Cushman & Wakefield Ltd.

Previous wording

On August 4, 2026, the Company completed a partial redemption of $50.0 million of its 2028 Notes. Following the partial redemption, $150.0 million of the 2028 Notes remains outstanding.

Current wording

In August 2026, the Company completed a partial redemption of $50.0 million of the aggregate principal amount of the 2028 Notes. On October 21, 2026, the Company fully redeemed the remaining $150.0 million principal amount outstanding of the 2028 Notes, completing the retirement of the 2028 Notes and eliminating the Company’s nearest debt maturity. Following the redemption, there are no long-term debt arrangements maturing prior to 2030.

Previous wording

Demand for our services is largely dependent on the relative strength of the global and regional commercial real estate markets, which are highly sensitive to general macroeconomic conditions. Improvements in several underlying macroeconomic factors drove growth and continued resilience in our business, as evidenced by revenue growth in most of our service lines. In the first half of 2026, we experienced sustained momentum in Services and continued strength in Leasing revenue compared to the first half of 2025. Nonetheless, certain macroeconomic challenges and geopolitical uncertainties, including volatility in interest rates, inflation, international trade policy and new or elevated tariffs, elevated levels of unemployment, rising energy costs and volatility in foreign currency exchange rates, have in the past and may in the future, negatively impact our business. A delay or stall in any economic improvement, any future uncertainty, weakness or volatility in the credit markets, a decline in the U.S. or global economy, or the public perception that any of these events may occur, could further affect global and regional demand for commercial real estate, which would negatively affect the performance of some or all of our service lines.

Current wording

Demand for our services is largely dependent on the relative strength of the global and regional commercial real estate markets, which are highly sensitive to general macroeconomic conditions. During the nine months ended September 30, 2026, improvements in certain underlying macroeconomic factors contributed to growth in our business, including higher revenue in our Services, Leasing and Capital markets service lines compared to the same period in 2025. Nonetheless, certain macroeconomic challenges and geopolitical uncertainties, including volatility in interest rates, inflation, international trade policy and new or elevated tariffs, elevated levels of unemployment, rising energy costs and volatility in foreign currency exchange rates, have in the past and may in the future, negatively impact our business. A delay or stall in any economic improvement, any future uncertainty, weakness or volatility in the credit markets, a decline in the U.S. or global economy, or the public perception that any of these events may occur, could further affect global and regional demand for commercial real estate, which would negatively affect the performance of some or all of our service lines.

Previous wording

Our results of operations are significantly impacted by economic trends, government policies and global and regional real estate markets. These include the following: overall economic activity, volatility of the financial markets, interest rates and inflation, demand for commercial real estate, the impact of tax and regulatory policies, the cost and availability of credit, international trade policy and tariffs, changes in employment rates and the geopolitical environment. Similarly, economic conditions in certain countries such as the United States or China can have significant influence on the commercial real estate sector across an entire region, impacting supply chains, cross-border investments and development activity in key markets.

Current wording

Our results of operations are significantly impacted by economic trends, government policies and global and regional real estate markets. These include the following: overall economic activity, volatility of the financial markets, interest rates and inflation, energy costs, demand for commercial real estate, the impact of tax and regulatory policies, the cost and availability of credit, international trade policy and tariffs, changes in employment rates and the geopolitical environment. Similarly, economic conditions in certain countries such as the United States can have significant influence on the commercial real estate sector across an entire region, impacting supply chains, cross-border investments and development activity in key markets.

Previous wording

Adjusted EBITDA: We have determined Adjusted EBITDA to be our primary measure of segment profitability. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate unrealized loss (gain) on investments, net; impairment of investments; A/R Securitization servicing liability, fees and amortization; pension buy-out settlement loss; non-operating items related to our equity method investment in Cushman Wakefield Greystone LLC (the “Greystone JV”); and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes and the non-cash accounting effects of depreciation and intangible asset amortization.

Current wording

Adjusted EBITDA: We have determined Adjusted EBITDA to be our primary measure of segment profitability. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate unrealized loss (gain) on investments, net; impairment of investments; A/R Securitization servicing liability, fees and amortization; system implementation costs; non-cash stock-based compensation; pension buy-out settlement loss; legal settlements and related costs; non-operating items related to our equity method investment in Cushman Wakefield Greystone LLC (the “Greystone JV”); and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes and the non-cash accounting effects of depreciation and intangible asset amortization.

