CBRE Group Inc - Ordinary Shares - Class A

Strong quarter momentum; raises 2026 outlook - Core EPS +30% on +16% revenue (also core EBITDA +34%). - Five straight quarters of ≥18% core EPS growth. - Segment strength: Advisory / BOE / Project Mgmt / REI all grew; SOP up >25% in each of advisory, building operations & experience, project management, and REI. - 2026 core EPS guidance increased to $7.80–$7.90 (from $7.60–$7.80), implying ~23% growth at midpoint.

Data centers & infrastructure are a key earnings driver (and growth is forecast to remain elevated) - Infrastructure services revenue: ~$1.2B, +45% YoY. - Data center services within that: >$700M, ~+30% YoY (not including land sales; services only). - Management expects data center services revenue to stay ~25% annual growth for next 5 years, then above 15% as build cycles mature. - Strategic opportunity: by 2030, they see ~$10B infrastructure business with >$1B EBITDA, disproportionately from data centers (plus meaningful downstream adjacent work).

Near-term forward expectations: solid Q3 and 2027 confidence - For Q3 2026, expect >20% core EPS growth. - Q4 expected to be comparable to last year, which included profits from data center land program. - For 2027, confident in ≥15% core EPS growth (assuming no major macro/interest rate deterioration). - Rationale for 2027: low double-digit SOP growth expected across BOE and project management; advisory growth moderates but stays solid; REI roughly flat to expected 2026 SOP.