Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that may affect future results. The MD&A in this Quarterly Report on Form 10-Q (Quarterly Report) for CBRE Group, Inc. for the three and six months ended June 30, 2026 should be read in conjunction with our consolidated financial statements and related notes included in our 2025 Annual Report on Form 10-K (2025 Annual Report) as well as the unaudited financial statements included elsewhere in this Quarterly Report. In addition, the statements and assumptions in this Quarterly Report that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects as well as estimates of industry growth for the next quarter and beyond. For important information regarding these forward-looking statements, please see the discussion below under the caption “Cautionary Note on Forward-Looking Statements.” Beginning with first-quarter 2026 results, we reclassified amortization associated with MSRs (mortgage servicing rights) to net against the related revenue (commercial mortgage origination). Historically, we have recognized the corresponding MSR intangible asset as an amortization expense over the estimated mortgage service period. Prior year amounts have been reclassified to conform with the 2026 presentation. Business Environment The strong recovery of the commercial real estate market continued in the first half of 2026. This is reflected in increased property leasing and sales activity, particularly in the U.S. Leasing activity in the U.S. remained strong across all property types, led by industrial and office, while global activity continued to strengthen in international markets as well. During the second quarter, investment sales activity improved significantly in the U.S., while growth was more modest in overseas markets. Investment activity has been supported by broad capital availability, improved occupancy market fundamentals and narrower bid-ask spreads. Large occupiers’ growing appetite for outsourcing services continued to underpin demand for facilities management and project management activities, while the outsized growth of Artificial Intelligence investments and data center buildouts has fueled continued strong demand for critical infrastructure services. Through the first half of 2026, the ongoing Middle East conflict has had limited impact on CBRE’s business except for a slowdown in fundraising from capital sources based in the region. Capital Allocation We deployed $988 million in 2026 to repurchase 6,984,186 shares as of July 27, 2026. 37 Table of contents Results of Operations The following table sets forth items derived from our consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (dollars in millions): Three Months Ended June 30, (1) Six Months Ended June 30, (1) 2026 2025 2026 2025 Revenue: Facilities management $5,311 47.3% $4,784 49.2% $10,540 48.5% $9,253 49.8% Property management 699 6.2% 646 6.6% 1,383 6.4% 1,232 6.6% Critical infrastructure 676 6.0% 403 4.1% 1,254 5.8% 741 4.0% Project management 2,045 18.2% 1,717 17.7% 3,883 17.9% 3,311 17.8% Advisory leasing 1,229 10.9% 995 10.2% 2,264 10.4% 1,857 10.0% Valuation 220 2.0% 196 2.0% 420 1.9% 379 2.0% Loan servicing 121 1.1% 122 1.3% 241 1.1% 242 1.3% Other portfolio services 88 0.8% 97 1.0% 163 0.7% 178 1.0% Capital markets: Advisory sales 551 4.9% 459 4.7% 1,064 4.9% 819 4.4% Commercial mortgage origination 97 0.9% 90 0.9% 178 0.8% 143 0.8% Investment management 149 1.3% 145 1.5% 303 1.4% 299 1.6% Development services 44 0.4% 70 0.7% 89 0.4% 149 0.8% Corporate, other and eliminations (4) 0.0% (7) (0.1)% (29) (0.1)% (11) (0.1)% Total revenue 11,226 100.0% 9,717 100.0% 21,753 100.0% 18,592 100.0% Costs and expenses: Pass-through costs (2) 4,622 41.2% 4,085 42.0% 9,070 41.7% 7,883 42.4% Cost of revenue, excluding pass-through costs 4,518 40.2% 3,857 39.7% 8,745 40.2% 7,324 39.4% Operating, administrative and other 1,536 13.7% 1,275 13.1% 2,996 13.8% 2,467 13.3% Depreciation and amortization 190 1.7% 145 1.5% 372 1.7% 287 1.5% Total costs and expenses 10,866 96.8% 9,362 96.3% 21,183 97.4% 17,961 96.6% Gain on disposition of real estate 5 0.0% 19 0.2% 306 1.4% 19 0.1% Operating income 365 3.3% 374 3.8% 876 4.0% 650 3.5% Equity income (loss) from unconsolidated subsidiaries 4 0.0% (18) (0.2)% (5) 0.0% (2) —% Other income 6 0.1% 6 0.1% 17 0.1% 7 0.0% Interest expense, net of interest income 60 0.5% 59 0.6% 119 0.5% 109 0.6% Write-off of financing costs on extinguished debt — 0.0% 2 0.0% — 0.0% 2 0.0% Income before provision for income taxes 315 2.8% 301 3.1% 769 3.5% 544 2.9% Provision for income taxes 68 0.6% 61 0.6% 180 0.8% 113 0.6% Net income 247 2.2% 240 2.5% 589 2.7% 431 2.3% Less: Net income attributable to non-controlling interests 43 0.4% 25 0.3% 67 0.3% 53 0.3% Net income attributable to CBRE Group, Inc. $204 1.8% $215 2.2% $522 2.4% $378 2.0% Core EBITDA $836 7.4% $626 6.4% $1,667 7.7% $1,144 6.2% ________________________________________________________________________________________________________________________________________ (1)Calculated as a percentage of total revenue. (2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue. 38 Table of contents Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 We reported consolidated net income of $204 million for the quarter, on revenue of $11.2 billion as compared to consolidated net income of $215 million on revenue of $9.7 billion in the prior year. Revenue increased 15.5% reflecting double-digit growth across the Advisory Services, Building Operations & Experience (BOE) and Project Management segments, partially offset by a decrease in revenue in the Real Estate Investments (REI) segment. Foreign currency translation had a 1.2% positive impact on revenue, reflecting strength in the euro, Australian dollar and British pound sterling partially offset by weakness in the Indian rupee. Pass-through costs increased 13.1% during the quarter as compared to the same period in prior year primarily due to revenue growth in the BOE and Project Management segments. Foreign currency translation had a 1.1% negative impact on pass-through costs. Cost of revenue, excluding pass-through costs increased 17.1% during the quarter as compared to the same period in prior year primarily reflecting business growth and higher employee compensation and commission expenses. Foreign currency translation had a 1.3% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass- through costs increased to 40.2% of total revenue from 39.7% driven by higher costs to support growth in revenues. Operating, administrative and other expenses increased 20.5% during the quarter as compared to the same period in prior year. The increase was primarily due to an increase in the provision related to fire safety remediation efforts for buildings historically developed by our subsidiary, Telford Homes (see Note 17 – Telford Fire Safety Remediation). In addition, operating, administrative and other expenses increased due to higher employee compensation expense, driven by business growth. Foreign currency translation had a 1.3% negative impact on total operating expenses during the quarter. Operating, administrative and other expenses as a percentage of revenue increased to 13.7% in the second quarter 2026 from 13.1% in the second quarter 2025, as operating expenses grew higher than revenue. Depreciation and amortization expense increased by 31.0% during the quarter, as compared to the same period in prior year, reflecting higher amortization expense related to intangible assets from recent acquisitions, such as Pearce. Gain on disposition of real estate decreased by $14 million during the quarter, driven by lower sales of real estate development assets in the REI segment, compared to the prior year. We recorded equity income from unconsolidated subsidiaries of approximately $4 million, compared to equity loss of $18 million in the second quarter 2025. Interest expense, net of interest income, increased by 1.7%, compared with the second quarter 2025. This increase was primarily attributable to increased commercial paper borrowings and the issuance of $750 million in senior notes, offset by the impact of net investment hedging activity. Our provision for income taxes on a consolidated basis was $68 million for the three months ended June 30, 2026 as compared to a provision for income taxes of $61 million for the three months ended June 30, 2025. The increase of $7 million is primarily related to an increase in earnings. Our effective tax rate increased to 21.6% for the three months ended June 30, 2026 from 20.3% for the three months ended June 30, 2025. Our effective tax rate for the three months ended June 30, 2026 is different than the U.S. federal statutory tax rate of 21.0% primarily due to the U.S. state taxes and permanent book tax differences. Legislative Developments The Organization for Economic Co-operation & Development (OECD) Pillar Two Model Rules established a minimum global effective tax rate of 15% on country-by-country profits of large multinational companies. European Union member states along with many other countries adopted or expect to adopt the OECD Pillar Two Model effective January 1, 2024 or thereafter. In January 2026, the OECD issued a comprehensive Side by Side Package, which introduces additional administrative guidance intended to enhance coordination and simplify aspects of the global minimum tax framework. The package includes several new safe harbors including the new Side by Side and Ultimate Parent Entity safe harbors that may deem certain top-up taxes to be zero in jurisdictions with qualifying minimum tax regimes, such as the United States. We will 39 Table of contents continue to monitor additional administrative guidance and legislative action to incorporate the guidance into local law to assess the global impact of the Pillar Two Model Rules. The impact of Pillar Two top-up taxes is expected to be insignificant for 2026. On July 4, 2025, the U.S. federal government enacted, H.R.1, the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package that changes the U.S. federal income tax laws, including extensions of various expiring provisions from the Tax Cuts and Jobs Act of 2017. The 2026 impacts of the OBBBA are insignificant based on our current operations. Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 We reported consolidated net income of $522 million for the six months ended June 30, 2026 on revenue of $21.8 billion as compared to consolidated net income of $378 million on revenue of $18.6 billion for the six months ended June 30, 2025. Revenue increased 17.0%, reflecting double-digit growth across the Advisory Services, BOE and Project Management segments, partially offset by a decrease in revenue in the REI segment. Foreign currency translation had a 2.6% positive impact on total revenue during the six months ended June 30, 2026, primarily driven by strength in the euro and British pound sterling, partially offset by weakness in the Indian rupee. Pass-through costs increased 15.1% during the six months ended June 30, 2026 as compared to the same period in 2025 primarily due to revenue growth in the BOE and Project Management segments. Foreign currency translation had a 2.6% negative impact on pass-through costs. Cost of revenue, excluding pass-through costs increased 19.4% during the six months ended June 30, 2026 as compared to the same period in 2025 reflecting business growth and higher employee compensation and commission expenses. Foreign currency translation had a 2.6% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs increased to 40.2% of total revenue from 39.4%. Operating, administrative and other expenses increased 21.4% during the six months ended June 30, 2026 as compared to the same period last year primarily due to an increase in the provision related to fire safety remediation efforts for buildings historically developed by our subsidiary, Telford Homes (see Note 17 – Telford Fire Safety Remediation). In addition, operating, administrative and other expenses increased due to higher employee compensation expense, driven by business growth. Foreign currency translation had a 2.6% negative impact on total operating expenses during the six months ended June 30, 2026. Operating, administrative and other expenses as a percentage of revenue increased to 13.8% from 13.3%, as operating expenses grew higher than revenue. Depreciation and amortization expense increased by 29.6% during the six months ended June 30, 2026 as compared to the same period in 2025, reflecting higher depreciation and amortization expense related to assets acquired from recent acquisitions, such as Pearce. Gain on disposition of real estate increased by $287 million during the six months ended June 30, 2026, driven by monetization of real estate development assets the REI segment. We reported equity loss of $5 million during the six months ended June 30, 2026 primarily driven by fair value adjustments related to our equity investments, compared to equity loss of $2 million in the same period in 2025. Interest expense, net of interest income, increased by 9.2% for the six months ended June 30, 2026, compared to the same period in 2025. This increase was primarily attributable to increased commercial paper borrowings and the issuance of $750 million in senior notes, offset by the impact of net investment hedging activity. Our provision for income taxes on a consolidated basis was $180 million for the six months ended June 30, 2026 as compared to a provision for income taxes of $113 million in 2025. The increase of $67 million is primarily related to an increase in current year earnings. Our effective tax rate increased to 23.4% in six months ended June 30, 2026 as compared to 20.8% in 2025. Our effective tax rate for the six months ended June 30, 2026 is different than the U.S. federal statutory tax rate of 21.0% primarily due to the U.S. state taxes and permanent book tax differences. 40 Table of contents Segment Operations We organize our operations around, and publicly report our financial results for, four reportable business segments: (1) Advisory Services; (2) BOE; (3) Project Management; and (4) REI. Advisory Services provides a comprehensive range of services globally, including leasing, capital markets (property sales and mortgage origination), loan servicing, and valuation. BOE provides a broad suite of integrated, contractually based outsourcing services to occupiers and owners of real estate, including facilities management, property management and critical infrastructure. Our Project Management business delivers program management and cost consultancy services across commercial real estate, infrastructure and natural resources sectors. REI is a major real assets developer, investor and operator and is comprised of two businesses: investment management and development services. We also have a Corporate and Other segment. Corporate primarily consists of corporate overhead costs, and costs associated with our platform that are not allocated to segments, including corporate leadership costs. Other consists of activities from strategic non-core, non-controlling equity investments and is considered an operating segment but does not meet the aggregation criteria for presentation as a separate reportable segment and is, therefore, combined with Corporate and reported within Corporate and Other. It also includes eliminations related to inter-segment revenue. For additional information on our segments, see Note 16 – Segments of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report. 41 Table of contents Advisory Services The following table summarizes our results of operations for our Advisory Services operating segment for the three and six months ended June 30, 2026 and 2025 (dollars in millions): Three Months Ended June 30, (1) Six Months Ended June 30, (1) 2026 2025 2026 2025 Revenue: Advisory leasing $1,229 53.3% $995 50.8% $2,264 52.3% $1,857 51.3% Valuation 220 9.5% 196 10.0% 420 9.7% 379 10.5% Loan servicing 121 5.2% 122 6.2% 241 5.6% 242 6.7% Other portfolio services 88 3.8% 97 5.0% 163 3.8% 178 4.9% Capital markets: Advisory sales 551 23.9% 459 23.4% 1,064 24.6% 819 22.6% Commercial mortgage origination 97 4.2% 90 4.6% 178 4.1% 143 4.0% Total segment revenue 2,306 100.0% 1,959 100.0% 4,330 100.0% 3,618 100.0% Costs and expenses: Pass-through costs (2) 8 0.3% 13 0.7% 16 0.4% 25 0.7% Cost of revenue, excluding pass-through costs 1,358 58.9% 1,151 58.8% 2,539 58.6% 2,106 58.2% Operating, administrative and other 504 21.9% 455 23.2% 973 22.5% 883 24.4% Depreciation and amortization 33 1.4% 30 1.5% 66 1.5% 62 1.7% Total costs and expenses 1,903 82.5% 1,649 84.2% 3,594 83.0% 3,076 85.0% Operating income 403 17.5% 310 15.8% 736 17.0% 542 15.0% Equity loss from unconsolidated subsidiaries (2) (0.1)% (1) (0.1)% (3) (0.1)% — 0.0% Other income — 0.0% 2 0.1% 1 0.0% 3 0.1% Add-back: Depreciation and amortization 33 1.4% 30 1.5% 66 1.5% 62 1.7% Adjustments: Net non-cash mortgage servicing rights 11 0.5% 4 0.2% 23 0.5% 17 0.5% Impact of fair value non-cash adjustments related to unconsolidated equity investments — 0.0% 2 0.1% — 0.0% 2 0.1% Business and finance transformation 4 0.2% — 0.0% 6 0.1% — 0.0% Costs associated with efficiency and cost-reduction initiatives — 0.0% — 0.0% (5) (0.1)% — 0.0% Segment operating profit $449 $347 $824 $626 ________________________________________________________________________________________________________________________________________ (1)Calculated as a percentage of total segment revenue. (2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue. Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Revenue increased 17.7% during the quarter compared to the same period in 2025. Global leasing revenue rose 23.5%, led by office and industrial. The Americas grew 23.7%, with 23.5% growth in the United States; Europe, Middle East and Africa (EMEA); which grew 26.5% and Asia Pacific (APAC) which grew 18.9%. Property sales revenue grew 20.0%, driven primarily by growth in the U.S. across industrial, multifamily, retail and office, with Asia Pacific and EMEA also contributing to growth in the period. Foreign currency translation had a 0.9% positive impact on total revenue during the quarter, primarily driven by strength in the Australian dollar and euro partially offset by weakness in the Japanese yen and Indian rupee. Cost of revenue, excluding pass-through costs increased 18.0%, primarily reflecting business growth and higher commission expense, salaries and bonus. Foreign currency translation had a 1.0% negative impact on total cost of revenue, excluding pass-through costs. 