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- **Record Q3 Performance**: $1.8B revenue, 9% organic growth, 26% EPS growth, and 70bps margin expansion.
- **Strategic Investments Paying Off**: 45+ capital markets hires driving 20% CM growth, data/AI tools like Athena capturing data center growth.
- **Debt Reduction & Efficiency**: $500M debt paid down since 2023, lowest net leverage since 2022, 61% free cash flow conversion.
- **Guidance Raise**: 2025 EPS growth raised to 30%-35% from 25%-35%, reflecting organic momentum and margin expansion.
- **Global Growth Drivers**: Flight to quality in office/industrial, EMEA project management scale, APAC capital markets surge (84% growth).

**【Management Opening Remarks】**
- Issued Q3 2025 financial results, highlighting record revenue, debt reduction, and margin expansion.
- Emphasized forward-looking statements and non-GAAP financial measures for analysis.

**【CEO Summary Section】**
- Delivered largest Q3 leasing revenue in company history, with $1.8 billion in total revenue.
- Achieved 70 basis points year-to-date adjusted EBITDA margin improvement and 26% EPS growth.
- Raised 2025 adjusted EPS guidance to 30%-35% growth, driven by organic investments and debt reduction.
- Highlighted strategic hires (45+ capital markets advisers) and data/AI infrastructure buildout.

**【CFO Financial Commentary】**
- **Leasing**: 9% organic growth ($1.8B total), with Americas up 11% (office/industrial flight to quality), EMEA up 9%, APAC down 6% (Singapore/Australia strength).
- **Capital Markets**: 20% YoY growth, Americas up 16%, EMEA up 14% (Netherlands debt deals), APAC up 84% (India/Japan).
- **Services**: 7% organic growth, EMEA project management up 30%, APAC up 6% (India/Greater China).
- **Financials**: Adjusted EBITDA $160M (+11%), EPS $0.29 (+26%), net leverage 3.4x (lowest since Q4 2022).
- Repaid $250M debt Q3, total $500M since 2023, with term loan repricing to SOFR+250bps.

**【Q&A Key Highlights】**
- **Americas Capital Markets Growth**: 55+ new hires (200%+ avg rev) driving mid-teens growth, with 2026 runway for scaling global platform.
- **EMEA Margins**: 170bps YoY expansion from U.K. leasing (+37%) and project management scale, offset by one-time FX/incentive timing effects.
- **Services Profitability**: Project management (30% EMEA growth) and technical services (mechanical/engineering) driving margin improvement.
- **Capital Allocation**: Balancing debt reduction (free cash flow 61% conversion) with organic investments, prioritizing M&A only for strategic fits.
- **Data Center Opportunity**: Athena site selection tool and full-platform integration positioning for U.S. data center capacity doubling by 2030.
- **Cross-Sell Strategy**: "Plus One" initiative incentivizing cross-business collaboration, with early-stage tracking of cross-sell volume.

Cushman & Wakefield plc (CWK) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CWK

CWK fundamentals

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