3% to $200 million for the first quarter of 2026, mainly due to higher management incentive compensation related to our strong performance.

Other (non-core)

We recorded equity loss of $3 million in the first quarter of 2026, compared to a $21 million income in the first quarter of 2025, driven by a fair value adjustment related to our investment in Altus.

Liquidity and Capital Resources

We believe that we can satisfy our working capital and funding requirements with internally generated cash flow and, as necessary, borrowings under our revolving credit facilities and commercial paper program. Our expected capital requirements for 2026 include up to $500 million of anticipated capital expenditures, net of tenant concessions. During the three months ended March 31, 2026, we incurred $81 million of capital expenditures. As of March 31, 2026, we had aggregate future commitments of $214 million related to co-investments funds in our REI segment, approximately $100 million of which is expected to be funded in 2026. Additionally, as of March 31, 2026, we are committed to fund additional capital of $159 million and $66 million to consolidated and unconsolidated projects, respectively, within our REI segment. As of March 31, 2026, we had $2.7 billion of borrowings available under our revolving credit facilities (under both the 5-Year Revolving Credit Agreement and 364-Day Revolving Credit Agreement, as described below, and the Turner & Townsend revolving credit facility) and $1.7 billion of cash and cash equivalents. At any point in time, we intend to maintain available commitments under the 5-Year Revolving Credit Agreement in an amount at least equal to the amount of commercial paper notes outstanding. As of March 31, 2026 and December 31, 2025, we had $1.9 billion and $852 million, respectively, in outstanding borrowings under the commercial paper program.

We have historically relied on our internally generated cash flow, our revolving credit facilities and commercial paper program to fund our working capital, capital expenditure and general investment requirements (including in-fill acquisitions) and have not sought other external sources of financing to help fund these requirements. In the absence of extraordinary events, large strategic acquisitions or large returns of capital to shareholders, we anticipate that our cash flow from operations, our revolving credit facilities and commercial paper program will be sufficient to meet our anticipated cash requirements for the foreseeable future, and at a minimum for the next 12 months. Given compensation is our largest expense and our sales and leasing professionals are generally paid on a commission and/or bonus basis that correlates with their revenue production, the negative effect of difficult market conditions is partially mitigated by the inherent variability of our compensation cost structure. We may seek to take advantage of market opportunities to refinance existing debt instruments, as we have done in the past, with new debt instruments at interest rates, maturities and terms we deem attractive. We may also, from time to time in our sole discretion, purchase, redeem, or retire our existing senior notes, through tender offers, in privately negotiated or open market transactions, or otherwise.

On November 13, 2025, we issued $750 million in aggregate principal amount of 4.900% senior notes due 2033, generating aggregate net proceeds of approximately $742 million, after offering expenses. We used the net proceeds from this offering to repay borrowings under our commercial paper program used in connection with the Pearce acquisition and other corporate purposes.

On May 12, 2025, we issued $600 million in aggregate principal amount of 4.800% senior notes due 2030 and $500 million in aggregate principal amount of 5.500% senior notes due 2035, generating aggregate net proceeds of approximately $1.1 billion after offering expenses. On May 28, 2025, we used a portion of the proceeds from this offering to redeem in full the $600 million aggregate outstanding principal amount of our 4.875% senior notes due 2026.

As noted above, we believe that any future significant acquisitions we may make could require us to obtain additional debt or equity financing. In the past, we have been able to obtain such financing for material transactions on terms that we believed to be reasonable. However, it is possible that we may not be able to obtain acquisition financing on favorable terms, or at all, in the future.

Our long-term liquidity needs, other than those related to ordinary course obligations and commitments such as operating leases, generally consist of the following: the first is the repayment of the outstanding and anticipated principal amounts of our long-term indebtedness. If our cash flow is insufficient to repay our long-term debt when it comes due, then we expect that we would need to refinance such indebtedness or otherwise amend its terms to extend the maturity dates. We cannot make any assurances that such refinancing or amendments would be available on attractive terms, if at all.

The second long-term liquidity need is the payment of obligations related to acquisitions. Our acquisition structures often include deferred and/or contingent purchase consideration in future periods that are subject to the passage of time or achievement of certain performance metrics and other conditions. As of March 31, 2026 and December 31, 2025, we had accrued deferred purchase consideration totaling $278 million ($151 million of which was a current liability) and $279 million ($149 million of which was a current liability), respectively, which was included in “Accounts payable and accrued expenses” and in “Other long-term liabilities” in the accompanying consolidated balance sheets set forth in Item 1 of this Quarterly Report.