Previous wording

(1)Other includes miscellaneous income and expense items such as non-cash amortization of certain merger-related deferred rent and tenant incentives, legal fees and costs associated with an antitrust dispute (see Note 11: Commitments and Contingencies of the Notes to the Condensed Consolidated Financial Statements), costs related to transformative system implementations that may take several years to complete and a portion of non-cash stock-based compensation expense associated with performance-based equity awards granted to four executive officers in 2024. The long-term incentive awards granted to these four executive officers consisted entirely of performance-based awards in 2024 and they provided for a higher maximum payout than typical awards. This award design structure was unique to 2024. We therefore excluded a portion of the non-cash stock-based compensation expense associated with those awards from the calculation of Adjusted EBITDA to improve the comparability of our operating results for the current period to prior and future periods and because we do not consider it to be a normal, recurring operating expense.

Current wording

Non-cash stock-based compensation reflects a portion of non-cash stock-based compensation expense associated with performance-based equity awards granted to four executive officers in 2024. The long-term incentive awards granted to these four executive officers consisted entirely of performance-based awards in 2024 and they provided for a higher maximum payout than typical awards. This award design structure was unique to 2024. The Company therefore excluded a portion of the non-cash stock-based compensation expense associated with those awards from the calculation of Adjusted EBITDA to improve the comparability of its operating results for the current period to prior and future periods and because the Company does not consider it to be a normal, recurring operating expense.

Previous wording

Non-operating items related to the Greystone JV reflects certain non-operating activity presented within earnings (loss) from equity method investments related to the Greystone JV for (i) gains recognized from the retention of mortgage servicing rights (“MSRs”) upon the origination and sale of mortgage loans, (ii) increases or decreases in the fair value of the MSRs and (iii) estimated provisions for credit losses related to mortgage loans. This activity is specific to the Greystone JV rather than all of the Company’s equity method investments based on the Greystone JV’s specialized industry, namely, multi-family lending and loan servicing solutions. Starting in the second quarter of 2025, the Company has excluded such activity from the calculation of Adjusted EBITDA as it is non-cash in nature and does not represent the underlying operating performance of the business. This activity is reported entirely within the Americas reportable segment.

Current wording

Non-operating items related to the Greystone JV reflects certain non-operating activity presented within Earnings (loss) from equity method investments related to the Greystone JV for (i) gains recognized from the retention of mortgage servicing rights (“MSRs”) upon the origination and sale of mortgage loans, (ii) increases or decreases in the fair value of the MSRs and (iii) estimated provisions for credit losses related to mortgage loans. This activity is specific to the Greystone JV rather than all of the Company’s equity method investments based on the Greystone JV’s specialized industry, namely, multifamily lending and loan servicing solutions. Starting in the second quarter of 2025, the Company has excluded such activity from the calculation of Adjusted EBITDA as it is non-cash in nature and does not represent the underlying operating performance of the business. This activity is reported entirely within the Americas reportable segment.

Previous wording

The following table sets forth items derived from our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (in millions):

Current wording

The following table sets forth items derived from our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025 (in millions):

Previous wording

For the three and six months ended June 30, 2025, Other also includes the release of a non-ordinary course compliance reserve, which when originally accrued in the third quarter of 2023, had been included as an adjustment in the reconciliation of Net income to Adjusted EBITDA within the line item “Legal and compliance matters,” offset by one-time consulting costs associated with the redomiciliation to Bermuda.

Current wording

For the nine months ended September 30, 2025, Other also includes one-time consulting costs associated with the Company’s redomiciliation to Bermuda, offset by the release of a non-ordinary course compliance reserve, which when originally accrued in the third quarter of 2023, had been included as an adjustment in the reconciliation of Net income to Adjusted EBITDA within the line item “Legal and compliance matters”.