42 Table of contents Operating, administrative and other expenses increased by 10.8%, as compared to the same period in 2025, primarily due to higher employee compensation and bonus, and higher business promotion and advertising expense, driven by growth in the business. Foreign currency translation had a 1.3% negative impact on total operating expenses. For the three months ended June 30, 2026, gross income from mortgage servicing rights (MSR) was $27 million, offset by $38 million of amortization of related intangible assets, resulting in a net reduction to commercial mortgage origination revenue of $11 million. For the three months ended June 30, 2025, the comparable amounts were $33 million and $37 million, respectively, resulting in a net reduction of $4 million. The increased net reduction reflects lower origination gains, as recent originations have shifted to shorter loan terms in a higher rate environment, with amortization remaining elevated on the servicing book established during the prior low-rate period. In connection with the origination and sale of mortgage loans with servicing rights retained, we record servicing assets or liabilities based on the fair value of MSR on the date the loans are sold. Upon origination of a mortgage loan held for sale, the fair value of the mortgage servicing rights to be retained is included in the forecasted proceeds from the anticipated loan sale and results in a net gain (which is reflected in revenue). Our MSRs are initially recorded at fair value. Subsequent to the initial recording, MSRs are amortized in proportion to and over the period that the servicing income is expected to be received based on projections and timing of estimated future net cash flows and assessed for impairment based on the fair value each reporting period. During the first quarter of 2026, we began reclassifying amortization associated with MSRs to net against the related revenue (commercial mortgage origination). Historically, the corresponding MSR intangible assets were amortized through amortization expense over the estimated mortgage service period. Prior year amounts have been reclassified to conform with the fiscal 2026 presentation. Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Revenue increased 19.7% for the six months ended June 30, 2026 as compared to the same period in 2025. Property sales revenue increased 29.9%, led by industrial, multifamily, retail and office in the U.S. and APAC. Global leasing revenue rose 21.9%, led by office, industrial and data centers leasing driven by Americas including 22.2% in the United States, EMEA which grew 21.9% and APAC which grew 20.6%. Foreign currency translation had a 1.8% positive impact on total revenue during the six months ended June 30, 2026, primarily driven by strength in the euro and Australian dollar, partially offset by weakness in the Japanese yen and Indian rupee. Cost of revenue, excluding pass-through costs increased 20.6%, primarily reflecting business growth and higher commission expense, salaries and bonus. Foreign currency translation had a 1.8% negative impact on total cost of revenue, excluding pass-through costs. Operating, administrative and other expenses increased by 10.2% for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to higher employee compensation and bonus and higher business promotion and advertising expense, driven by growth in the business. Foreign currency translation had a 2.7% negative impact on total operating expenses. For the six months ended June 30, 2026, gross income from MSRs was $53 million, offset by $76 million of amortization of related intangible assets resulting in a net reduction to commercial mortgage origination revenue of $23 million. For the six months ended June 30, 2025, the comparable amounts were $55 million and $72 million, respectively, resulting in a net reduction of $17 million. The increased net reduction reflects lower origination gains, as recent originations have shifted to shorter loan terms in a higher rate environment, with amortization remaining elevated on the servicing book established during the prior low-rate period. 43 Table of contents Building Operations & Experience The following table summarizes our results of operations for our BOE operating segment for the three and six months ended June 30, 2026 and 2025 (dollars in millions): Three Months Ended June 30, (1) Six Months Ended June 30, (1) 2026 2025 2026 2025 Revenue: Facilities management $5,311 79.4% $4,784 82.0% $10,540 80.0% $9,253 82.4% Property management 699 10.5% 646 11.1% 1,383 10.5% 1,232 11.0% Critical infrastructure 676 10.1% 403 6.9% 1,254 9.5% 741 6.6% Total segment revenue 6,686 100.0% 5,833 100.0% 13,177 100.0% 11,226 100.0% Costs and expenses: Pass-through costs (2) 3,534 52.9% 3,188 54.7% 7,047 53.5% 6,147 54.8% Cost of revenue, excluding pass-through costs 2,461 36.8% 2,063 35.4% 4,832 36.7% 3,985 35.5% Operating, administrative and other 381 5.7% 343 5.9% 758 5.8% 643 5.7% Depreciation and amortization 108 1.6% 61 1.0% 215 1.6% 131 1.2% Total costs and expenses 6,484 97.0% 5,655 96.9% 12,852 97.5% 10,906 97.1% Operating income 202 3.0% 178 3.1% 325 2.5% 320 2.9% Equity loss from unconsolidated subsidiaries (2) 0.0% (17) (0.3)% — 0.0% (16) (0.1)% Other income 5 0.1% 3 0.1% 16 0.1% 4 0.0% Add-back: Depreciation and amortization 108 1.6% 61 1.0% 215 1.6% 131 1.2% Adjustments: Integration and other costs related to acquisitions 3 0.0% 42 0.7% 29 0.2% 46 0.4% Net results related to the wind-down of certain businesses (3) 5 0.1% — 0.0% 6 0.0% — 0.0% Business and finance transformation 14 0.2% — 0.0% 24 0.2% — 0.0% Segment operating profit $335 $267 $615 $485 ________________________________________________________________________________________________________________________________________ (1)Calculated as a percentage of total segment revenue. (2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue. (3)Management made the decision to wind down certain businesses within the BOE Segment. Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Revenue increased 14.6%, primarily driven by strong growth in critical infrastructure and facilities management. Critical infrastructure reflected expansion of CBRE’s work for data centers, as well as contribution from the recent Pearce acquisition. Facilities management was once again driven by strong growth in our local facilities management business, notably in the Americas. Enterprise facilities management revenue growth was led by strong activity across the technology, media and telecom sectors. Foreign currency translation had a 1.4% positive impact on total revenue during the quarter, primarily driven by strength in the euro partially offset by weakness in the Indian rupee. Pass-through costs increased 10.9% during the quarter as compared to the same period in 2025 primarily due to revenue growth in the BOE segment. Foreign currency translation had a 1.3% negative impact on pass-through costs. Cost of revenue, excluding pass-through costs increased 19.3%, driven primarily by professional compensation costs associated with revenue growth. Foreign currency translation had a 1.6% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs was 36.8% of total revenue, and increased compared to 35.4% in the second quarter 2025. Operating, administrative and other expenses increased 11.1%, primarily due to higher employee compensation. Foreign currency translation had a 1.5% negative impact on total operating expenses during the quarter. Depreciation and amortization expense increased 77.0%, reflecting higher amortization expense related to intangible assets from recent acquisitions, such as Pearce. 44 Table of contents Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Revenue increased 17.4% for the six months ended June 30, 2026 as compared to the same period in 2025, reflecting double-digit growth in critical infrastructure, facilities management and property management, primarily due to growth in new client wins driving increased management fees and reimbursements as well as the impact from recent acquisitions. Foreign currency translation had a 2.8% positive impact on total revenue, primarily driven by strength in the euro and British pound sterling, and partially offset by weakness in the Indian rupee. Pass-through costs increased 14.6% during the six months ended June 30, 2026 as compared to the same period in 2025 primarily due to revenue growth in the BOE segment. Foreign currency translation had a 2.8% negative impact on pass- through costs. Cost of revenue, excluding pass-through costs increased 21.3%, driven primarily by professional compensation costs associated with revenue growth. Foreign currency translation had a 2.8% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs was 36.7% of total revenue, an increase from 35.5% for the six months ended June 30, 2025. Operating, administrative and other expenses increased 17.9%, primarily due to higher employee compensation. Foreign currency translation had a 2.8% negative impact on total operating expenses during the six months ended June 30, 2026. Depreciation and amortization expense increased 64.1%, reflecting higher expenses related to intangible assets from recent acquisitions, such as Pearce. Project Management The following table summarizes our results of operations for our Project Management operating segment for the three and six months ended June 30, 2026 and 2025 (dollars in millions): Three Months Ended June 30, (1) Six Months Ended June 30, (1) 2026 2025 2026 2025 Segment revenue $2,045 100.0% $1,717 100.0% $3,883 100.0% $3,311 100.0% Costs and expenses: Pass-through costs (2) 1,080 52.8% 884 51.5% 2,007 51.7% 1,711 51.7% Cost of revenue, excluding pass-through costs 686 33.5% 603 35.1% 1,337 34.4% 1,150 34.7% Operating, administrative and other 134 6.6% 118 6.9% 261 6.7% 233 7.0% Depreciation and amortization 26 1.3% 26 1.5% 52 1.3% 51 1.5% Total costs and expenses 1,926 94.2% 1,631 95.0% 3,657 94.2% 3,145 95.0% Operating income 119 5.8% 86 5.0% 226 5.8% 166 5.0% Other income 1 0.0% 1 0.1% 1 0.0% 1 0.0% Add-back: Depreciation and amortization 26 1.3% 26 1.5% 52 1.3% 51 1.5% Adjustments: Integration and other costs related to acquisitions 1 0.0% 2 0.1% 3 0.1% 9 0.3% Segment operating profit $147 $115 $282 $227 ________________________________________________________________________________________________________________________________________ (1)Calculated as a percentage of total segment revenue. (2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue. Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Revenue increased 19.1% due to strong infrastructure activity in the United Kingdom, Europe and the Middle East, as well as strong gains in real estate projects in North America and Asia. Foreign currency translation had a 1.1% positive impact on total revenue during the quarter, primarily driven by strength in the euro, Australian dollar and British pound sterling partially offset by weakness in Indian rupee. Pass-through costs increased 22.2% during the quarter as compared to the same period in 2025 primarily due to increased client programs. Foreign currency translation had a 0.6% negative impact on pass-through costs. 45 Table of contents Cost of revenue, excluding pass-through costs increased 13.8%, driven by increased professional compensation and third party spend. Foreign currency translation had a 1.5% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs was 33.5% of total revenue, and down from 35.1% in the second quarter 2025. Operating, administrative and other expenses increased 13.6%, primarily due to higher employee compensation related expenses. Foreign currency translation had a 3.4% negative impact on total operating expenses during the quarter. Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Revenue increased 17.3% for the six months ended June 30, 2026, led by strong business activity in the United Kingdom, Europe, Asia, North America and the Middle East, as well as increased revenue from pass-through costs. Foreign currency translation had a 2.7% positive impact on total revenue, primarily driven by strength in the British pound sterling and euro, and partially offset by weakness in the Indian rupee. Pass-through costs increased 17.3% during the six months ended June 30, 2026 as compared to the same period in 2025 primarily due to increased client programs. Foreign currency translation had a 1.8% negative impact on pass-through costs. Cost of revenue, excluding pass-through costs increased 16.3%, driven by increased professional compensation, third party spend and higher reimbursable expenses. Foreign currency translation had a 3.5% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs was 34.4% of total revenue and slightly down from 34.7% compared to six months ended June 30, 2025. Operating, administrative and other expenses increased 12.0%, primarily due to higher employee compensation related expenses and higher office management and administrative salaries. Foreign currency translation had a 3.4% negative impact on total operating expenses during the six months ended June 30, 2026. 46 Table of contents Real Estate Investments The following table summarizes our results of operations for our REI operating segment for the three and six months ended June 30, 2026 and 2025 (dollars in millions): Three Months Ended June 30, (1) Six Months Ended June 30, (1) 2026 2025 2026 2025 Revenue: Investment management $149 77.2% $145 67.4% $303 77.3% $299 66.7% Development services 44 22.8% 70 32.6% 89 22.7% 149 33.3% Total segment revenue 193 100.0% 215 100.0% 392 100.0% 448 100.0% Costs and expenses: Cost of revenue 15 7.8% 35 16.3% 41 10.5% 82 18.3% Operating, administrative and other 311 161.1% 182 84.7% 598 152.6% 348 77.7% Depreciation and amortization 9 4.7% 3 1.4% 13 3.3% 6 1.3% Total costs and expenses 335 173.6% 220 102.3% 652 166.3% 436 97.3% Gain on disposition of real estate 5 2.6% 19 8.8% 286 73.0% 19 4.2% Operating (loss) income (137) (71.0)% 14 6.5% 26 6.6% 31 6.9% Equity income (loss) from unconsolidated subsidiaries 8 4.1% (2) (0.9)% 1 0.3% (9) (2.0)% Add-back: Depreciation and amortization 9 4.7% 3 1.4% 13 3.3% 6 1.3% Adjustments: Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue (11) (5.7)% 3 1.4% (10) (2.6)% 7 1.6% Net results related to the wind-down of certain businesses (2) 5 2.6% 8 3.7% 24 6.1% 14 3.1% Costs associated with efficiency and cost-reduction initiatives — 0.0% (1) (0.5)% — 0.0% 1 0.2% Provision associated with Telford’s fire safety remediation efforts 168 87.0% — 0.0% 168 42.9% — 0.0% Segment operating profit $42 $25 $222 $50 ________________________________________________________________________________________________________________________________________ (1)Calculated as a percentage of total segment revenue. (2)Management made the decision to wind down the legacy Telford Homes’ construction self-delivery business. Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Revenue decreased 10.2% for the current quarter primarily due to lower fees from development services, partially offset by increased investment management revenue. Foreign currency translation had a 1.4% positive impact on total revenue during the quarter primarily driven by strength in the euro and British pound sterling. Cost of revenue decreased 57.1% in the quarter as compared to the same period in 2025 due to lower construction management costs incurred on our real estate development projects. Foreign currency translation had a negligible impact on total cost of revenue during the quarter. Operating, administrative and other expenses increased 70.9% primarily due to an increase in the provision related to fire safety remediation efforts for buildings historically developed by our subsidiary, Telford Homes (see Note 17 – Telford Fire Safety Remediation). This was partially offset by a decrease in total compensation in our investment management and development services lines of business. Foreign currency translation had a 0.5% negative impact on total operating expenses. Gain on disposition of real estate decreased by $14 million compared with second quarter 2025, driven by lower monetization of real estate development assets in the current period versus higher sales in the prior year quarter. We recorded equity income from unconsolidated subsidiaries of approximately $8 million versus equity loss of $2 million during the same period in 2025 primarily due to higher sales in the current period. 47 Table of contents Below is a rollforward of our assets under management (AUM) by product type for the three months ended June 30, 2026 (dollars in billions): Funds Separate Accounts Securities Total Balance at March 31, 2026 $69.3 $75.2 $10.7 $155.2 Inflows 1.3 1.7 0.4 3.4 Outflows (0.5) (3.3) (0.4) (4.2) Market (depreciation) appreciation (0.5) 0.3 0.6 0.4 Balance at June 30, 2026 $69.6 $73.9 $11.3 $154.8 AUM generally refers to the properties and other assets with respect to which we provide (or participate in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, securities portfolios and investments in operating companies and joint ventures. Our AUM is intended principally to reflect the extent of our presence in the real estate market, not to be the basis for determining our management fees. Our assets under management consist of: •the total fair market value of the real estate properties and other assets either wholly-owned or held by joint ventures and other entities in which our sponsored funds or investment vehicles and client accounts have invested or to which they have provided financing. Committed (but unfunded) capital from investors in our sponsored funds is not included in this component of our AUM. The value of development properties is included at estimated completion cost. In the case of real estate operating companies, the total value of real properties controlled by the companies, generally through joint ventures, is included in AUM; and •the net asset value of our managed securities portfolios, including investments (which may be comprised of committed but uncalled capital) in private real estate funds under our fund of funds investments. Our calculation of AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Revenue decreased 12.5% for the six months ended June 30, 2026 primarily due to due to lower management and development fees from development services. Foreign currency translation had a 2.9% positive impact on total revenue during the six months ended June 30, 2026, primarily driven by strength in the euro and British pound sterling. Cost of revenue decreased 50.0% for the six months ended June 30, 2026 as compared to the same period in 2025 due to lower construction management costs incurred on our real estate development projects. Foreign currency translation had a 2.4% negative impact on total cost of revenue during the six months ended June 30, 2026. Operating, administrative and other expenses increased 71.8%, primarily due to an increase in the provision related to fire safety remediation efforts for buildings historically developed by our subsidiary, Telford Homes (see Note 17 – Telford Fire Safety Remediation) and an increase in total compensation in our development services lines of business resulting from an increase in development sales during the six months ended June 30, 2026. Foreign currency translation had a 2.9% negative impact on total operating expenses. Gain on disposition of real estate increased by $267 million compared to the same period in 2025 driven by higher monetization of real estate development assets in 2026. We recorded equity income from unconsolidated subsidiaries of approximately $1 million primarily due to sales in the current year. We recorded equity loss of $9 million during the same period in 2025 due to negative co-investment returns. 