Lastly, as described in Note 14 – Income Per Share and Stockholders’ Equity of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report, in November 2024, our Board of Directors (Board) authorized an additional $5.0 billion to our existing $4.0 billion share repurchase program (as amended, the 2024 program) bringing the total authorized amount under the 2024 program to a total of $9.0 billion as of March 31, 2026. The Board also extended the term of the 2024 program through December 31, 2029.

During the three months ended March 31, 2026, we repurchased 3,582,287 shares of our common stock with an average price of $148.12 per share for an aggregate of $531 million under the 2024 program. During the period from April 1, 2026 through April 21, 2026, we repurchased 57,395 shares of our common stock with an average price of $134.52 per share for an aggregate of $7 million. As of both March 31, 2026 and April 21, 2026, we had $4.3 billion of capacity remaining under the 2024 program.

Our stock repurchases have been funded with cash on hand and proceeds from our commercial paper program, and we intend to continue funding future repurchases with existing cash on hand and proceeds from our commercial paper program. We may utilize our stock repurchase programs to continue offsetting the impact of our stock-based compensation program and on a more opportunistic basis if we believe our stock presents a compelling investment compared to other discretionary uses. The timing of any future repurchases and the actual amounts repurchased will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and other factors.

Historical Cash Flows

Operating Activities

Net cash used in operating activities totaled $825 million for the three months ended March 31, 2026 as compared to net cash used in operating activities of $546 million during the three months ended March 31, 2025. The increase in net cash used in operating activities was driven by net outflows associated with working capital movements, largely due to and higher accounts receivable due to the timing of cash collections, partially offset by the timing of vendor payments.

Investing Activities

Net cash provided by investing activities totaled $64 million for the three months ended March 31, 2026 as compared to net cash used in investing activities of $462 million during the three months ended March 31, 2025. Net cash provided by investing activities for the three months ended March 31, 2026 was driven by proceeds from the disposition of real estate assets, offset by cash paid for the acquisition and development of real estate and capital expenditures. Net cash used in investing activities in the three months ended March 31, 2025 was driven by the acquisition of Industrious in the first quarter 2025, along with cash paid for the acquisition and development of real estate and capital expenditures.

Financing Activities

Net cash provided by financing activities totaled $545 million for the three months ended March 31, 2026 as compared to net cash provided by financing activities of $1,256 million for the three months ended March 31, 2025. The decreased cash inflow was primarily driven by lower net proceeds from the issuance of commercial paper, along with higher cash outflows to repurchase common stock. In addition, cash provided by financing activities in the first quarter of 2025 benefitted from net proceeds from the issuance of senior term loans.

Indebtedness

We use a variety of financing arrangements, both long-term and short-term, to fund our operations in addition to cash generated from operating activities. We also use several funding sources to avoid becoming overly dependent on one financing source, and to lower funding costs.

Long-Term Debt

On July 10, 2023, CBRE Group, Inc. (CBRE Group), CBRE Services, Inc. (CBRE Services) and Relam Amsterdam Holdings B.V., a wholly-owned subsidiary of CBRE Services (Relam Borrower), entered into a 5-year senior unsecured Credit Agreement (2023 Credit Agreement) maturing on July 10, 2028, which refinanced and replaced the previous credit agreement. The 2023 Credit Agreement provides for a senior unsecured term loan credit facility comprised of (i) tranche A Euro-denominated term loans in an aggregate principal amount of €367 million (Tranche A (Euro) Loans) and (ii) tranche A U.S. Dollar-denominated term loans in an aggregate principal amount of $350 million (Tranche A (USD) Loans) with weighted-average interest rate of 3.8% as of March 31, 2026, both requiring quarterly principal payments beginning on December 31, 2024 and continuing through maturity on July 10, 2028. The proceeds of these term loans under the 2023 Credit Agreement were applied to the repayment of all remaining outstanding senior term loans, approximately $437 million, under the previous credit agreement, the payment of related fees and expenses and other general corporate purposes.

