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ANNUAL REPORT 2025 CBRE GROUP, INC.
CHAIR & CEO MESSAGE April 3, 2026 Dear Fellow Shareholders: CBRE produced excellent financial results in 2025 while making significant strategic gains across our business. We generated more than $40 billion of revenue, a record level, with both resilient(1) and transactional(1) businesses delivering better than 13% growth. Core earnings-per-share(2) also reached a new high, rising 25% to $6.38, while free cash flow(2) improved to nearly $1.7 billion. We are poised for another strong year in 2026(3), driven by double-digit operating profit growth in our Building Operations & Experience (BOE), Advisory, and Project Management segments. As always, we are mindful of the uncertain macroeconomic backdrop and unforeseen risks that may emerge as the year unfolds. Our most important strategic gains last year were the creation of two new business segments, BOE and Project Management, and our deeper move into critical infrastructure services. We established BOE by combining the expertise we use to manage nearly 8.5 billion square feet of space globally with the workplace experience capabilities we acquired with the Industrious acquisition. Project Management was carved out as a separate segment after we integrated our legacy project management business into Turner & Townsend, our rapidly growing subsidiary. We now have a level of project management capability, particularly in critical infrastructure, that goes well beyond what has previously been available in our sector. In establishing our new segments, we were guided by the strategy discussed in my last two annual shareholder letters to increase our participation in resilient and secularly favored service lines and asset classes. This has also been the motivation behind our aggressive push into the critical infrastructure space over the last two years. This effort has been accelerated by two key acquisitions. The first was our 2024 acquisition of Direct Line, which is now part of our Data Center Solutions (DCS) business. This business delivers both whitespace and greyspace installation and maintenance services along with traditional facilities management services. The second was the November 2025 acquisition of Pearce Services, which gave us advanced technical capabilities in areas including critical power and cooling, renewable energy generation and storage, and wireless and fiber networks. Beyond our DCS business, our extensive work for data center clients runs the gamut from sales, leasing and financing to site assemblage and asset development. All told, critical infrastructure (all our data center activities plus Pearce) accounted for about 14% of our core EBITDA(2) in 2025, up from approximately 3% in 2021. And we see considerable opportunities ahead. CBRE has long been the leading provider of commercial real estate services and investment. We have complemented that position by now also becoming a significant provider of critical infrastructure services. AI Impacts Much of the work we are doing in critical infrastructure has been catalyzed by the massive investment in Artificial Intelligence (AI). We know this topic is top-of-mind for investors. I ll spend a little time on how AI impacts our business and the opportunities it creates for us. We are using AI today in two areas: product differentiation and operational efficiency. In terms of product differentiation, AI helps us turn the huge amount of real estate data we collect more than any company in the world into a knowledge advantage that is comparable to the position we enjoy as the industry leader.
CHAIR & CEO MESSAGE Regarding efficiency, we are implementing AI where it creates value that is clearly larger than what we can derive from other efficiency strategies, such as offshoring. Examples include reimagining our back-office processes and investing in tools that enable our professionals to boost their individual productivity. Examples of differentiation include improving our research products while simultaneously reducing the resources required to produce them and enabling our building technicians to perform maintenance on a proactive, rather than reactive, basis. We are encouraged by how AI can help us be more efficient and our products more differentiated but are also being very disciplined about targeting our investments in areas with proven return potential. In terms of market-facing impacts, we see AI risks and opportunities in three areas of our business: transaction and investment activities, development and project management, and building operations. We believe our transactional activities are most protected from AI disruption. Investors and occupiers engage CBRE to plan and execute complex transactions because of our creativity, strategic thinking, negotiating skills, proprietary data, deep base of market knowledge and broad relationships. This seems unlikely to be replaced by AI in the foreseeable future. Our development and project management businesses, which entail the physical creation and improvement of assets, are also highly complex. They involve such activities as site assemblage and entitlement, strategic planning, cost analysis, knowledge of vendor capabilities and pricing, construction supervision, and negotiating skills. Because of the complex and physical nature of these activities, we believe our work in these areas is materially protected from disintermediation. Finally, operating commercial buildings and corporate facilities inherently involves large amounts of data and is, by definition, labor intensive. AI can both enable and disintermediate the data aspects of our work, but we believe the scale and complexity of our client relationships are helpful in mitigating this risk. Further, we believe our laborintensive activities will not be easy for AI to disintermediate. The largest market-facing impact we see from AI, today and for the foreseeable future, is the opportunity it affords us to serve our clients critical infrastructure needs. As noted previously, critical infrastructure work generated roughly 14% of our core EBITDA in 2025 and is growing rapidly. We are now positioned as a strong option for clients to operate and maintain their critical infrastructure, provide attractive opportunities for scarce data center services talent, and have more M&A targets to help fuel our growth. On balance, AI will create risks and opportunities for CBRE. We are optimistic that the net impact will benefit us in the long run. Our view is supported by early empirical evidence. Capital Deployment We deployed approximately $2.7 billion of capital in 2025, largely for the acquisitions of Pearce and Industrious (the 60% interest we did not already own) as well as nearly $1.0 billion of share repurchases. Despite significant capital deployment, we ended 2025 with net leverage(2) of just 1.2x and have ample capacity to continue investing. Concluding Thoughts The strong results we delivered in 2025, for our clients and our shareholders, would not have been possible without our talented team of professionals, now numbering more than 155,000 around the world. We strive to create conditions where our people can thrive by maintaining a values-driven culture that enables everyone to realize their full potential. Our 2025 Corporate Responsibility Report, to be published later this year, will provide more details about our people, values and culture.
CHAIR & CEO MESSAGE We greatly appreciate your support for CBRE as we work to enhance shareholder value. I hope you can join us at our Annual Stockholders Meeting, which will be held virtually on Thursday, May 21. Sincerely, Robert E. Sulentic Chair & Chief Executive Officer CBRE Group, Inc. (1) Resilient businesses include facilities management, project management, property management, loan servicing, recurring investment management fees, valuations and other portfolio services. Transactional businesses include property sales, leasing, mortgage origination, development fees and carried interest and incentive fees in our investment management business. (2) These are non-GAAP financial measures. Please refer to Annex A on the last page of this Annual Report for more information and a reconciliation to GAAP measures, where applicable. (3) Please refer to Annex A on the last page of this Annual Report for a discussion of the forward-looking statements contained in this shareholder letter.
 • shareholder letter icon 4/3/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/4/2023 CBRE Stockholder Letter
 • stockholder letter icon 4/12/2024 CBRE Stockholder Letter
 • stockholder letter icon 4/4/2025 CBRE Stockholder Letter
 • stockholder letter icon More "Real Estate" Category Stockholder Letters