48 Table of contents Below is a rollforward of our assets under management (AUM) by product type for the six months ended June 30, 2026 (dollars in billions): Funds Separate Accounts Securities Total Balance at December 31, 2025 $68.9 $75.8 $10.8 $155.5 Inflows 2.2 2.5 0.7 5.4 Outflows (1.3) (4.3) (1.1) (6.7) Market (depreciation) appreciation (0.2) (0.1) 0.9 0.6 Balance at June 30, 2026 $69.6 $73.9 $11.3 $154.8 We describe above how we calculate AUM. Also, as noted above, our calculation of AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Corporate and Other Our Corporate segment primarily consists of corporate overhead costs. Other consists of activities from strategic non- core non-controlling equity investments and is considered an operating segment but does not meet the aggregation criteria for presentation as a separate reportable segment and is, therefore, combined with our core Corporate function and reported as Corporate and other. The following table summarizes our results of operations for our core Corporate and other segment for the three and six months ended June 30, 2026 and 2025 (dollars in millions): Three Months Ended June 30, (1) Six Months Ended June 30, (1) 2026 2025 2026 2025 Elimination of inter-segment revenue $(4) $(7) $(29) $(11) Costs and expenses: Cost of revenue (2) (2) 5 (4) 1 Operating, administrative and other 206 177 406 360 Depreciation and amortization 14 25 26 37 Total costs and expenses 218 207 428 398 Gain on disposition of real estate (2) — — 20 — Operating loss (222) (214) (437) (409) Equity income (loss) from unconsolidated subsidiaries — 2 (3) 23 Other loss — — (1) (1) Add-back: Depreciation and amortization 14 25 26 37 Adjustments: Integration and other costs related to acquisitions 41 32 82 89 Charges related to indirect tax audits and settlements — — — (1) Business and finance transformation 20 28 40 28 Costs associated with efficiency and cost-reduction initiatives 9 1 11 12 Segment operating loss $(138) $(126) $(282) $(222) ________________________________________________________________________________________________________________________________________ (1)Percentage of revenue calculations are not meaningful and therefore not included. (2)Primarily relates to inter-segment eliminations. Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Core Corporate Operating, administrative and other expenses for our core corporate functions rose 16.4% to $206 million for the second quarter of 2026, mainly due to higher management incentive compensation related to our strong performance. Other (Non-core) We had no equity losses in the second quarter of 2026. This compares with $2 million of equity income in the second quarter of 2025. 49 Table of contents Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Core Corporate Operating, administrative and other expenses for our core corporate functions rose 12.8% to $406 million for the six months ended June 30, 2026, mainly due to higher management incentive compensation related to our strong performance. Other (Non-core) We recorded equity loss of $3 million in the six months ended June 30, 2026, driven by a fair value adjustment related to our equity investments. This compares with equity income of $23 million recognized during the same period in 2025, primarily reflecting the higher value of our investment in Altus, which was sold in the second quarter of 2025. 50 Table of contents Liquidity and Capital Resources We believe that we can satisfy our working capital and funding requirements with internally generated cash flow and, as necessary, borrowings under our revolving credit facilities and commercial paper program. Our expected capital requirements for 2026 include approximately $500 million of anticipated capital expenditures, net of tenant concessions. During the six months ended June 30, 2026, we incurred $195 million of capital expenditures. As of June 30, 2026, we had aggregate future commitments of $177 million related to co-investment funds in our REI segment, approximately $50 million of which is expected to be funded in 2026. Additionally, as of June 30, 2026, we are committed to fund additional capital of $145 million and $63 million to consolidated and unconsolidated projects, respectively, within our REI segment. As of June 30, 2026, we had $2.9 billion of borrowings available under our revolving credit facilities (under both the 5-Year Revolving Credit Agreement and 364-Day Revolving Credit Agreement, as described below) and $1.5 billion of cash and cash equivalents. At any point in time, we intend to maintain available commitments under the 5-Year Revolving Credit Agreement in an amount at least equal to the amount of commercial paper notes outstanding. As of June 30, 2026 and December 31, 2025, we had $1.6 billion and $852 million, respectively, in outstanding borrowings under the commercial paper program. We have historically relied on our internally generated cash flow, our revolving credit facilities and commercial paper program to fund our working capital, capital expenditures, share repurchases, and general investment requirements (including in-fill acquisitions) and have not sought other external sources of financing to help fund these requirements. In the absence of extraordinary events, large strategic acquisitions or large returns of capital to shareholders, we anticipate that our cash flow from operations, our revolving credit facilities and commercial paper program will be sufficient to meet our anticipated cash requirements for the foreseeable future, and at a minimum for the next 12 months. Given compensation is our largest expense and our sales and leasing professionals are generally paid on a commission and/or bonus basis that correlates with their revenue production, the negative effect of difficult market conditions is partially mitigated by the inherent variability of our compensation structure. We may seek to take advantage of market opportunities to refinance existing debt instruments, as we have done in the past, with new debt instruments at interest rates, maturities and terms we deem attractive. We may also, from time to time in our sole discretion, purchase, redeem, or retire our existing senior notes, through tender offers, in privately negotiated or open market transactions, or otherwise. On May 4, 2026, we issued $750 million in aggregate principal amount of 5.250% senior notes due 2036, generating aggregate net proceeds of approximately $735 million, after offering expenses. We used the net proceeds from this offering to repay borrowings under our commercial paper program. On November 13, 2025, we issued $750 million in aggregate principal amount of 4.900% senior notes due 2033, generating aggregate net proceeds of approximately $742 million, after offering expenses. We used the net proceeds from this offering to repay borrowings under our commercial paper program used in connection with the Pearce acquisition and other corporate purposes. On May 12, 2025, we issued $600 million in aggregate principal amount of 4.800% senior notes due 2030 and $500 million in aggregate principal amount of 5.500% senior notes due 2035, generating aggregate net proceeds of approximately $1.1 billion after offering expenses. On May 28, 2025, we used a portion of the proceeds from this offering to redeem in full the $600 million aggregate outstanding principal amount of our 4.875% senior notes due 2026. As noted above, we believe that any future significant acquisitions we may make could require us to obtain additional debt or equity financing. In the past, we have been able to obtain such financing for material transactions on terms that we believed to be reasonable. However, it is possible that we may not be able to obtain acquisition financing on favorable terms, or at all, in the future. Our long-term liquidity needs, other than those related to ordinary course obligations and commitments such as operating leases, generally consist of the following: the first is the repayment