On March 13, 2025, CBRE Group, CBRE Services and Relam Borrower entered into Amendment No. 1 to the 2023 Credit Agreement, which provided for, among other things, the ability of Relam Borrower to obtain incremental commitments and loans under the 2023 Credit Agreement in an aggregate principal amount of $750 million (or the Euro equivalent). On March 14, 2025, CBRE Group, CBRE Services and Relam Borrower entered into Amendment No. 2 and Incremental Assumption Agreement to the 2023 Credit Agreement, pursuant to which Relam Borrower incurred incremental term loans (i) denominated in Euros in the aggregate principal amount of €425 million (Incremental Euro Term Loans) and (ii) denominated in U.S. Dollars in the aggregate principal amount of $125 million (Incremental USD Term Loans). The Incremental Euro Term Loans have the same terms applicable to, and constitute the same class as, the Tranche A (Euro) Loans, and the Incremental USD Term Loans have the same terms applicable to, and constitute the same class as, the Tranche A (USD) Loans under the 2023 Credit Agreement. The proceeds of the Incremental Euro Term Loans and the Incremental USD Term Loans were used for working capital and other general corporate purposes (including the partial repayment of borrowings under the commercial paper program) and to pay fees and expenses incurred in connection with entering into the amendments to the 2023 Credit Agreement. On June 24, 2025, CBRE Group, CBRE Services and Relam Borrower entered into Amendment No. 3 to the 2023 Credit Agreement, for the purpose of, among other things, amending the financial covenants to remove the interest coverage ratio covenant and to increase certain baskets and thresholds in the 2023 Credit Agreement in a manner consistent with the terms of the Revolving Credit Agreements described below.

The term loan borrowings under the 2023 Credit Agreement are fully and unconditionally guaranteed on a senior basis by CBRE Group and CBRE Services.

On November 13, 2025, CBRE Services issued $750 million in aggregate principal amount of 4.900% senior notes due January 15, 2033 (the 4.900% senior notes) at a price equal to 99.813% of their face value. The 4.900% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 4.900% per year and is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2026.

On May 12, 2025, CBRE Services issued $600 million in aggregate principal amount of 4.800% senior notes due June 15, 2030 (the 4.800% senior notes) at a price equal to 99.065% of their face value. The 4.800% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 4.800% per year and is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025.

On May 12, 2025, CBRE Services issued $500 million in aggregate principal amount of 5.500% senior notes due June 15, 2035 (the 2035 5.500% senior notes) at a price equal to 99.549% of their face value. The 2035 5.500% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 5.500% per year and is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025.

On February 23, 2024, CBRE Services issued $500 million in aggregate principal amount of 5.500% senior notes due April 1, 2029 (the 2029 5.500% senior notes) at a price equal to 99.837% of their face value. The 2029 5.500% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 5.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year.

On June 23, 2023, CBRE Services issued $1.0 billion in aggregate principal amount of 5.950% senior notes due August 15, 2034 (the 5.950% senior notes) at a price equal to 98.174% of their face value. The 5.950% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 5.950% per year and is payable semi-annually in arrears on February 15 and August 15 of each year.

On March 18, 2021, CBRE Services issued $500 million in aggregate principal amount of 2.500% senior notes due April 1, 2031 (the 2.500% senior notes) at a price equal to 98.451% of their face value. The 2.500% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 2.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year.

The indentures governing our outstanding senior notes described above contain restrictive covenants that, among other things, limit our ability to create or permit liens on assets securing indebtedness, enter into sale/leaseback transactions and enter into consolidations or mergers.

Our senior notes are fully and unconditionally guaranteed by CBRE Group.

Combined summarized financial information for CBRE Group (parent) and CBRE Services (subsidiary issuer) is as follows (dollars in millions):

			March 31, 2026						December 31, 2025
Balance Sheet Data:
Current assets			$	58					$	61
Non-current assets			1,752						1,755
Total assets			$	1,810					$	1,816
Current liabilities			$	1,997					$	908
Non-current liabilities (1)			12,386						12,364
Total liabilities (1)			$	14,383					$	13,272

			Three Months Ended March 31,
			2026						2025
Statement of Operations Data:
Revenue			$	—					$	—
Operating loss			—						(5)
Net loss			(111)						(89)

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(1)Includes $8.3 billion of intercompany loan payables to non-guarantor subsidiaries as of both March 31, 2026 and December 31, 2025. All intercompany balances and transactions between CBRE Group and CBRE Services have been eliminated.

