CBRE Group Inc

Greetings and welcome to the CBRE Group second 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 for CBRE Group. Thank you. You may begin.

Good morning, everyone, and welcome to CBRE's second 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 materials. Today's presentation contains forward-looking statements including without limitation, statements concerning our business outlook, business plans, and capital allocation strategy, as well as our earnings and cash flow outlook. These statements involve risks and uncertainties that may cause actual results and trends to differ materially. For a full discussion of the risks and other factors that may impact these statements, please refer to this morning's earnings release and our SEC filings. 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. Throughout our remarks, when we cite financial performance relative to expectations, we are referring to actual results against the outlook we provided on our first quarter 2025 earnings call in April, 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 fees. I am joined on today's call by Bob Celentic, our Chair and CEO, and Emma Giammartino, our Chief Financial Officer.

Thank you, Chodney, and good morning, everyone. The strong momentum we exhibited to start the year continued in the second quarter. Despite uncertainty in the macro environment, occupier and investor clients largely proceeded with executing their plans. Both our resilient and transactional businesses achieved strong double-digit revenue growth. Resilient revenues rose 17 percent, surpassing the 15 percent growth rate for transactional businesses. Resilient revenue growing faster than transactional revenue during a market recovery attests to the progress we've made with our resilient businesses. We are especially focused on our two new segments, building operations and experience, and project management, and are pleased with the progress they are making. In BOE, we continued to grow revenue at a mid-teens rate and delivered significant operating leverage. As the year unfolds, we expect to identify more opportunities to benefit from synergies available across our nearly 8 billion square foot management portfolio. Project management achieves strong top-line and SOP growth. This performance reflects the benefits we've been realizing in the six months since we joined our legacy business with Turner & Townsend. Although we saw some impact from large corporate clients slowing their capital spending, this was more than offset by continued strong gains across the rest of the project management business, underscoring the resilience Turner & Townsend's legacy business has contributed to the combined platform. Our advisory segment had an excellent quarter as sales and leasing transaction activity was strong around the world. Global leasing revenue was the highest for any second quarter in company history, led by the continued strong recovery of demand for office space. In light of our outperformance in the year's first half, and the pipelines across our business, we're raising our core EPS expectations for the year to a range of $6.10 to $6.20. Achieving the midpoint of our guidance would represent better than 20% growth for the year. We expect to set a new earnings peak this year just two years after the 2023 trough in the commercial real estate downturn, even though capital markets activity remains well below prior peak levels. Now I'll turn the call over to Emma who will discuss the quarter and our outlook in more detail.