of the outstanding and anticipated principal amounts of our long-term indebtedness. If our cash flow is insufficient to repay our long-term debt when it comes due, then we expect that we would need to refinance such indebtedness or otherwise amend its terms to extend the maturity dates. We cannot make any assurances that such refinancing or amendments would be available on attractive terms, if at all. The second long-term liquidity need is the payment of obligations related to acquisitions. Our acquisition structures often include deferred and/or contingent purchase consideration in future periods that are subject to the passage of time or achievement of certain performance metrics and other conditions. As of June 30, 2026 and December 31, 2025, we had accrued deferred purchase consideration totaling $241 million ($132 million of which was a current liability) and $279 million 51 Table of contents ($149 million of which was a current liability), respectively, which was included in “Accounts payable and accrued expenses” and in “Other long-term liabilities” in the accompanying consolidated balance sheets set forth in Item 1 of this Quarterly Report. Lastly, as described in Note 14 – Income Per Share and Stockholders’ Equity of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report, in November 2024, our Board of Directors (Board) authorized an additional $5.0 billion to our existing $4.0 billion share repurchase program (as amended, the 2024 program) bringing the total authorized amount under the 2024 program to a total of $9.0 billion as of June 30, 2026. The Board also extended the term of the 2024 program through December 31, 2029. During the three months ended June 30, 2026, we repurchased 3,096,341 shares of our common stock with an average price of $133.94 per share for an aggregate of $414 million under the 2024 program. During the six months ended June 30, 2026, we repurchased 6,678,628 shares of our common stock with an average price of $141.55 per share for an aggregate of $945 million under the 2024 program. During the period from July 1, 2026 through July 27, 2026, we repurchased 305,558 shares of our common stock with an average price of $140.73 per share for an aggregate of $43 million. As of both June 30, 2026 and July 27, 2026, we had $3.9 billion of capacity remaining under the 2024 program. These stock repurchases were funded with cash on hand and proceeds from our commercial paper program. We may utilize our stock repurchase programs to continue offsetting the impact of our stock-based compensation program and on a more opportunistic basis if we believe our stock presents a compelling investment compared to other discretionary uses. The timing of any future repurchases and the actual amounts repurchased will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and other factors. Historical Cash Flows Operating Activities Net cash used in operating activities totaled $687 million for the six months ended June 30, 2026 as compared to net cash used in operating activities of $489 million during the six months ended June 30, 2025. The increase in net cash used in operating activities was driven by net outflows associated with working capital movements, largely due to higher accounts receivable due to revenue growth and the timing of cash collections. Investing Activities Net cash used in investing activities totaled $209 million for the six months ended June 30, 2026 as compared to net cash used in investing activities of $467 million during the six months ended June 30, 2025. The decrease in net cash used in investing activities for the six months ended June 30, 2026 was driven by proceeds from the disposition of real estate assets, offset by cash paid for the acquisition and development of real estate and capital expenditures. In addition, net cash used in investing activities was higher in the prior year, due to the acquisition of Industrious in the first quarter 2025. Financing Activities Net cash provided by financing activities totaled $527 million for the six months ended June 30, 2026 as compared to net cash provided by financing activities of $1,160 million for the six months ended June 30, 2025. The decreased cash inflow was primarily driven by lower net proceeds from the issuance of commercial paper and long-term debt, offset by higher cash outflows to repurchase common stock. 52 Table of contents Indebtedness We use a variety of financing arrangements, both long-term and short-term, to fund our operations in addition to cash generated from operating activities. We also use several funding sources to avoid becoming overly dependent on one financing source, and to lower funding costs. Long-Term Debt On July 10, 2023, CBRE Group, Inc. (CBRE Group), CBRE Services, Inc. (CBRE Services) and Relam Amsterdam Holdings B.V., a wholly-owned subsidiary of CBRE Services (Relam Borrower), entered into a 5-year senior unsecured Credit Agreement (2023 Credit Agreement) maturing on July 10, 2028, which refinanced and replaced the previous credit agreement. The 2023 Credit Agreement provides for a senior unsecured term loan credit facility comprised of (i) tranche A Euro- denominated term loans in an aggregate principal amount of €367 million (Tranche A (Euro) Loans) and (ii) tranche A U.S. Dollar-denominated term loans in an aggregate principal amount of $350 million (Tranche A (USD) Loans) with weighted- average interest rate of 4.0% as of June 30, 2026, both requiring quarterly principal payments beginning on December 31, 2024 and continuing through maturity on July 10, 2028. The proceeds of these term loans under the 2023 Credit Agreement were applied to the repayment of all remaining outstanding senior term loans, approximately $437 million, under the previous credit agreement, the payment of related fees and expenses and other general corporate purposes. On March 13, 2025, CBRE Group, CBRE Services and Relam Borrower entered into Amendment No. 1 to the 2023 Credit Agreement, which provided for, among other things, the ability of Relam Borrower to obtain incremental commitments and loans under the 2023 Credit Agreement in an aggregate principal amount of $750 million (or the Euro equivalent). On March 14, 2025, CBRE Group, CBRE Services and Relam Borrower entered into Amendment No. 2 and Incremental Assumption Agreement to the 2023 Credit Agreement, pursuant to which Relam Borrower incurred incremental term loans (i) denominated in Euros in the aggregate principal amount of €425 million (Incremental Euro Term Loans) and (ii) denominated in U.S. Dollars in the aggregate principal amount of $125 million (Incremental USD Term Loans). The Incremental Euro Term Loans have the same terms applicable to, and constitute the same class as, the Tranche A (Euro) Loans, and the Incremental USD Term Loans have the same terms applicable to, and constitute the same class as, the Tranche A (USD) Loans under the 2023 Credit Agreement. The proceeds of the Incremental Euro Term Loans and the Incremental USD Term Loans were used for working capital and other general corporate purposes (including the partial repayment of borrowings under the commercial paper program) and to pay fees and expenses incurred in connection with entering into the amendments to the 2023 Credit Agreement. On June 24, 2025, CBRE Group, CBRE Services and Relam Borrower entered into Amendment No. 3 to the 2023 Credit Agreement, for the purpose of, among other things, amending the financial covenants to remove the interest coverage ratio covenant and to increase certain baskets and thresholds in the 2023 Credit Agreement in a manner consistent with the terms of the Revolving Credit Agreements described below. The term loan borrowings under the 2023 Credit Agreement are fully and unconditionally guaranteed on a senior basis by CBRE Group and CBRE Services. On May 4, 2026, CBRE Services issued $750 million in aggregate principal amount of 5.250% senior notes due June 1, 2036 (the 5.250% senior notes) at a price equal to 98.947% of their face value. The 5.250% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 5.250% per year and is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2026. On November 13, 2025, CBRE Services issued $750 million in aggregate principal amount of 4.900% senior notes due January 15, 2033 (the 4.900% senior notes) at a price equal to 99.813% of their face value. The 4.900% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 4.900% per year and is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2026. On May 12, 2025, CBRE Services issued $600 million in aggregate principal amount of 4.800% senior notes due June 15, 2030 (the 4.800% senior notes) at a price equal to 99.065% of their face value. The 4.800% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 4.800% per year and is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025. 53 Table of contents On May 12, 2025, CBRE Services issued $500 million in aggregate principal amount of 5.500% senior notes due June 15, 2035 (the 2035 5.500% senior notes) at a price equal to 99.549% of their face value. The 2035 5.500% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 5.500% per year and is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025. On February 23, 2024, CBRE Services issued $500 million in aggregate principal amount of 5.500% senior notes due April 1, 2029 (the 2029 5.500% senior notes) at a price equal to 99.837% of their face value. The 2029 5.500% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 5.