1Q26 Review - Impressive Leasing Quarter

Research evidence excerpt

1Q26 Review - Impressive Leasing Quarter

USA | Property & Real Estate

Cushman & Wakefield EquityMayResearch19, 2026

ESTIMATE CHANGE1Q26 Review - Impressive Leasing Quarter

The transactional businesses delivered strength this quarter, which tracks with RATING HOLD

peers CBRE and JLL. Services were less impressive, as management flagged PRICE $12.45^

contract transitions within Americas facilities services. Management reiterated PRICE TARGET | % TO PT $14.00 | +12%

a +15-20% adjusted EPS growth target, which translates to a FY26 range of 52W HIGH-LOW $17.40 - $9.43

$1.40-$1.46, 1c below the prior Street estimate. We remain Hold as we look for FLOAT (%) | ADV MM (USD) 98.1% | 19.01

further evidence of CWK's ability to move up the value chain within Services. MARKET CAP $2.9B

TICKER CWK

1Q26 Quick Take ^Prior trading day's closing price unless otherwise noted.

CWK

Exhibit 1 - Quarterly Capital Markets Revenues (in Exhibit 2 - Quarterly Leasing Revenues (in millions $) FY (Dec) CHANGE TO JEFe JEF vs CONS

millions $) $800.0 20.0% 2026 2027 2026 2027

18.0% $700.0 $400.0 30.0% 16.0% NA NA NA NA $600.0 $350.0 14.0% 25.0% $500.0 12.0% $300.0 EPS +2% +2% NM NM $250.0 20.0% $400.0 10.0%

8.0% $300.0 $200.0 15.0% 6.0%

$200.0 $150.0 4.0% 10.0% $100.0 $100.0 2.0% 2026 ($) Q1A Q2 Q3 Q4 FY

$50.0 5.0% $0.0 0.0%

$0.0 0.0% 1Q24A 2Q24A 3Q24A 4Q24A 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A 2Q26E 3Q26E 4Q26E 1Q27E 2Q27E 3Q27E 4Q27E EPS 0.15 0.37 0.35 0.59 1.45

1Q24A 3Q24A 1Q25A 3Q25A 1Q26A 3Q26E 1Q27E 3Q27E Leasing Revs YoY Growth PREV 0.14 0.33 0.34 0.61 1.42

.

Capital Markets Revs YoY Growth Source: Jefferies, Company Materials

Source: Jefferies, Company Materials

Exhibit 3 - Quarterly Services Revenues (in millions Exhibit 4 - Quarterly Adjusted EBITDA & EBITDA

$) Margin

$2,500.0 14.0% $300.0 10.0%