CBRE Group (CBRE) official guidance

Turning to our outlook, we are maintaining our previously stated 2026 core EPS guidance in the range of $7.80-$7.90, reflecting 23% growth at the midpoint.

As a result, we continue to see a path to 15% core EPS growth in 2027.

For the full year, we remain on track to achieve free cash flow conversion within our target range of 75%-85% and expect to end the year with slightly above one turn of net leverage.

For the full year, we remain on track to achieve free cash flow conversion within our target range of 75%-85% and expect to end the year with slightly above one turn of net leverage.

Next year, in 2027, we are expecting our critical infrastructure services revenue to reach $4.5 billion and our infrastructure revenue to reach $7 billion.

We expect our total infrastructure services revenue to reach nearly $7 billion in 2027, growing more than 40% from this year.

We think we're going to settle out in the mid to high single digits next year in leasing.

We have strong pipelines and expect global leasing revenue to grow at a low double-digit rate in the fourth quarter.

We think by the year 2030, we could have a $10 billion business with over $1 billion of EBITDA related to Infrastructure.

We foresee more than 20% Core EPS growth in the third quarter, with the fourth quarter likely to be comparable to last year, when we also realized significant profits from our data center land program.

Advisory, as you'd expect, will moderate somewhat from this year, but it's not going to be anywhere near mid-cycle growth levels.

If you go through our segments, just simply, we're looking at low double-digit SOP growth across both BOE and Project Management.

If you go through our segments, just simply, we're looking at low double-digit SOP growth across both BOE and Project Management.

What we're expecting for REI is that it will be roughly flat to what we're expecting for this year's SOP, which we're expecting to be very strong.

We think by the year 2030, we could have a $10 billion business with over $1 billion of EBITDA related to Infrastructure.

That does include some operating leverage, but revenue growth is going to be in line with that low double-digit growth.

That does include some operating leverage, but revenue growth is going to be in line with that low double-digit growth.

Our outlook assumes no material changes to the macroeconomics for the interest rate environment, and in terms of seasonality, as a result of our first quarter outperformance, we expect to generate nearly 40% of EPS in the first half of the year, a higher percentage than we would typically achieve.

The number of Industrious units that we're adding is exceeding our expectation in underwriting when we bought the business. We're quite pleased with the pace at which we're adding those units, and we expect it to continue this year and into the foreseeable future.

We are expecting approximately 25% SOP growth for BOE, which includes high teens growth due to improved performance in the underlying business and the remainder due to the cost reclassification.