Summary of Cushman & Wakefield Q2 2026 Earnings Call

1Key Financial Results and Metrics

Total Revenue: $2.8 billion, up 11% year-over-year.

Brokerage Revenue: Increased by 19%, with leasing growing 27% globally.

Adjusted EBITDA: $184 million, up 13%.

Adjusted EPS: $0.35, representing a 17% increase; year-to-date adjusted EPS of $0.50 reflects a 28% growth compared to the first half of 2025.

Free Cash Flow: $249 million, a 79% conversion rate of adjusted net income.

Net Leverage: Improved to 3x, down from 3.7x a year ago.

2Strategic Updates and Business Highlights

Record Performance: Achieved the highest second quarter total revenue, leasing, and services revenue in company history.

Project Management Growth: Grew over 20% in the quarter, driven by strong demand across regions.

Data Center Revenue: Increased by 83% year-to-date, with integrated facilities management becoming a significant contributor.

Geographic Growth: Double-digit revenue growth in the Americas, APAC, and EMEA, although EMEA faced challenges due to macroeconomic factors.

Capital Markets: Experienced a 1% decline globally, with specific softness in the Americas attributed to office and multifamily sectors.

3Forward Guidance and Outlook

Revenue Growth: Expecting mid- to high-end growth of 6% to 8% for 2026.

Adjusted EPS Growth: Raised guidance from 15%-20% to 18%-23% for the year.

Capital Allocation: Plans to continue reducing leverage, invest in organic growth, pursue M&A opportunities, or return capital to shareholders.

4Bad News, Challenges, or Points of Concern

Capital Markets Softness: Experienced a decline in capital markets revenue, particularly in the Americas, raising concerns about market conditions and timing.

EMEA Performance: Leasing trends in EMEA were mixed, with a 6% decline primarily due to deal timing and economic uncertainty.

Market Volatility: The company acknowledged potential headwinds from geopolitical uncertainties and economic shifts affecting the broader market.

5Notable Q&A Insights

Data Center Strategy: Management is considering both organic growth and potential acquisitions to enhance capabilities in the data center sector.

Capital Markets Hiring: The company has added approximately 100 new hires in capital markets over the past 18 months, with expectations of gradual impact on performance.

Project Management Visibility: Strong growth is expected to continue, supported by a robust pipeline and improved management.

Desiloing Efforts: The company is in the later stages of desiloing its operations, which is expected to drive further efficiencies and cross-business collaboration.

Market Recovery Outlook: Management remains optimistic about the potential for recovery in capital markets, viewing current softness as an anomaly rather than a trend. Overall, Cushman & Wakefield's Q2 2026 results reflect strong operational performance and strategic growth initiatives, despite facing challenges in specific market segments. The raised guidance indicates confidence in continued momentum moving forward.