8-K - CBRE GROUP, INC. - 2.02 / 9.01

Form 8-K - Current report: SEC Accession No. 0001138118-26-000013

Filing Date: 2026-04-23

Accepted: 2026-04-23 07:01:04

Documents: 13

Period of Report: 2026-04-23

Items: Item 2.02: Results of Operations and Financial Condition Item 9.01: Financial Statements and Exhibits

CBRE GROUP, INC. (Filer) CIK : 0001138118 (see all company filings) EIN. : 943391143 | State of Incorp.: DE | Fiscal Year End: 1231 Type: 8-K | Act: 34 | File No.: 001-32205 | Film No.: 26885487 SIC : 6500 Real Estate (CF Office: 05 Real Estate & Construction)

1 | 8-K | cbre-20260423.htm iXBRL | 8-K

2 | EX-99.1 | cbre-20260423x8kexx991.htm | EX-99.1

6 | CBRE LOGO | cbre_greena.jpg | GRAPHIC

3 | XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT | cbre-20260423.xsd | EX-101.SCH

EX-99.1 2 cbre-20260423x8kexx991.htm EX-99.1 Document EXHIBIT 99.1 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 Q1 2026 Dallas – April 23, 2026 — CBRE Group, Inc. (NYSE: CBRE) today reported financial results for the first quarter ended March 31, 2026. Key Highlights: • GAAP EPS up 98% to $1.07 and Core EPS up 81% to $1.61 • Revenue up 19% to $10.5 billion • Resilient Businesses (1) revenue up 18% • Transactional Businesses (1) revenue up 22% • Cash flow from operations of nearly $1.3 billion and free cash flow of nearly $1.7 billion on a trailing 12-month basis • 2026 core EPS outlook raised to $7.60 to $7.80 from $7.30 to $7.60, reflecting more than 20% growth at midpoint of new range “CBRE continued to generate strong financial results while making important strategic gains during the first quarter of 2026. Together, our three services segments – Advisory, Building Operations & Experience and Project Management – grew revenue by 20% and operating profit by nearly 30%. Additionally, profits from our data center land development program were delivered earlier in the year than anticipated,” said Bob Sulentic, CBRE’s chair and chief executive officer. “We had strong growth from both our Resilient and Transactional Businesses during the quarter. Notably, our work related to infrastructure assets, consisting of the services we perform for data centers as well as power, telecom and transportation assets, among others, has become a source of significant profits and growth spanning all four business segments,” Mr. Sulentic added. CBRE Press Release April 23, 2026 Page 2 Consolidated Financial Results Overview The following table presents highlights of CBRE performance (dollars in millions, except per share data): % Change Q1 2026 Q1 2025 USD LC ( 2 ) Operating Results Revenue $ 10,527 $ 8,875 18.6 % 14.6 % Pass-through costs (3) 4,448 3,798 17.1 % 13.0 % GAAP net income 318 163 95.1 % 92.6 % Core adjusted net income (4) 478 269 77.7 % 74.3 % GAAP EPS 1.07 0.54 98.1 % 98.1 % Core EPS (4) 1.61 0.89 80.9 % 78.7 % Core EBITDA (5) 831 518 60.4 % 56.4 % Cash Flow Results Cash flow used in operations $ (825) $ (546) 51.1 % Gain on disposition of real estate 301 — NM Less: Capital expenditures 81 64 26.6 % Free cash flow (6) $ (605) $ (610) 0.8 % Advisory Services Segment The following table presents highlights of the Advisory Services segment performance (dollars in millions): % Change Q1 2026 Q1 2025 USD LC Revenue $ 2,024 $ 1,659 22.0% 19.2% Pass-through costs 8 12 (33.3)% (33.3)% Segment operating profit (7) 375 279 34.4% 34.9% • Revenue and segment operating profit increased by 22% (19% local currency) and 34% (35% local currency), respectively. • Global leasing revenue increased 20% (18% local currency) and was strong around the world. Asia-Pacific (APAC) was up 24% (22% local currency), led by Japan. In the U.S., leasing revenue rose 21%, driven by industrial, office and data centers. • Global property sales revenue increased 43% (39% local currency). The U.S. was up 64% as all major property types posted double-digit increases. APAC saw growth of 29% (26% local currency), paced by Japan. • Mortgage origination revenue rose 53% (same local currency) fueled by strong volumes from debt funds, and government-sponsored enterprises. • The loan servicing portfolio increased 5% for the quarter to more than $460 billion. Loan servicing revenue reflected a decline in escrow income tied to lower average interest rates, which masked underlying growth in the business. CBRE Press Release April 23, 2026 Page 3 • Valuations revenue rose 9% (4% local currency), with double-digit growth in the U.S. Building Operations & Experience (BOE) Segment The following table presents highlights of the BOE segment