Cushman & Wakefield plc

Good day, and welcome to the Cushman & Wakefield first quarter 2026 earnings call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. If anyone should require operator assistance, please press star zero on your telephone keypad. Please note, this event is being recorded. I would now like to turn the conference over to Megan McGrath, Head of Investor Relations. Please go ahead.

Thank you, and welcome to Cushman & Wakefield's first quarter 2026 earnings conference call. Earlier today, we issued a press release announcing our financial results for the period. This release, along with today's presentation, can be found on our investor relations website at ir.cushmanwakefield.com. Please turn to the page in our presentation labeled Cautionary Note on Forward-Looking Statements. Today's presentation contains forward-looking statements based on our current forecast and estimates of future events. These statements should be considered estimates only, and actual results may differ materially. During today's call, we will refer to non-GAAP financial measures as outlined by SEC guidelines. Reconciliations of GAAP to non-GAAP financial measures, definitions of non-GAAP financial measures, and other related information are found within the financial tables of our earnings release and the appendix of today's presentation. Before I pass the call over to Michelle, a quick reminder that on April 8, 2026, we filed an 8K with the SEC outlining several changes to our reporting presentation effective January 1st of this year. To better align our reporting with industry peers, we will no longer report service line fee revenue, along with the following non-GAAP measures, adjusted EBITDA margin, sediment operating expenses, and fee-based operating expenses. As a result, our discussion of revenue and associated growth rates will now be inclusive of gross contract costs. Further detail on these changes, as well as two years of recasted historical financials, can be found in the 8-K filed with the SEC, which is also available on our IR website. Lastly, comparisons discussed on today's call are against the first quarter of the prior year in local currency. And with that, I'd like to turn the call over to our CEO, Michelle McKay.

Thank you, Megan, and thank you, everyone, for joining us today. We delivered strong first quarter results, demonstrating consistent execution of our strategy and measurable progress toward our long-term financial targets. We delivered 9% revenue growth, exceeding our long-term guidance range. We generated mid-teens adjusted EBITDA growth as operating leverage continued to build. And we delivered 67% adjusted EPS growth, reflecting both strong business performance and the structural improvements that we have steadily made to our balance sheet. These outcomes are deliberate. The product of a strategy designed for durability and growth. Supported by our solid first quarter performance and continued strength in our pipelines, we remain confident in our full year guidance of 15 to 20% adjusted EPS growth. I want to focus on the breadth of our growth. which is a key driver in our consistency of our performance. In high-growth asset classes, clients are shifting capital and demand towards specialized sectors, including logistics, life sciences, and AI-related industries. AI is a structural tailwind for the business, supporting leasing activity across geographies and fueling growth in our data center-related services. With 50 technical advisory data center projects underway in APAC now and expanding global mandates, this is a long-duration opportunity that continues to scale. In capital markets, we delivered our sixth consecutive quarter of double-digit revenue growth, including 22% growth in the Americas, with institutional client revenues up 32%. This reflects the compounding returns from our talent and platform investments and the increasing connectivity within our institutional franchise. In leasing, we achieved the highest first quarter revenue in company history, growing 17%. Performance was broad-based across industries, deal sizes, and geographies, with growth in 15 of our top 20 cities in the Americas. That breath matters. It reinforces both the sustainability of the growth and our ability to consistently capture share. In services, revenue grew 7%, reflecting steady progress as clients increasingly consolidate toward providers that can deliver integrated multi-service capabilities at scale. Project management growth of 15%, driven by international performance, underscores our ability to manage increasingly technical work streams for a growing global client base. And taken together, this is what consistency looks like. Diversified growth, scalable margins, and disciplined capital allocation. With that, I'll turn the call over to Neil to discuss the quarter in more detail.