For additional information on all of our long-term debt, see Note 12 – Long-Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial Statements set forth in Item 8 included in our 2025 Annual Report and Note 10 – Long-Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.

Short-Term Borrowings

On June 24, 2025, we entered into a 5-year senior unsecured Revolving Credit Agreement (the 5-Year Revolving Credit Agreement) which replaced our prior revolving credit agreement dated August 5, 2022. The 5-Year Revolving Credit Agreement provides for a senior unsecured revolving credit facility available to CBRE Services with commitments in an aggregate principal amount of up to $3.5 billion and a maturity date of June 24, 2030.

The 5-Year Revolving Credit Agreement requires us to pay a fee based on the total amount of the revolving credit facility commitment (whether used or unused). In addition, the 5-Year Revolving Credit Agreement also includes capacity for letters of credit not to exceed $300 million in the aggregate and capacity for swingline loans not to exceed $300 million in the aggregate. The 5-Year Revolving Credit Agreement is fully and unconditionally guaranteed by CBRE Group.

As of March 31, 2026, no amount was outstanding under the revolving credit facility provided for by the 5-Year Revolving Credit Agreement. $24 million of letters of credit were outstanding as of March 31, 2026. Letters of credit are issued in the ordinary course of business and would reduce the amount we may borrow under this revolving credit facility. As of December 31, 2025, no amount was outstanding under this revolving credit facility. $17 million of letters of credit were outstanding as of December 31, 2025.

On June 24, 2025, we entered into a 364-day senior unsecured Revolving Credit Agreement (the 364-Day Revolving Credit Agreement, and together with the 5-Year Revolving Credit Agreement, the Revolving Credit Agreements). The 364-Day Revolving Credit Agreement provides for a senior unsecured revolving credit facility available to CBRE Services with commitments in an aggregate principal amount of up to $1.0 billion and a maturity date of June 23, 2026.

The 364-Day Revolving Credit Agreement requires us to pay a fee based on the total amount of the revolving credit facility commitment (whether used or unused). The 364-Day Revolving Credit Agreement is fully and unconditionally guaranteed by CBRE Group.

As of both March 31, 2026 and December 31, 2025, no amount was outstanding under the revolving credit facility provided for by the 364-Day Revolving Credit Agreement.

On December 2, 2024, CBRE Services established a commercial paper program pursuant to which we may issue and sell up to $3.5 billion of short-term, unsecured and unsubordinated commercial paper notes with up to 397-day maturities, under the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. Payment of the commercial paper notes is guaranteed on an unsecured and unsubordinated basis by CBRE Group. The program notes and the guarantee will rank pari passu with all other unsecured and unsubordinated indebtedness. The proceeds from issuances under the program may be used for general corporate purposes. The company intends to maintain available commitments under the Revolving Credit Agreement in an amount at least equal to the amount of commercial paper notes outstanding from time to time. As of March 31, 2026, we had $1.9 billion in outstanding borrowings under the commercial paper program with a weighted-average annual interest rate of 4.02%. As of April 21, 2026 and December 31, 2025, we had $2.2 billion and $852 million, respectively, in outstanding borrowings under the commercial paper program.

In addition, Turner & Townsend maintains a £120 million revolving credit facility pursuant to a credit agreement dated March 31, 2022, with an additional accordion option of £20 million, that matures on March 31, 2027. As of both March 31, 2026 and December 31, 2025, no amount was outstanding under this revolving credit facility.

We also maintain warehouse lines of credit with certain third-party lenders. See Note 4 – Warehouse Receivables & Warehouse Lines of Credit of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.

For additional information on all of our short-term borrowings, see Note 5 – Warehouse Receivables & Warehouse Lines of Credit and Note 12 – Long-Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial Statements set forth in Item 8 included in our 2025 Annual Report and Note 4 – Warehouse Receivables & Warehouse Lines of Credit and Note 10 – Long-Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.

Off –Balance Sheet Arrangements

We do not have off-balance sheet arrangements that we believe could have a material current or future impact on our financial condition, liquidity or results of operations. Our off-balance sheet arrangements are described in Note 12 – Commitments and Contingencies of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report and are incorporated by reference herein.