Previous wording

Revenue of $2.8 billion increased $278.7 million or 11% compared to the three months ended June 30, 2025, primarily driven by Services and Leasing revenue growth of 8% and 27%, respectively. Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $55.0 million including through new client wins and the expansion of existing client mandates and higher project management revenue in the Americas and EMEA, which increased approximately $27.0 million and $20.0 million, respectively. Leasing revenue increased principally driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers, as demand for high-quality assets remained strong. Valuation and other revenue increased 10%. Capital markets revenue decreased 1%, resulting from a 6% decline in the Americas driven primarily by declines in mid-sized transactions, most notably in the multi-family sector, partially offset by strength in EMEA and APAC.

Current wording

Revenue of $2.8 billion increased $201.9 million or 8% compared to the three months ended September 30, 2025, primarily driven by Services, Leasing and Capital markets revenue growth of 5%, 15% and 18%, respectively. Services revenue was strong across all segments, led by higher global facilities management revenue, which increased approximately $53.0 million, including through new client wins and the expansion of existing client mandates, and higher project management revenue, especially in EMEA and APAC, which increased approximately $10.0 million and $8.0 million, respectively. Leasing revenue increased principally driven by broad-based strength in the Americas as demand for high-quality assets remained strong, driving growth across all deal sizes, with continued strength in office and industrial leasing, including data centers. Capital markets revenue increased 18%, primarily due to 24% revenue growth in the Americas, which experienced growth in all major asset classes. Valuation and other revenue was relatively flat.

Previous wording

Costs of services of $2.3 billion increased $234.0 million or 12% compared to the three months ended June 30, 2025. Gross contract costs increased $95.3 million or 9%, principally driven by an increase in reimbursed client-dedicated labor costs of approximately $44.0 million and third-party consumables and sub-contractor costs of approximately $49.0 million. Of the $95.3 million increase in Gross contract costs, $94.3 million related to Services. Cost of services provided to clients increased $138.7 million or 14%, primarily due to an increase in employment costs of approximately $120.0 million, including higher commissions associated with higher brokerage revenue and higher salaries as a result of higher Services revenue. Of the $138.7 million increase in Cost of services provided to clients, $30.2 million related to Services.

Current wording

Costs of services of $2.3 billion increased $169.5 million or 8% compared to the three months ended September 30, 2025. Gross contract costs increased $30.3 million or 3%, principally driven by an increase in reimbursed client-dedicated labor costs, third-party consumables and subcontractor costs. Cost of services provided to clients increased $139.2 million or 13%, primarily due to an increase in employment costs of approximately $119.0 million, including higher commissions associated with higher brokerage revenue and higher salaries as a result of higher Services revenue.

Previous wording

Operating, administrative and other expenses of $349.3 million increased $31.0 million or 10% compared to the three months ended June 30, 2025, primarily driven by an increase in employment costs of approximately $14.0 million, largely due to higher salaries and bonuses, as well as higher occupancy costs, strategic investments and cost inflation.

Current wording

Operating, administrative and other expenses of $329.6 million increased $9.0 million or 3% compared to the three months ended September 30, 2025, driven by an increase in employment costs of approximately $9.0 million, largely due to higher salaries and bonuses, as well as strategic investments and cost inflation.

Previous wording

Earnings from equity method investments of $2.3 million increased $2.1 million compared to the three months ended June 30, 2025, primarily due to an increase of $2.2 million recognized from the Greystone JV driven primarily by lower provisions for credit losses for mortgage loans compared to the second quarter of 2025. In the second quarter of 2026, the Greystone JV recorded a non-cash provision for loan losses of $9.0 million, of which the Company recorded $3.6 million based on its 40% equity interest which was included within Earnings (loss) from equity method investments. Changes in expectations and forecasts may materially impact the provision for loan losses in the future.

Current wording

Earnings from equity method investments was $5.2 million for the three months ended September 30, 2026 compared to loss from equity method investments of $8.6 million for the three months ended September 30, 2025. The $13.8 million improvement in Earnings (loss) from equity method investments was primarily due to an increase of $13.5 million recognized from the Greystone JV largely driven by lower provisions for credit losses for mortgage loans compared to the third quarter of 2025. In the third quarter of 2026, the Greystone JV recorded a non-cash provision for loan losses of $3.5 million, of which the Company recorded $1.4 million based on its 40% equity interest which was included within Earnings (loss) from equity method investments. Changes in expectations and forecasts may materially impact the provision for loan losses in the future.