CBRE Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
2025
CBRE GROUP, INC.


CHAIR & CEO MESSAGE
April 3, 2026
Dear Fellow Shareholders:
CBRE produced excellent financial results in 2025 while making significant strategic gains across our business.
We generated more than $40 billion of revenue, a record level, with both resilient(1) and transactional(1) businesses
delivering better than 13% growth. Core earnings-per-share(2) also reached a new high, rising 25% to $6.38, while free
cash flow(2) improved to nearly $1.7 billion.
We are poised for another strong year in 2026(3), driven by double-digit operating profit growth in our Building
Operations & Experience (BOE), Advisory, and Project Management segments. As always, we are mindful of the
uncertain macroeconomic backdrop and unforeseen risks that may emerge as the year unfolds.
Our most important strategic gains last year were the creation of two new business segments, BOE and Project
Management, and our deeper move into critical infrastructure services.
We established BOE by combining the expertise we use to manage nearly 8.5 billion square feet of space globally with
the workplace experience capabilities we acquired with the Industrious acquisition. Project Management was carved
out as a separate segment after we integrated our legacy project management business into Turner & Townsend, our
rapidly growing subsidiary. We now have a level of project management capability, particularly in critical
infrastructure, that goes well beyond what has previously been available in our sector.
In establishing our new segments, we were guided by the strategy discussed in my last two annual shareholder letters
to increase our participation in resilient and secularly favored service lines and asset classes. This has also been the
motivation behind our aggressive push into the critical infrastructure space over the last two years. This effort has
been accelerated by two key acquisitions.
The first was our 2024 acquisition of Direct Line, which is now part of our Data Center Solutions (DCS) business. This
business delivers both whitespace and greyspace installation and maintenance services along with traditional
facilities management services. The second was the November 2025 acquisition of Pearce Services, which gave us
advanced technical capabilities in areas including critical power and cooling, renewable energy generation and
storage, and wireless and fiber networks.
Beyond our DCS business, our extensive work for data center clients runs the gamut from sales, leasing and financing
to site assemblage and asset development. All told, critical infrastructure (all our data center activities plus Pearce)
accounted for about 14% of our core EBITDA(2) in 2025, up from approximately 3% in 2021. And we see considerable
opportunities ahead.
CBRE has long been the leading provider of commercial real estate services and investment. We have complemented
that position by now also becoming a significant provider of critical infrastructure services.
AI Impacts
Much of the work we are doing in critical infrastructure has been catalyzed by the massive investment in Artificial
Intelligence (AI). We know this topic is top-of-mind for investors. I   ll spend a little time on how AI impacts our business
and the opportunities it creates for us.
We are using AI today in two areas: product differentiation and operational efficiency. In terms of product
differentiation, AI helps us turn the huge amount of real estate data we collect    more than any company in the world   
into a knowledge advantage that is comparable to the position we enjoy as the industry leader.

