CBRE Group Inc

Greetings and welcome to the third quarter 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, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chandni Luthra. Thank you. You may begin.

Good morning, everyone, and welcome to CBRE's third 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 plans, capital allocation strategy, as well as our earnings, net leverage, 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 the non-GAAP financial measures discussed on our calls 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 2026 earnings call in July, unless otherwise noted. All growth rates we cite are in US dollars, unless otherwise noted. 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 fees. 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, Chadni, and good morning, everyone. CBRE produced another quarter of strong financial results and continued to make strategic gains in targeted areas of our business. Financially, Core EPS improved 28% on a 13% revenue increase with both resilient and transactional businesses growing by double digits. Strategically, we continued to advance both our critical infrastructure services business line which operates as part of the BOE segment as well as the broader infrastructure services work we perform across the company. As a reminder, our critical infrastructure services business line primarily entails network infrastructure services, MEP projects, and facilities management for data centers. Our acquisition of ONIC, which we announced on Tuesday, fits within this line of business. We expect critical infrastructure services to generate nearly $4.5 billion of revenue in 2027. Outside of the critical infrastructure services business line, our infrastructure services work consists primarily of overseeing the construction of transportation and energy assets along with data centers within project management and arranging the sales, leasing, and financing of data centers and Advisory Services. Taking this work into account, we expect our total infrastructure services revenue to reach nearly $7 billion in 2027, growing more than 40% from this year. Any data center land sales in our development business would be in addition to this revenue. Looking ahead, two significant competing dynamics are impacting our business and are offsetting each other. First, we should see continued outsized growth and investment in our infrastructure services businesses. Second, given the interest rate environment, we are expecting downward pressure in our businesses that are driven by the real estate capital markets. And now I'll turn the call over to Emma.