Previous wording

Other income, net of $0.4 million decreased $6.0 million or 94% compared to the three months ended June 30, 2025. The decline was principally driven by an increase in unrealized losses on our real estate investments of $3.4 million.

Current wording

Other expense, net was $2.2 million for the three months ended September 30, 2026 compared to other income, net of $2.2 million for the three months ended September 30, 2025. The $4.4 million decline was principally driven by a higher net unrealized loss on our real estate investments of $4.8 million.

Previous wording

Adjusted EBITDA of $183.6 million increased $21.9 million or 14% compared to the three months ended June 30, 2025, attributable to the same factors impacting Net income above, with the exception of interest expense and unrealized losses on real estate investments.

Current wording

Adjusted EBITDA of $183.7 million increased $24.1 million or 15% compared to the three months ended September 30, 2025, attributable to the same factors impacting Net income above, with the exception of interest expense, the impact of the Greystone JV, net unrealized losses on real estate investments and income taxes.

Previous wording

Revenue of $5.3 billion increased $529.9 million or 11% compared to the six months ended June 30, 2025, primarily driven by Services and Leasing revenue growth of 8% and 24%, respectively. Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $133.0 million including through new client wins and the expansion of existing client mandates and higher project management revenue of approximately $91.0 million. Leasing revenue increased principally driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers, as demand for high-quality assets remained strong. Capital markets revenue increased 6%, with growth in all segments compared to the first half of 2025, reflecting our ongoing investments in hiring top talent and strengthening our platform, partially offset by declines in the multi-family sector. Valuation and other revenue increased 9%.

Current wording

Revenue of $8.1 billion increased $731.8 million or 10% compared to the nine months ended September 30, 2025, primarily driven by Services and Leasing revenue growth of 7% and 20%, respectively. Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $186.0 million, including through new client wins and the expansion of existing client mandates, and higher project management revenue of approximately $113.0 million. Leasing revenue increased driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers, as demand for high-quality assets remained strong. Capital markets revenue increased 10%, attributable to growth in the Americas, reflecting our ongoing investments in hiring top talent and strengthening our platform. Valuation and other revenue increased 6%.

Previous wording

Costs of services of $4.4 billion increased $448.8 million or 11% compared to the six months ended June 30, 2025. Gross contract costs increased $205.3 million or 10%, principally driven by an increase in reimbursed client-dedicated labor costs of approximately $75.0 million and third-party consumables and sub-contractor costs of approximately $126.0 million. Of the $205.3 million increase in Gross contract costs, $202.9 million related to Services. Cost of services provided to clients increased $243.5 million or 13%, primarily due to an increase in employment costs of approximately $213.0 million, including higher commissions associated with higher brokerage revenue and higher salaries as a result of higher Services revenue. Of the $243.5 million increase in Cost of services provided to clients, $49.1 million related to Services. Total costs of services as a percentage of total revenue was 82% for both the six months ended June 30, 2026 and 2025.

Current wording

Costs of services of $6.7 billion increased $618.3 million or 10% compared to the nine months ended September 30, 2025. Gross contract costs increased $235.6 million or 8%, principally driven by an increase in reimbursed client-dedicated labor costs, third-party consumables and subcontractor costs. Nearly all of Gross contract costs related to Services. Cost of services provided to clients increased $382.7 million or 13%, primarily due to an increase in employment costs of approximately $332.0 million, including higher commissions associated with higher brokerage revenue and higher salaries as a result of higher Services revenue. Of the $382.7 million increase in Cost of services provided to clients, $109.5 million related to Services. Total costs of services as a percentage of total revenue was 82% for both the nine months ended September 30, 2026 and 2025.

Previous wording

Operating, administrative and other expenses of $686.1 million increased $62.0 million or 10% compared to the six months ended June 30, 2025, primarily driven by an increase in employment costs of approximately $28.0 million, largely due to higher salaries, as well as higher technology costs, higher occupancy costs, strategic investments and cost inflation. In addition, the Company recorded a non-cash servicing liability of $11.8 million related to the A/R Securitization amendment in March 2026. Operating, administrative and other expenses as a percentage of total revenue was 13% for both the six months ended June 30, 2026 and 2025.