CHAIR & CEO MESSAGE
Regarding efficiency, we are implementing AI where it creates value that is clearly larger than what we can derive
from other efficiency strategies, such as offshoring. Examples include reimagining our back-office processes and
investing in tools that enable our professionals to boost their individual productivity.
Examples of differentiation include improving our research products while simultaneously reducing the resources
required to produce them and enabling our building technicians to perform maintenance on a proactive, rather than
reactive, basis.
We are encouraged by how AI can help us be more efficient and our products more differentiated but are also being
very disciplined about targeting our investments in areas with proven return potential.
In terms of market-facing impacts, we see AI risks and opportunities in three areas of our business: transaction and
investment activities, development and project management, and building operations.
We believe our transactional activities are most protected from AI disruption. Investors and occupiers engage CBRE
to plan and execute complex transactions because of our creativity, strategic thinking, negotiating skills, proprietary
data, deep base of market knowledge and broad relationships. This seems unlikely to be replaced by AI in the
foreseeable future.
Our development and project management businesses, which entail the physical creation and improvement of assets,
are also highly complex. They involve such activities as site assemblage and entitlement, strategic planning, cost
analysis, knowledge of vendor capabilities and pricing, construction supervision, and negotiating skills. Because of the
complex and physical nature of these activities, we believe our work in these areas is materially protected from
disintermediation.
Finally, operating commercial buildings and corporate facilities inherently involves large amounts of data and is, by
definition, labor intensive. AI can both enable and disintermediate the data aspects of our work, but we believe the
scale and complexity of our client relationships are helpful in mitigating this risk. Further, we believe our laborintensive activities will not be easy for AI to disintermediate.
The largest market-facing impact we see from AI, today and for the foreseeable future, is the opportunity it affords us
to serve our clients    critical infrastructure needs. As noted previously, critical infrastructure work generated roughly
14% of our core EBITDA in 2025 and is growing rapidly. We are now positioned as a strong option for clients to
operate and maintain their critical infrastructure, provide attractive opportunities for scarce data center services
talent, and have more M&A targets to help fuel our growth.
On balance, AI will create risks and opportunities for CBRE. We are optimistic that the net impact will benefit us in the
long run. Our view is supported by early empirical evidence.
Capital Deployment
We deployed approximately $2.7 billion of capital in 2025, largely for the acquisitions of Pearce and Industrious (the
60% interest we did not already own) as well as nearly $1.0 billion of share repurchases.
Despite significant capital deployment, we ended 2025 with net leverage(2) of just 1.2x and have ample capacity to
continue investing.
Concluding Thoughts
The strong results we delivered in 2025, for our clients and our shareholders, would not have been possible without
our talented team of professionals, now numbering more than 155,000 around the world. We strive to create
conditions where our people can thrive by maintaining a values-driven culture that enables everyone to realize their
full potential. Our 2025 Corporate Responsibility Report, to be published later this year, will provide more details
about our people, values and culture.

CHAIR & CEO MESSAGE
We greatly appreciate your support for CBRE as we work to enhance shareholder value. I hope you can join us at our
Annual Stockholders Meeting, which will be held virtually on Thursday, May 21.
Sincerely,
Robert E. Sulentic
Chair & Chief Executive Officer
CBRE Group, Inc.

(1)
Resilient businesses include facilities management, project management, property management, loan servicing,
recurring investment management fees, valuations and other portfolio services. Transactional businesses include
property sales, leasing, mortgage origination, development fees and carried interest and incentive fees in our
investment management business.
(2)
These are non-GAAP financial measures. Please refer to Annex A on the last page of this Annual Report for more
information and a reconciliation to GAAP measures, where applicable.
(3)
Please refer to Annex A on the last page of this Annual Report for a discussion of the forward-looking statements
contained in this shareholder letter.


shareholder letter icon 4/3/2026 Letter Continued (Full PDF)
 

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