CBRE Group Inc

Greetings, and welcome to the CBRE Q3 2025 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star 1 on your telephone keypad, and we ask that you please ask one question, one follow-up, then return to the queue. If anyone should require operator assistance, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the floor over to your host, Chani Luthra, Global Head of FP&A and Investor Relations. Please go ahead.

Good morning, everyone, and welcome to CBRE's third 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 these risks and other factors that may impact these statements, please refer to this morning's earnings release and our SEC filings. We've 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 second quarter 2025 earnings call in July, unless otherwise noted. Also, as a reminder, our resilient businesses include facilities management, project management, property management, loan servicing, valuations, and 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. Before we begin, as a brief technical matter, we want to note that we recently responded to a comment letter from the SEC regarding our presentation of net revenue. Going forward, while we will continue to provide supplemental information to help you understand the portion of our revenue that is passed through in nature, our formal reporting will focus on gross revenue. I'm joined on today's call by Bob Selentik, our Chair and CEO, and Emma Giammartino, our Chief Financial Officer. Now, please turn to slide three as I turn the call over to Bob.

Thanks, Jaimie, and good morning, everyone. CBRE continued to produce excellent results in the third quarter. All four segments delivered strong growth and operating leverage, and we exceeded expectations we had going into the quarter. We often talk about our breadth and depth across asset type, client type, line of business, and geography. This breadth and depth give us scale that supports our strategy in many ways. These include recruiting from inside and outside the sector, developing integrated solutions for clients, making capital investments, and creating an information advantage. Our scale is particularly helpful in driving growth in areas that are either secularly favored or cyclically resilient. This came through clearly in our third quarter results. The data center asset type and related client group provides a good example. We produced nearly $700 million of revenue from data centers in the third quarter, 40% more than 2024's third quarter. This contributed to profitability in all four segments, accounting for about 10% of overall EBITDA for the quarter. From a geographic perspective, Japan and India are particularly well positioned for sustained secular growth in commercial real estate services. We have large businesses in both countries and in Q3, their combined revenue rose more than 30% to nearly $400 million. Given our results year to date and momentum in our business, we are raising our full year core EPS outlook to $6.25 to $6.35 from $6.10 to $6.20. Emma will discuss our outlook after she reviews the quarter's highlights. Emma?