Current wording

Operating, administrative and other expenses of $1.0 billion increased $71.0 million or 8% compared to the nine months ended September 30, 2025, primarily driven by an increase in employment costs of approximately $37.0 million, largely due to higher salaries, as well as higher technology costs, higher occupancy costs, strategic investments and cost inflation. In addition, the Company recorded a non-cash servicing liability of $11.8 million related to the A/R Securitization amendment in March 2026. Operating, administrative and other expenses as a percentage of total revenue was 13% for both the nine months ended September 30, 2026 and 2025.

Previous wording

The Company did not incur any Restructuring, impairment and related charges during the six months ended June 30, 2026. In the six months ended June 30, 2025, Restructuring, impairment and related charges of $6.5 million were related to an impairment loss on real estate investments.

Current wording

The Company did not incur any Restructuring, impairment and related charges during the nine months ended September 30, 2026. In the nine months ended September 30, 2025, Restructuring, impairment and related charges of $6.5 million were related to an impairment loss on real estate investments.

Previous wording

Loss from equity method investments was $1.8 million for the six months ended June 30, 2026 compared to earnings from equity method investments of $11.3 million for the six months ended June 30, 2025. The $13.1 million decline was primarily due to a decrease of $9.0 million in earnings recognized from the Greystone JV driven by changes in mix of mortgage loan origination volumes compared to the six months ended June 30, 2025, contributing to a lower value of MSRs, and higher provisions for credit losses for mortgage loans due to expected losses on specific loans and higher risk-sharing obligations. In the six months ended June 30, 2026, the Greystone JV recorded a non-cash provision for loan losses of $17.6 million, of which the Company recorded $7.1 million based on its 40% equity interest which was included within Earnings (loss) from equity method investments. Changes in expectations and forecasts may materially impact the provision for loan losses in the future. In addition, the Company recognized lower earnings from our equity method investment in CWVS Holding Limited (the “Onewo JV”), which declined $3.2 million compared to the six months ended June 30, 2025 due to higher provisions for credit losses.

Current wording

Earnings from equity method investments of $3.4 million increased $0.7 million or 26% compared to the nine months ended September 30, 2025, reflecting a $4.5 million improvement in earnings recognized from the Greystone JV, driven primarily by lower provisions for credit losses for mortgage loans compared to the nine months ended September 30, 2025. In the nine months ended September 30, 2026, the Greystone JV recorded a non-cash provision for loan losses of $21.1 million, of which the Company recorded $8.4 million based on its 40% equity interest which was included within Earnings (loss) from equity method investments. Changes in expectations and forecasts may materially impact the provision for loan losses in the future. This trend was partially offset by lower earnings from our equity method investment in CWVS Holding Limited (the “Onewo JV”), which declined $2.6 million compared to the nine months ended September 30, 2025, due to higher provisions for credit losses.

Previous wording

Other expense, net was $14.6 million for the six months ended June 30, 2026 compared to other income, net of $7.3 million for the six months ended June 30, 2025. The $21.9 million decline was principally due to the non-cash settlement loss of $17.2 million related to a pension buy-out arrangement in the U.K. (see Note 10: Employee Benefits of the Notes to the Condensed Consolidated Financial Statements for further information). In addition, the Company recognized lower realized and unrealized gains from our real estate investments compared to the second quarter of 2025.

Current wording

Other expense, net was $16.8 million for the nine months ended September 30, 2026 compared to other income, net of $9.5 million for the nine months ended September 30, 2025. The $26.3 million change was principally due to the non-cash settlement loss of $17.2 million related to a pension buy-out arrangement in the U.K. (see Note 10: Employee Benefits of the Notes to the Condensed Consolidated Financial Statements for further information). In addition, the Company recognized a higher net unrealized loss from our real estate investments compared to the nine months ended September 30, 2025.

Previous wording

Provision for income taxes for the second quarter of 2026 was $24.6 million on earnings before income taxes of $77.3 million. For the second quarter of 2025, the provision for income taxes was $18.9 million on earnings before income taxes of $76.2 million. The increase in income tax expense compared to the second quarter of 2025 was primarily attributable to higher earnings before income taxes and changes in the jurisdictional mix of those earnings, as well as discrete tax adjustments recorded in the second quarter of 2026, including higher accruals associated with uncertain tax positions.