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year. On June 23, 2023, CBRE Services issued $1.0 billion in aggregate principal amount of 5.950% senior notes due August 15, 2034 (the 5.950% senior notes) at a price equal to 98.174% of their face value. The 5.950% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 5.950% per year and is payable semi-annually in arrears on February 15 and August 15 of each year. On March 18, 2021, CBRE Services issued $500 million in aggregate principal amount of 2.500% senior notes due April 1, 2031 (the 2.500% senior notes) at a price equal to 98.451% of their face value. The 2.500% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group. Interest accrues at a rate of 2.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year. The indentures governing our outstanding senior notes described above contain restrictive covenants that, among other things, limit our ability to create or permit liens on assets securing indebtedness, enter into sale/leaseback transactions and enter into consolidations or mergers. Our senior notes are fully and unconditionally guaranteed by CBRE Group. Combined summarized financial information for CBRE Group (parent) and CBRE Services (subsidiary issuer) is as follows (dollars in millions): June 30, 2026 December 31, 2025 Balance Sheet Data: Current assets $71 $61 Non-current assets 1,763 1,755 Total assets $1,834 $1,816 Current liabilities $1,660 $908 Non-current liabilities (1) 12,304 12,364 Total liabilities (1) $13,964 $13,272 Six Months EndedJune 30, 2026 2025 Statement of Operations Data: Revenue $— $— Operating loss (1) (7) Net loss (237) (193) ________________________________________________________________________________________________________________________________________ (1)Includes $7.4 billion and $8.3 billion of intercompany loan payables to non-guarantor subsidiaries as of June 30, 2026 and December 31, 2025, respectively. All intercompany balances and transactions between CBRE Group and CBRE Services have been eliminated. For additional information on all of our long-term debt, see Note 12 – Long-Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial Statements set forth in Item 8 included in our 2025 Annual Report and Note 10 – Long- Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report. 54 Table of contents Short-Term Borrowings On June 24, 2025, we entered into a 5-year senior unsecured Revolving Credit Agreement (the 5-Year Revolving Credit Agreement) which replaced our prior revolving credit agreement dated August 5, 2022. The 5-Year Revolving Credit Agreement provides for a senior unsecured revolving credit facility available to CBRE Services with commitments in an aggregate principal amount of up to $3.5 billion and a maturity date of June 24, 2030. The 5-Year Revolving Credit Agreement requires us to pay a fee based on the total amount of the revolving credit facility commitment (whether used or unused). In addition, the 5-Year Revolving Credit Agreement also includes capacity for letters of credit not to exceed $300 million in the aggregate and capacity for swingline loans not to exceed $300 million in the aggregate. The 5-Year Revolving Credit Agreement is fully and unconditionally guaranteed by CBRE Group. As of June 30, 2026, no amount was outstanding under the revolving credit facility provided for by the 5-Year Revolving Credit Agreement. $24 million of letters of credit were outstanding as of June 30, 2026. Letters of credit are issued in the ordinary course of business and would reduce the amount we may borrow under this revolving credit facility. As of December 31, 2025, no amount was outstanding under this revolving credit facility. $17 million of letters of credit were outstanding as of December 31, 2025. On June 23, 2026, we entered into a new 364-day senior unsecured Revolving Credit Agreement (the 364-Day Revolving Credit Agreement, and together with the 5-Year Revolving Credit Agreement, the Revolving Credit Agreements), which replaced our prior 364-day revolving credit agreement dated June 24, 2025. The 364-Day Revolving Credit Agreement provides for a senior unsecured revolving credit facility available to CBRE Services with commitments in an aggregate principal amount of up to $1.0 billion and a maturity date of June 22, 2027. The 364-Day Revolving Credit Agreement requires us to pay a fee based on the total amount of the revolving credit facility commitment (whether used or unused). The 364-Day Revolving Credit Agreement is fully and unconditionally guaranteed by CBRE Group. As of both June 30, 2026, and December 31, 2025 no amount was outstanding under the revolving credit facility provided for by the 364-Day Revolving Credit Agreement. On December 2, 2024, CBRE Services established a commercial paper program pursuant to which we may issue and sell up to $3.5 billion of short-term, unsecured and unsubordinated commercial paper notes with up to 397-day maturities, under the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. Payment of the commercial paper notes is guaranteed on an unsecured and unsubordinated basis by CBRE Group. The program notes and the guarantee will rank pari passu with all other unsecured and unsubordinated indebtedness. The proceeds from issuances under the program may be used for general corporate purposes. The company intends to maintain available commitments under the Revolving Credit Agreement in an amount at least equal to the amount of commercial paper notes outstanding from time to time. As of June 30, 2026, we had $1.6 billion in outstanding borrowings under the commercial paper program with a weighted-average annual interest rate of 4.08%. As of July 27, 2026 and December 31, 2025, we had $1.6 billion and $852 million, respectively, in outstanding borrowings under the commercial paper program. Turner & Townsend previously maintained a £120 million revolving credit facility pursuant to a credit agreement dated March 31, 2022, with an additional accordion option of £20 million, that was scheduled to mature on March 31, 2027. Effective June 30, 2026, the Turner & Townsend credit agreement for the revolving credit facility was terminated and the facility has not been subsequently replaced as of the date of this report. As of December 31, 2025, no amount was outstanding under the Turner & Townsend revolving credit facility. We also maintain warehouse lines of credit with certain third-party lenders. See Note 4 – Warehouse Receivables & Warehouse Lines of Credit of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report. For additional information on all of our short-term borrowings, see Note 5 – Warehouse Receivables & Warehouse Lines of Credit and Note 12 – Long-Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial Statements set forth in Item 8 included in our 2025 Annual Report and Note 4 – Warehouse Receivables & Warehouse Lines of Credit and Note 10 – Long-Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report. 55 Table of contents Off –Balance Sheet Arrangements We do not have off-balance sheet arrangements that we believe could have a material current or future impact on our financial condition, liquidity or results of operations. Our off-balance sheet arrangements are described in Note 12 – Commitments and Contingencies of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report and are incorporated by reference herein. Critical Accounting Policies and Estimates Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, which require us to make estimates and assumptions that affect reported amounts. The estimates and assumptions are based on historical experience and on other factors that we believe to be reasonable. Actual results may differ from those estimates. We believe that the following critical accounting policies represent the areas where more significant judgments and estimates are used in the preparation of our consolidated financial statements. A discussion of such critical accounting policies, which include revenue recognition, business combinations, goodwill and other intangible assets, income taxes, and contingencies can be found in our 2025 Annual Report. There have been no material changes to these policies and estimates as of June 30, 2026. New Accounting Pronouncements See Note 2 – New Accounting Pronouncements of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report. Non-GAAP Financial Measures Core EBITDA is not a recognized measurement under accounting principles generally accepted in the United States, or U.S. GAAP. When analyzing our operating performance, investors should use this measure in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. We generally use this non-GAAP financial measure to evaluate operating performance and for other discretionary purposes. We believe this measure provides a more complete understanding of ongoing operations, enhances comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected costs and charges that may obscure the underlying performance of our business and related trends. Because not all companies use identical calculations, our