CBRE Group Inc - Ordinary Shares - Class A

Strong quarter; confidence in 2026 earnings despite capital-markets headwinds - Core EPS up 28% on 13% revenue growth with resilient + transactional both growing double digits. - 2026 core EPS guidance maintained: $7.80–$7.90 (implies ~23% growth at midpoint). - Free cash flow: $1.8B trailing 12 months; company reiterated it expects 75%–85% FCF conversion for the full year and slightly above 1x net leverage.

2027 outlook is powered by infrastructure/data centers (but capital markets still a drag) - Management reiterated a path to ~15% core EPS growth in 2027, built on a mix of: - Upside: outsized growth in infrastructure services/data centers. - Offset: downward pressure from real-estate capital markets (interest rate uncertainty, retrades, delays). - Concrete forecast figures: - Critical Infrastructure Services revenue: target ~$4.5B in 2027. - Total infrastructure services revenue: target ~$7B in 2027 (>40% growth vs. current year). - Note: data center land sales (development) would be in addition to those infrastructure revenue figures.

Onnec acquisition (announced Tuesday) is a major strategic catalyst for global critical infrastructure - Deal expected to close around end of year; management positioned it as complementary to CBRE’s data center/MEP/project capability, especially outside the U.S. - Strategic rationale: builds project capability/“white space technical services” overseas and strengthens global footprint (Malaysia, Nordics, Australia referenced). - Financing/pricing approach (surprising/important): - Mentioned implied multiple around ~9x EBITDA (investor framing); CBRE emphasizes upfront payment + substantial earn-out. - If earn-out is achieved, CBRE suggests the multiple effectively rises and outcome is “spectacular.” - Investors should note: 2027 growth path explicitly includes Onnec benefit (confirmed in Q&A).