Current wording

Provision for income taxes for the nine months ended September 30, 2026 was $59.2 million on earnings before income taxes of $151.4 million. For the nine months ended September 30, 2025, the provision for income taxes was $15.7 million on earnings before income taxes of $126.3 million. The increase in income tax expense compared to the nine months ended September 30, 2025 was primarily attributable to higher earnings before income taxes and changes in the jurisdictional mix of those earnings, as well as discrete tax adjustments, including higher accruals associated with uncertain tax positions, return to provision adjustments from various foreign entities and the non-recurring release of valuation allowances in the U.K. on certain deferred tax assets in the third quarter of 2025.

Previous wording

Net income of $40.1 million decreased by $19.1 million or 32% compared to the six months ended June 30, 2025. The decrease in net income was principally driven by the pension buy-out settlement loss, A/R Securitization servicing liability, lower earnings recognized from our equity method investments, higher occupancy costs, strategic investments and cost inflation. These unfavorable trends were partially offset by growth in all of our service lines.

Current wording

Net income of $92.2 million decreased $18.4 million or 17% compared to the nine months ended September 30, 2025. The decrease in net income was principally driven by the pension buy-out settlement loss, A/R Securitization servicing liability, higher income tax expense, higher technology costs, higher occupancy costs, strategic investments and cost inflation. These unfavorable trends were partially offset by growth in all of our service lines, with particular strength in Services and Leasing.

Previous wording

Adjusted EBITDA of $294.9 million increased $37.0 million or 14% compared to the six months ended June 30, 2025, attributable to the same factors impacting Net income above, with the exception of the pension buy-out settlement loss, A/R Securitization servicing liability and non-operating items related to the Greystone JV.

Current wording

Adjusted EBITDA of $478.6 million increased $61.1 million or 15% compared to the nine months ended September 30, 2025, attributable to the same factors impacting Net income above, with the exception of the pension buy-out settlement loss, the A/R Securitization servicing liability and income taxes.

Previous wording

Our measure of segment profitability, Adjusted EBITDA, excludes the effects of financings, income taxes and depreciation and amortization, as well as unrealized loss (gain) on investments, net; impairment of investments; A/R Securitization servicing liability, fees and amortization; pension buy-out settlement loss; non-operating items related to the Greystone JV; and other non-recurring items.

Current wording

Our measure of segment profitability, Adjusted EBITDA, excludes the effects of financings, income taxes and depreciation and amortization, as well as unrealized loss (gain) on investments, net; impairment of investments; A/R Securitization servicing liability, fees and amortization; system implementation costs; non-cash stock-based compensation; pension buy-out settlement loss; legal settlements and related costs; non-operating items related to the Greystone JV; and other non-recurring items.

Previous wording

The following table summarizes the results of operations of our Americas reportable segment for the three and six months ended June 30, 2026 and 2025 (in millions):

Current wording

The following table summarizes the results of operations of our Americas reportable segment for the three and nine months ended September 30, 2026 and 2025 (in millions):

Previous wording

Americas revenue in the first half of 2026 was $3.8 billion, an increase of $334.3 million or 10% from the first half of 2025. This increase was principally driven by 28% growth in Leasing revenue, with growth across all deal sizes and continued strength in office and industrial leasing, including data centers. Services revenue increased 5%, led by higher facilities management revenue of approximately $60.0 million due to new client wins and the expansion of existing client mandates and higher project management revenue of approximately $24.0 million. Capital markets revenue increased 5% with two large data center deals in the first half of 2026 contributing to improved results, partially offset by declines in the multi-family sector. Valuation and other revenue increased 5%.

Current wording

Americas revenue in the nine months ended September 30, 2026 was $5.9 billion, an increase of $464.7 million or 9% from the nine months ended September 30, 2025. This increase was principally driven by 24% growth in Leasing revenue, with growth across all deal sizes and continued strength in office and industrial leasing, including data centers. Capital markets revenue increased 12% attributable to industrial sector transactions, partially offset by declines in the multifamily sector. Services revenue increased 3%, led by higher facilities management revenue of approximately $68.0 million due to new client wins and the expansion of existing client mandates, higher project management revenue of approximately $29.0 million and higher facilities services revenue of approximately $11.0 million. Valuation and other revenue decreased 1%.

