CBRE Group (CBRE): 2Q26 First Take: Strength Across Platform Leads to Raised Guidance

First-page research excerpt

Equity Research

29 July 2026 | 5:22AM PDT

CBRE Group (CBRE): 2Q26 First Take: Strength Across Platform Leads to

Raised Guidance

CBRE reported 2Q26 Adj. EPS and Adj. EBITDA of $1.56 and $836mm, respectively.

These results were +1%/+4% above our expectations and +5%/+9% above Visible

Alpha Consensus Data. This outperformance versus our expectations was primarily

driven by better leasing, advisory sales, and project management (as well as better

than expected SOP margins across all segments).

Julien Blouin

2026 Guidance increased: CBRE increased 2026 Core EPS by 2% at the MP,

establishing a new 2026 Core EPS range between $7.80-$7.90 ($7.85 MP), vs

$7.60-$7.80 previously with midpoint of $7.70 (vs GS expectation of $7.74), due to

strong YTD results (including transactional and project management results), and

higher data center land site monetizations in 3Q26.

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Goldman Sachs India SPL

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Goldman Sachs & Co. LLC

Ryan Treais

Goldman Sachs & Co. LLC

Shikhar Gupta

Segment Guidance:

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Advisory: ~20% SOP growth vs prev high teens SOP growth in advisory services

with the second half raised to low-teens growth over tougher comps.

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BOE: (Unchanged) ~25% SOP growth vs previously 25% growth in BOE

(high-teens excluding D&A re-class).

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Project Management: Mid-teens SOP growth vs low teens previously.

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REI: SOP higher than last year vs. in-line with 2025 previously led by

Development gains in 3Q26.

Segment Results vs. GSe

Advisory Services segment revenue came in 8.1% ahead of GSe while SOP was

13.1% ahead of GSe. The components of the beat are outlined below:

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Advisory Sales: Outsized US sales revenue at 24% while global revenue lagged

slightly at 20%. US transaction volumes was somewhat telegraphed by strong

MSCI data going into the print.

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Advisory Leasing: Leasing revenues for the quarter came in 14% above GSe.

This performance was driven by both EMEA and USA, with revenues up 27% and

24% respectively.

Building Operations & Experience saw net revenue growth -0.7% below GSe while

SOP was 10% ahead of GSe. The components of the beat are outlined below:

…