2Q26 Earnings: Core EPS above cons; 26e guide raise above cons; 27e core EPS target introduced above cons; solid KPIs

研报英文原文证据摘录

2Q26 Earnings: Core EPS above cons; 26e guide raise above cons; 27e core EPS target introduced above cons; solid KPIs

Update

July 29, 2026 02:23 PM GMT

Morgan Stanley & Co. LLCMCBRE Group Inc | North America Ronald Kamdem, CFA

Equity Analyst

2Q26 Earnings: Core EPS above Ronald.Kamdem@morganstanley.comMatthew Glickman +1 212 296-8319

Research Associate

Matthew.Glickman@morganstanley.com +1 212 761-4272

cons; 26e guide raise above Jenny Li

Jenny.Li1@morganstanley.com +1 212 761-2228

cons; 27e core EPS target

CBRE Group Inc (CBRE.N, CBRE US)

Real Estate Services | United States of Americaintroduced above cons; solid

Stock Rating Overweight

Industry View In-Line

Price target $180.00KPIs Shr price, close (Jul 28, 2026) $147.05

Mkt cap, curr (mm) $43,064

52-Week Range $174.19-121.69

AlphaSignals Earnings Reaction

Unchanged Meaningful upside Modest revision higher

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

2Q core EPS of $1.56 (+30% YoY vs +81% in 1Q) vs cons/MSe $1.47/$1.46; core

EBITDA of $836mn (+34% YoY vs +60% YoY in 1Q) vs cons/MSe $765mn/

$612mn

26e core EPS guide raised +$0.15 to $7.85 vs cons/MSe $7.72/$7.71

2Q TTM FCF $1.7bn (76% conversion) vs $1.7 bn (78% conversion) in 1Q; YTD

buybacks of ~$1bn; leverage 1.6x (vs 1.5x in 1Q)

2Q rev in resilient business +15% YoY (vs +18% in 1Q) and transactional business

+19% YoY (vs +22% YoY in 1Q)

3Q guide of Core EPS growth of more than 20%, with the fourth quarter

comparable to last year

Additional details:

• What's our view? We expect a positive stock price reaction on solid revenue

and core EPS growth. Revenue growth and margins ahead of expectations.

Cash flow conversion in-line with expectations.