Previous wording

Gross contract costs of $1.7 billion increased $111.1 million or 7%, reflecting higher reimbursed client-dedicated labor costs of approximately $67.0 million and higher third-party consumables and sub-contractor costs of approximately $40.0 million associated with revenue growth in Services and changes in client mix. Of the total Americas Gross contract costs, $1.7 billion and $1.6 billion related to Services for the first half of 2026 and 2025, respectively. Cost of services provided to clients of $1.4 billion increased $161.6 million or 13%, primarily due to higher commissions associated with higher brokerage revenue. Of the total Americas Cost of services provided to clients, $513.3 million or 36% related to Services. Additionally, Cost of services provided to clients attributable to Services declined $9.2 million from the first half of 2025, offset by an increase of $170.8 million attributable to other service lines. Operating, administrative and other expenses of $450.4 million increased $26.3 million or 6%, largely driven by higher salaries, higher occupancy costs, strategic investments, cost inflation and the non-cash A/R Securitization servicing liability.

Current wording

Gross contract costs of $2.6 billion increased $102.4 million or 4%, reflecting higher reimbursed client-dedicated labor costs of approximately $87.0 million and higher third-party consumables and subcontractor costs of approximately $21.0 million associated with revenue growth in Services. Nearly all of the Americas Gross contract costs related to Services. Cost of services provided to clients of $2.3 billion increased $275.5 million or 14%, primarily due to higher commissions associated with higher brokerage revenue. Of the total Americas Cost of services provided to clients, $793.0 million or 35% related to Services. Additionally, Cost of services provided to clients attributable to Services increased $22.3 million from the nine months ended September 30, 2025 and $253.2 million of the increase was attributable to other service lines. Operating, administrative and other expenses of $667.4 million increased $27.2 million or 4%, largely driven by higher salaries, higher occupancy costs, strategic investments, cost inflation and the non-cash A/R Securitization servicing liability.

Previous wording

Adjusted EBITDA of $232.3 million increased $44.4 million or 24% compared to the first half of 2025, primarily attributable to growth in our Americas Services and Leasing service lines, partially offset by higher occupancy costs, strategic investments and cost inflation.

Current wording

Adjusted EBITDA of $378.5 million increased $66.4 million or 21% compared to the nine months ended September 30, 2025, primarily attributable to growth in our Americas Services, Leasing and Capital markets service lines, partially offset by higher occupancy costs, strategic investments and cost inflation.

Previous wording

The following table summarizes the results of operations of our EMEA reportable segment for the three and six months ended June 30, 2026 and 2025 (in millions):

Current wording

The following table summarizes the results of operations of our EMEA reportable segment for the three and nine months ended September 30, 2026 and 2025 (in millions):

Previous wording

EMEA revenue in the second quarter of 2026 was $295.1 million, an increase of $35.3 million or 14% from the second quarter of 2025. Excluding the favorable impact of foreign currency of $36.9 million, EMEA revenue increased 12% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 21% on a local currency basis, primarily due to higher project management and facilities management revenue of approximately $20.0 million and $9.0 million, respectively, with growth across the majority of the region, and particular strength in the U.K. and Ireland. Capital markets revenue increased 11% on a local currency basis, with improvements in Sweden and the Netherlands partially offset by declines in the U.K. Leasing revenue decreased 6% on a local currency basis, due primarily to quarterly deal timing variances in Germany and the Netherlands and increased macroeconomic uncertainty. Valuation and other revenue increased 9% on a local currency basis.