performance (dollars in millions): % Change Q1 2026 Q1 2025 USD LC Revenue $ 6,491 $ 5,393 20.4% 16.0% Pass-through costs 3,513 2,959 18.7% 14.3% Segment operating profit 280 218 28.4% 22.5% • Revenue and segment operating profit increased by 20% (16% local currency) and 28% (23% local currency), respectively. • Facilities management revenue rose 17% (13% local currency). Local facilities management produced mid-teens revenue growth with strength across all global regions, led by the Americas. Enterprise facilities management revenue also grew by double digits, led by the technology, industrial and life sciences sectors. • Critical infrastructure services revenue increased 71% (65% local currency), including strong growth from Data Center Solutions and contributions from Pearce Services, acquired in November 2025. • Property management revenue rose 17% (14% local currency), aided by Industrious’ continued strong growth. • Operating leverage was driven by the reclassification of costs associated with leases for fleet vehicles from cost of services to depreciation and amortization. Project Management Segment The following table presents highlights of the Project Management segment performance (dollars in millions): % Change Q1 2026 Q1 2025 USD LC Revenue $ 1,838 $ 1,594 15.3% 11.0% Pass-through costs 927 827 12.1% 9.1% Segment operating profit 135 112 20.5% 14.4% • Revenue and segment operating profit increased by 15% (11% local currency), and 21% (14% local currency), respectively. • Growth was underpinned by strong infrastructure activity. Among real estate projects, growth was driven by the technology sector and was broad based, led by double-digit growth in Asia, the U.K. and the U.S. CBRE Press Release April 23, 2026 Page 4 Real Estate Investments (REI) Segment The following table presents highlights of the REI segment performance (dollars in millions): % Change Q1 2026 Q1 2025 USD LC Revenue $ 199 $ 233 (14.6) % (19.0) % Segment operating profit 180 25 620.0 % 616.0 % Real Estate Development • Operating profit (8) exceeded expectations, totaling $145 million. The outperformance was driven by earlier-than-anticipated profits from the data center land program. • The portfolio of in-process projects and pipeline stood at $29.6 billion at the end of the first quarter. Investment Management • Recurring asset management fees increased, reflecting higher net asset values. However, overall revenue was flat (down 6% local currency) due to sharply lower incentive fees compared with first-quarter 2025. • The absence of significant incentive fees and promote income resulted in lower operating profit (8) than in last year’s first quarter. • Assets under management (AUM) ended the first quarter at more than $155 billion, in line with the prior quarter’s level. Core Corporate Segment • Core corporate operating loss increased by approximately $23 million for the quarter, driven by higher incentive compensation related to the company’s strong performance in 2025 as well as a change in the timing of certain expense recognition. Capital Allocation Overview • Free Cash Flow – Free cash flow totaled nearly $1.7 billion for the 12 months ended March 31, 2026. • Stock Repurchase Program – Year-to-date (as of April 21), the company has repurchased nearly $540 million worth of shares. • Acquisitions and Investments – The company did not make any acquisitions during the first quarter. CBRE Press Release April 23, 2026 Page 5 Leverage and Financing Overview • Leverage – CBRE’s net leverage ratio (net debt (9) to trailing twelve-month core EBITDA) was 1.54x as of March 31, 2026, substantially below the company’s primary debt covenant of 4.25x. The net leverage ratio is computed as follows (dollars in millions): As of March 31, 2026 Total debt $ 7,013 Less: Cash and cash equivalents 1,664 Net debt (9) $ 5,349 Divided by: Trailing twelve-month Core EBITDA $ 3,470 Net leverage ratio 1.54x • Liquidity – At the end of the first quarter, the company had approximately $4.4 billion of total liquidity. Conference Call Details The company’s first quarter earnings webcast and conference call will be held today, Thursday, April 23, 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 April 23, 2026. The replay is accessible by dialing 877.660.6853 (U.S.) or 201.612.7415 (International) and using the access code: 13759393#. 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 CBRE Press Release April 23, 2026 Page 6 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 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