Critical Accounting Policies and Estimates

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, which require us to make estimates and assumptions that affect reported amounts. The estimates and assumptions are based on historical experience and on other factors that we believe to be reasonable. Actual results may differ from those estimates. We believe that the following critical accounting policies represent the areas where more significant judgments and estimates are used in the preparation of our consolidated financial statements. A discussion of such critical accounting policies, which include revenue recognition, business combinations, goodwill and other intangible assets, income taxes, contingencies, and investments in unconsolidated subsidiaries – fair value option can be found in our 2025 Annual Report. There have been no material changes to these policies and estimates as of March 31, 2026.

New Accounting Pronouncements

See Note 2 – New Accounting Pronouncements of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.

Non-GAAP Financial Measures

Core EBITDA is not a recognized measurement under accounting principles generally accepted in the United States, or U.S. GAAP. When analyzing our operating performance, investors should use this measure in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. We generally use this non-GAAP financial measure to evaluate operating performance and for other discretionary purposes. We believe this measure provides 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 costs and charges that may obscure the underlying performance of our business and related trends. Because not all companies use identical calculations, our presentation of core EBITDA may not be comparable to similarly titled measures of other companies.

We use core EBITDA as an indicator of the company’s operating financial performance. 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 the following items (Other adjustments):

• net non-cash mortgage servicing rights

• integration and other costs related to acquisitions,

• carried interest incentive compensation 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,

• business and finance transformation,

• costs associated with efficiency and cost-reduction initiatives, and

• net fair value adjustments on strategic non-core investments.

We believe that investors may find this measure useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the 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.

Core EBITDA is not intended to be a measure of free cash flow for our discretionary use because they do not consider certain cash requirements such as tax and debt service payments. This measure may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which 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. We also use core EBITDA as a significant component when measuring our operating performance under our employee incentive compensation programs.

Core EBITDA is calculated as follows (dollars in millions):

			Three Months Ended March 31,
			2026						2025
Net income attributable to CBRE Group, Inc.			$	318					$	163
Net income attributable to non-controlling interests			24						28
Net income			342						191
Adjustments:
Depreciation and amortization			182						142
Interest expense, net of interest income			59						50
Provision for income taxes			112						52
Net non-cash mortgage servicing rights			12						13
Integration and other costs related to acquisitions			69						68
Carried interest incentive compensation expense to align with the timing of associated revenue			1						4
Charges related to indirect tax audits and settlements			—						(1)
Net results related to the wind-down of certain businesses (1)			20						6
Business and finance transformation			32						—
Costs associated with efficiency and cost-reduction initiatives			(3)						13
Net fair value adjustments on strategic non-core investments			5						(20)
Core EBITDA			$	831					$	518

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(1) Management made the decision to wind down the legacy Telford Homes’ construction self-delivery business and certain businesses within the BOE Segment.

Cautionary Note on Forward-Looking Statements

This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words “anticipate,” “believe,” “could,” “should,” “propose,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “forecast,” “target,” and similar terms and phrases are used in this Quarterly Report to identify forward-looking statements. Except for historical information contained herein, the matters addressed in this Quarterly Report are forward-looking statements. These statements relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects, developments and business strategies.

These forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. These uncertainties and factors could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements.

The following factors are among those, but are not only those, that may cause actual results to differ materially from the forward-looking statements:

• 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 U.S.;

• 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. (CBRE Capital Markets) 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;

• the performance of our equity investments in companies we do not control; and

• the other factors described elsewhere in this Quarterly Report on Form 10-Q, included under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates,” “Quantitative and Qualitative Disclosures About Market Risk” and Part II, Item 1A, “Risk Factors” or as described in our 2025 Annual Report, in particular in Part I, Item 1A “Risk Factors”, or as described in the other documents and reports we file with the Securities and Exchange Commission (SEC).

Forward-looking statements speak only as of the date the statements are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will

make additional updates with respect to those or other forward-looking statements. Additional information concerning these and other risks and uncertainties is contained in our other periodic filings with the SEC.

Investors and others should note that we routinely announce financial and other material information using our Investor Relations website (https://ir.cbre.com), SEC filings, press releases, public conference calls and webcasts. We use these channels of distribution to communicate with our investors and members of the public about our company, our services and other items of interest. Information contained on our website is not part of this Quarterly Report or our other filings with the SEC.