CBRE Group Inc

Greetings and welcome to the CBRE first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Chani Luthra, Global Head of FP&A and Investor Relations. Thank you. You may begin.

Good morning, everyone, and welcome to CBRE's first quarter 2025 earnings conference call. Earlier today, we posted a presentation deck on our website that you can use to follow along with our prepared remarks and an Excel file that contains additional supplemental material. Today's presentation contains forward-looking statements, including without limitation statements concerning the macro environment, our business outlook, our business plans and capital allocation strategy, and our earnings and cash flow outlook. Forward-looking statements are predictions, projections, or other statements about future events. These statements involve risks and uncertainties that may cause actual results and trends to differ materially from those projected. For a full discussion of the risks and other factors that may impact these forward-looking statements, please refer to the morning earnings release and our SEC filing. We have provided reconciliations of the non-GAAP financial measures discussed on our call to the most directly comparable GAAP measures, together with explanations of these measures in our presentation deck appendix. I'm joined on today's call by Bob Selentik, our Chair and CEO, and Emma Giammartino, our Chief Financial Officer. Throughout our remarks, when we cite financial performance relative to expectations, we are referring to actual results against the outlook we provided on our fourth quarter 2024 earnings call in February, unless otherwise noted. Also, as a reminder, our resilient businesses include facilities management, project management, property management, loan servicing, valuations, other portfolio services, and recurring investment management fees. Our transactional businesses comprise property sales, leasing, mortgage origination, carried interest, and incentive fee in the investment management business, and development fee. With that, I'll turn the call over to Bob.

Thank you, Chaudhny, and good morning, everyone. CBRE had a strong start to 2025 across our lines of business and around the world, notably As the first quarter ended, most of our businesses were performing better than expected and our new business pipelines were strong. This was equally true for both our resilient and transactional businesses. Since then, driven by uncertainty created by the tariff situation, our outlook has become less clear. Even in light of this, our current activity levels and new business pipelines continue to be strong, just somewhat less than they were. Looking at our Q1 results, we were particularly pleased with the performance of our project management and building operations and experience segments in their first quarter of existence. Both segments generated strong financial results and evidenced the type of operational and strategic gains we were hoping for and expected when we reconfigured the business this way. The gains included shared client access, insights into opportunities for product development, and stronger positioning to pursue certain types of M&A. Another notable example that has quickly emerged is the ability to migrate strong leaders into more compelling positions. This is great for our emerging talent and great for CBRE. CBRE's strategy is underpinned by broad and deep capabilities across the dimensions of commercial real estate, asset type, client type, service type, and geography. We couple this with a strong balance sheet, strong cash flow, and the experience and willingness to invest aggressively. This positioning allows us to drive resources into both steadily growing resilient businesses and high margin transactional businesses. The current market uncertainty aside, we are encouraged by the prospects that our strategic positioning and resource set have created for sustained resilient growth. With that, I'll turn the call over to Emma, who will discuss the quarter and our outlook.