CBRE Group Inc

Greetings. Welcome to the Q2 2026 CBRE earnings conference 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. Please note this conference is being recorded. I will now turn the conference over to Chandni Luthra, Global Head of FP&A and IR of CBRE. Thank you, Chandni. You may begin.

Good morning, everyone, and welcome to CBRE's second quarter 2026 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 plan, capital allocation strategy, as well as our earnings and free 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 other SEC filings. We've provided reconciliations of our 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 2026 earnings call in April, unless otherwise noted. All the growth rates we cite are in US dollars, unless otherwise noted, and reflect an FX tailwind of 1% to 2%. Also, as a reminder, our resilient businesses include facilities management, critical infrastructure services, property management, project management, loan servicing, valuations, other portfolio services and recurring investment management fee. Our transactional businesses are comprised of property sales, leasing, mortgage origination, carried interest and incentive fee in the investment management business and development fee. I'm joined on today's call by Bob Sulentic, our chair and CEO, and Emma Giamartino, our chief financial officer. Now please turn to slide three as I turn the call over to Bob.

Thank you, Chandni, and good morning, everyone. The momentum in CBRE's business continued in the second quarter with core EPS up 30% on a 16% revenue increase. Our strength was balanced across the company. Each of our segments, advisory, building operations and experience, project management, and REI grew SOP by more than 25%. Our strategy is working the way we intended. Resources and investments are being productively directed into areas that drive current growth and position us for long-term growth. Directly related to this positioning, over the last several months, we've received many questions from investors about our infrastructure and data center services businesses. Those businesses are performing well, and they provide an excellent forward-looking opportunity. Infrastructure services revenue reached nearly $1.2 billion in the second quarter, increasing by more than 45%. Within infrastructure services, data center services revenue surpassed $700 million, rising nearly 30%. This revenue is strictly from the provision of services and does not include any data center development land sales. The work we do includes the build out of data centers as well as ongoing maintenance and operational oversight. During this period of significant AI investment, we expect our data center services revenue to remain elevated at about 25% annually for the next five years and then above 15% as the build cycle matures. Given the momentum in our entire business and specifically our infrastructure business, we have increased our core EPS expectations for 2026. We now expect to earn in the range of $7.80 to $7.90, equating to 23% growth at the midpoint. Now Emma will discuss our outlook and results for the quarter in more detail. Emma?