presentation of core EBITDA may not be comparable to similarly titled measures of other companies. We use core EBITDA as an indicator of the company’s operating financial performance. Core EBITDA represents earnings before the portion attributable to non-controlling interests, depreciation and amortization, asset impairments, net interest expense, write-off of financing costs on extinguished debt, income taxes, further adjusted for the following items (Other adjustments): •net non-cash mortgage servicing rights, •integration and other costs related to acquisitions, •carried interest incentive compensation (reversal) expense to align with the timing of associated revenue, •charges related to indirect tax audits and settlements, •net results related to the wind-down of certain businesses, •impact of fair value non-cash adjustments related to unconsolidated equity investments, •business and finance transformation, •costs associated with efficiency and cost-reduction initiatives, •provision associated with Telford’s fire safety remediation efforts, and •net fair value adjustments on strategic non-core investments. We believe that investors may find this measure useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the effects of acquisitions, which would include 56 Table of contents impairment charges of goodwill and intangibles created from acquisitions, the effects of financings, income taxes and the accounting effects of capital spending. Core EBITDA is not intended to be a measure of free cash flow for our discretionary use because they do not consider certain cash requirements such as tax and debt service payments. This measure may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt. We also use core EBITDA as a significant component when measuring our operating performance under our employee incentive compensation programs. Core EBITDA is calculated as follows (dollars in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income attributable to CBRE Group, Inc. $204 $215 $522 $378 Net income attributable to non-controlling interests 43 25 67 53 Net income 247 240 589 431 Adjustments: Depreciation and amortization 190 145 372 287 Interest expense, net of interest income 60 59 119 109 Write-off of financing costs on extinguished debt — 2 — 2 Provision for income taxes 68 61 180 113 Net non-cash mortgage servicing rights 11 4 23 17 Integration and other costs related to acquisitions 45 76 114 144 Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue (11) 3 (10) 7 Charges related to indirect tax audits and settlements — — — (1) Net results related to the wind-down of certain businesses (1) 10 8 30 14 Impact of fair value non-cash adjustments related to unconsolidated equity investments — 2 — 2 Business and finance transformation 38 28 70 28 Costs associated with efficiency and cost-reduction initiatives 9 — 6 13 Provision associated with Telford’s fire safety remediation efforts 168 — 168 — Net fair value adjustments on strategic non-core investments 1 (2) 6 (22) Core EBITDA $836 $626 $1,667 $1,144 ________________________________________________________________________________________________________________________________________ (1)Management made the decision to wind down the legacy Telford Homes’ construction self-delivery business and certain businesses within the BOE Segment. 57 Table of contents Cautionary Note on Forward-Looking Statements This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words “anticipate,” “believe,” “could,” “should,” “propose,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “forecast,” “target,” and similar terms and phrases are used in this Quarterly Report to identify forward-looking statements. Except for historical information contained herein, the matters addressed in this Quarterly Report are forward-looking statements. These statements relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects, developments and business strategies. These forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. These uncertainties and factors could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements. The following factors are among those, but are not only those, that may cause actual results to differ materially from the forward-looking statements: •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 U.S.; •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 investment in real estate; •foreign currency fluctuations and changes in currency restrictions, trade sanctions and import/export and transfer pricing rules; •our ability to compete globally, or in specific geographic markets or business segments that are material to us; •our ability to identify, acquire and integrate accretive businesses; •costs and potential future capital requirements relating to businesses we may acquire; •integration challenges arising out of companies we may acquire; •increases in unemployment and general slowdowns in economic or commercial activity; •trends in pricing and risk assumption for commercial real estate services; •the effect of significant changes in supply/demand and capitalization rates across different property types; •a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; •client actions to restrain project spending and reduce outsourced staffing levels; •our ability to further diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; •our ability to attract new occupier and investor clients; •our ability to retain major clients and renew related contracts; •our ability to leverage our global services platform to maximize and sustain long-term cash flow; •our ability to continue investing in our platform and client service offerings; •our ability to maintain expense discipline; •the emergence of disruptive business models and technologies; 58 Table of contents •negative publicity or harm to our brand and reputation; •the failure by third parties to comply with service level agreements or regulatory or legal requirements; •the ability of our investment management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; •our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; •the ability of our indirect wholly owned subsidiary CBRE Capital Markets, Inc. (CBRE Capital Markets) to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; •declines in lending activity of U.S. Government Sponsored Enterprises, regulatory oversight of such activity and our loan servicing revenue from the commercial real estate mortgage market; •changes in U.S. and international law and regulatory environments (including relating to anti-corruption, anti- money laundering, trade sanctions, tariffs, currency controls and other trade control laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions; •litigation and its financial and reputational risks to us; •our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; •our ability to retain, attract and incentivize key personnel; •our ability to manage organizational challenges associated with our size; •liabilities under guarantees, or for construction defects, that we incur in our development services business; •our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-rating downgrade; •our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; •cybersecurity threats or other threats to our information technology networks, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; •our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, fire and safety building requirements and regulations, as well as data privacy and protection regulations, sustainability matters, and the anti-corruption laws and trade sanctions of the U.S. and other countries; •changes in applicable tax or accounting requirements; •any inability for us to implement and maintain effective internal controls over financial reporting; •the effect of implementation of new accounting rules and standards or the impairment of our goodwill and intangible assets; •the performance of our equity investments in companies we do not control; and •the other factors described elsewhere in this Quarterly Report on Form 10-Q, included under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates,” “Quantitative and Qualitative Disclosures About Market Risk” and Part II, Item 1A, “Risk Factors” or as described in our 2025 Annual Report, in particular in Part I, Item 1A “Risk Factors”, or as described in the other documents and reports we file with the Securities and Exchange Commission (SEC). Forward-looking statements speak only as of the date the statements are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will 59 Table of contents make additional updates with respect to those or other forward-looking statements. Additional information concerning these and other risks and uncertainties is contained in our other periodic filings with the SEC. Investors and others should note that we routinely announce financial and other material information using our Investor Relations website (https://ir.cbre.com), SEC filings, press releases, public conference calls and webcasts. We use these channels of distribution to communicate with our investors and members of the public about our company, our services and other items of interest. Information contained on our website is not part of this Quarterly Report or our other filings with the SEC. 60 Table of contents