Cushman & Wakefield (CWK) investor relations material

Strategic positioning and platform overview

• Operates as a global leader in real estate services, with a presence in nearly 60 countries and over 350 offices, managing 6.5 billion square feet and employing approximately 53,000 people worldwide.

• Generates $7.1 billion in FY 2025 fee revenue, with 71% from the Americas, 16% from APAC, and 13% from EMEA.

• Service line revenue is diversified: 51% from Services, 30% from Leasing, 12% from Capital Markets, and 7% from Valuation & Other.

• Offers a comprehensive suite of services for both owners and occupiers, including property management, project management, facilities management, leasing, capital markets, and advisory.

Growth strategy and market drivers

• Benefits from favorable macro trends: rising outsourcing demand, return-to-office momentum, industrial demand from e-commerce, and increased institutional allocations to CRE.

• Implements a multi-pronged organic growth strategy: stable core operations, customer-centric expansion, capturing market-led opportunities, and disciplined capital allocation.

• Transitioning from a fragmented local model to a digitally enabled, fully interconnected global platform, targeting completion by 2028.

• Focuses on high-growth areas such as multi-market leasing, global capital markets, data centers, and technical services.

• Leverages proprietary data and AI capabilities to enhance client service and operational efficiency, with strong ethical and legal safeguards.

Financial performance and capital structure

• Achieved 7% fee revenue growth in FY 2025, with all geographic segments and service lines contributing.

• Adjusted EBITDA margin expanded by 46 basis points to 9.3% in FY 2025, with adjusted EBITDA up 11% to $656 million.

• Free cash flow reached $293 million in FY 2025, with a conversion rate of 103% of adjusted net income.

• Net leverage reduced from 4.3x in 2023 to 2.9x in 2025, supported by $500 million in debt repayment since 2024 and improved credit outlook.

• Three-year value creation framework (FY26-28) targets 6-8% fee revenue growth, 60-80% FCF conversion, 15-20% annual adjusted EPS growth, and further margin and leverage improvements.