Cushman & Wakefield Reports Financial Results for First Quarter 2025

Strong Leasing revenue growth of 8% (9% in local currency)

Double digit Capital markets revenue growth

100 basis point year-over-year improvement in Net income margin and Adjusted EBITDA margin

CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the first quarter ended March 31, 2025:

“We drove excellent first quarter results, increasing organic revenue in each of our service lines and achieving mid-single digit organic growth in our Services business two quarters ahead of target. We realized over 100 basis points of margin improvement while continuing to reduce leverage and invest for growth. These results highlight the strength of our global platform, the benefits of the strategic work we have begun to action and our ability to provide value-added advisory services to clients in evolving market conditions,” said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. “We have built a strong and resilient growth engine, which is powering us forward across every part of our business and we will continue to execute with discipline and confidence toward capturing meaningful opportunities for long-term growth.”

First Quarter 2025 Results:

• Revenue of $2.3 billion for the first quarter of 2025 increased 5% (6% in local currency) and service line fee revenue of $1.5 billion for the first quarter of 2025 increased 3% (4% in local currency) from the first quarter of 2024.
  
  • Leasing revenue increased 8% (9% in local currency) driven primarily by office and industrial leasing in the Americas.
  • Capital markets revenue increased 11% (11% in local currency), with strong performance across all segments.
  • Services revenue decreased 1% (increased 1% in local currency), while organic Services revenue increased 3% (4% in local currency)(¹).
  • Valuation and other revenue increased 1% (3% in local currency).
• Net income of $1.9 million for the first quarter of 2025 increased $30.7 million compared to net loss of $28.8 million for the first quarter of 2024. Diluted earnings per share was $0.01 for the first quarter of 2025 compared to diluted loss per share of $0.13 for the first quarter of 2024.
  
  • Adjusted EBITDA of $96.2 million increased 23% (24% in local currency) from the first quarter of 2024, with Adjusted EBITDA margin of 6.2%, a 103 basis point improvement from the first quarter of 2024.
  • Adjusted diluted earnings per share of $0.09 was up 9 cents from the first quarter of 2024.
• In March 2025, we elected to prepay $25.0 million in principal outstanding under the Company’s term loans due in 2030.
• Liquidity as of March 31, 2025 was $1.7 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.6 billion.

(1) “Organic” revenue excludes the impact of the sale of a non-core Services business in August 2024, which reduced Services revenue by $26.2 million.

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