CBRECBRE Group

Year Ended December 31, 2025 2024 2023 Net income attributable to CBRE Group, Inc. $ 1,157 $ 968 $ 986 Adjustments: Non-cash amortization expense related to intangible assets attributable to acquisitions 226 199 Interest expense related to indirect tax audits and settlements 4 16 Write-off of financing costs on extinguished debt 2 — Impact of adjustments on non-controlling interest — (18) Integration and other costs related to acquisitions 303 93 62 Costs incurred Carried interest incentive compensation expense to align with the timing of associated revenue 10 8 Charges related to legal entity restructuring 2 13 Costs associated with efficiency indirect tax audits and cost-reduction initiatives 259 159 settlements (1) 76 Net results related to the wind-down of certain businesses (1) 74 — Impact of fair value non-cash adjustments related to unconsolidated equity investments 2 9 Business and finance transformation 101 — Non-cash pension buy-out settlement loss 147 — Costs associated with efficiency and cost-reduction initiatives — 259 Costs incurred related to legal entity restructuring — 2 Net fair value adjustments on strategic non-core investments (1) 117 Provision associated with Telford’s fire safety remediation efforts 132 33 — Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue 8 (7) Charges related to indirect tax audits and settlements 76 — One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired — (34) Net fair value adjustments on strategic non-core investments 117 (32) Non-cash depreciation and amortization expense related to certain assets attributable to acquisitions 199 167 Interest expense related to indirect tax audits and settlements 16 — Tax impact of adjusted items, tax benefit attributable to legal entity restructuring, items and strategic non-core investments (236) (191) (82) Impact of adjustments on non-controlling interest (18) (33) Core net income attributable to CBRE Group, Inc., as adjusted $ 1,920 $ 1,571 $ 1,199 Core diluted income per share attributable to CBRE Group, Inc., as adjusted $ 6.38 $ 5.10 $ 3.84 Weighted average Weighted-average shares outstanding for diluted income per share 300,751,541 308,033,612 312,550,942

Our business requires the continued operation of information technology and communication systems and network infrastructure. Our ability to conduct our global business may be materially adversely affected by disruptions to these systems or our infrastructure. Our information technology and communications systems are vulnerable to damage or disruption from fire, power loss, telecommunications failure, system malfunctions, computer viruses, cyberattacks, natural disasters such as hurricanes, earthquakes and floods, acts of war or terrorism, employee errors or malfeasance, or other events which are beyond our control. Cyberattacks and malware pose growing threats to many companies, and we, as well as our third-party service providers, have been a target and may continue to be a target of such threats, which could expose us to liability, reputational harm and significant remediation costs and cause material harm to our business and financial results. In addition, the timely operation and maintenance of these systems and networks is in some cases dependent on third-party technologies, systems and service providers for which there is no certainty of uninterrupted availability. Any of these events could cause system interruption, delays and loss, corruption or exposure of data or intellectual property and may also disrupt our ability to provide services to or interact with our clients, contractors and vendors, and we may not be able to successfully implement contingency plans. Furthermore, while we have certain business interruption and cyber insurance coverage and various contractual arrangements that can serve to mitigate costs, damages and liabilities, any such event could result in substantial recovery and remediation costs and liability to customers, business partners and other third parties. We have crisis management, business continuity and disaster recovery plans and backup systems to reduce the potentially adverse effect of such events, but our disaster recovery planning may not be sufficient and cannot account for all eventualities, and a catastrophic event that results in the destruction or disruption of any of our data centers and third-party cloud hosting providers or our critical business or information technology systems could severely affect our ability to conduct normal business operations, and as a result, our future operating results could be materially adversely affected.

We are required to test goodwill and other intangible assets deemed to have indefinite useful lives for impairment at least annually, or more often if circumstances or events indicate a change in the impairment status, in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other.” The guidance permits, but does not require an entity to perform a qualitative assessment with respect to any of its reporting units or indefinite-lived intangible assets to determine whether a quantitative impairment test is needed. Entities are permitted to assess based on qualitative factors whether it is more likely than not that a reporting unit’s or indefinite-lived intangible asset’s fair value is less than its carrying amount before applying the quantitative impairment test. If it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying amount, the entity conducts the quantitative impairment test. If not, the entity does not need to apply the quantitative test. The qualitative test is elective, and an entity can go directly to the quantitative test rather than making a more-likely-than-not assessment based on an evaluation of qualitative factors. When performing a quantitative test, we primarily use a combination of market and income approaches. The market approach is based on the guideline public company method which estimates the value of our reporting units by applying valuation multiples of selected guideline public companies to the reporting unit’s key operating metrics. The income approach is based on the discounted cash flow approach to estimate method which estimates the fair value of our reporting units and indefinite-lived intangible assets. assets by estimating the present value of projected future cash flows. Management’s judgment is required in developing to develop assumptions to estimate fair values, including selected market multiples for the assumptions guideline public company method and revenue growth rates, profit margin percentages, and discount rates for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, etc. We record an impairment loss when the amount by which a reporting unit’s or indefinite-lived intangible asset’s carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill or indefinite-lived intangible asset. See Note 9 10 – Goodwill and Other Intangible Assets for more information.

The company is subject to indirect taxes, including sales and use tax in the United States and value-add tax in certain foreign jurisdictions in which it conducts business. The Company has company had indirect tax liabilities totaling $91 primarily related to sales and use tax of $90 million and $3 $91 million as of December 31, 2024 2025 and 2023, 2024, respectively. Indirect tax liabilities are adjusted considering changing facts and circumstances, such as the closing of a tax examination, further interpretation of existing tax law, or new tax law. laws. We are currently under audit in several jurisdictions. In accordance with FASB ASC Topic 450, “Contingencies,” the company establishes accruals for contingencies, including uncertainties related to taxes not based on income, when the company believes it is probable that a loss has been incurred, and the amount of the loss can be reasonably estimated.