Current wording

EMEA revenue in the third quarter of 2026 was $269.5 million, an increase of $9.4 million or 4% from the third quarter of 2025. Excluding the unfavorable impact of foreign currency of $3.2 million, EMEA revenue increased 5% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 14% on a local currency basis, primarily due to higher project management and facilities management revenue of approximately $10.0 million and $6.0 million, respectively, with growth across a majority of the region, and particular strength in the U.K., Ireland and the Netherlands. Valuation and other revenue increased 8% on a local currency basis. These trends were partially offset by lower brokerage revenue compared to the third quarter of 2025, primarily as a result of continued geopolitical and macroeconomic uncertainty. Capital markets revenue decreased 21% on a local currency basis, with lower volumes across most markets partially offset by improvements in Germany and Spain. Leasing revenue decreased 8% on a local currency basis, due primarily to declines in the U.K.

Previous wording

Adjusted EBITDA of $28.0 million decreased $6.2 million or 18% compared to the second quarter of 2025, primarily attributable to net unrealized foreign currency gains recognized in the prior year period and declines in our EMEA Leasing service line, partially offset by growth in our EMEA Services business.

Current wording

Adjusted EBITDA of $17.0 million decreased $3.0 million or 15% compared to the third quarter of 2025, primarily attributable to declines in our EMEA Leasing and Capital markets service lines, partially offset by growth in our EMEA Services business and lower occupancy costs.

Previous wording

EMEA revenue in the first half of 2026 was $565.2 million, an increase of $100.5 million or 22% from the first half of 2025. Excluding the favorable impact of foreign currency of $78.1 million, EMEA revenue increased 16% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 27% on a local currency basis, primarily due to higher project management and facilities management revenue of approximately $45.0 million and $26.0 million, respectively, with growth across the majority of the region, and particular strength in the U.K., Ireland and France. Leasing revenue increased 1% on a local currency basis, with growth across the majority of the region partially offset by declines in the U.K. and Ireland. Capital markets revenue increased 7% on a local currency basis, with improvements in Sweden and the Netherlands partially offset by declines in the U.K. Valuation and other revenue increased 8% on a local currency basis.

Current wording

EMEA revenue in the nine months ended September 30, 2026 was $834.6 million, an increase of $109.9 million or 15% from the nine months ended September 30, 2025. Excluding the favorable impact of foreign currency of $20.3 million, EMEA revenue increased 12% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 22% on a local currency basis, primarily due to higher project management and facilities management revenue of approximately $55.0 million and $32.0 million, respectively, with growth across the majority of the region, and particular strength in the U.K. and Ireland. Valuation and other revenue increased 8% on a local currency basis. These trends were partially offset by relatively flat brokerage revenue compared to the nine months ended September 30, 2025, primarily as a result of continued geopolitical and macroeconomic uncertainty. Leasing revenue decreased 2% on a local currency basis, due to declines in the U.K. and Ireland. Capital markets revenue decreased 3% on a local currency basis, due to declines in the U.K. and Ireland, partially offset by improvements in Germany, Sweden and Spain.

Previous wording

Gross contract costs of $52.0 million increased $14.5 million or 36% on a local currency basis, reflecting higher third-party consumables and sub-contractor costs of approximately $14.0 million associated with revenue growth in Services and changes in client mix. Of the total EMEA Gross contract costs, $51.2 million and $37.1 million related to Services for the second quarter of 2026 and 2025, respectively. Cost of services provided to clients of $152.6 million increased $18.6 million or 12% on a local currency basis, primarily due to higher employment costs of approximately $11.0 million and higher non-reimbursed third-party consumables and sub-contractor costs of approximately $7.0 million. Of the total EMEA Cost of services provided to clients, $75.8 million or 50% related to Services. Additionally, Cost of services provided to clients attributable to Services increased $10.4 million from the second quarter of 2025 and $8.2 million of the increase was attributable to other service lines. Operating, administrative and other expenses of $64.1 million increased $16.5 million or 27% on a local currency basis, largely driven by an $8.0 million unfavorable impact resulting from net unrealized foreign currency gains recognized in the second quarter of 2025, as well as higher employment costs.

Current wording

Gross contract costs of $151.8 million increased $43.1 million or 35% on a local currency basis, reflecting higher third-party consumables and subcontractor costs of approximately $40.0 million associated with revenue growth in Services. Nearly all of EMEA Gross contract costs related to Services. Cost of services provided to clients of $448.2 million increased $55.3 million or 11% on a local currency basis, primarily due to higher employment costs of approximately $28.0 million and higher non-reimbursed third-party consumables and subcontractor costs of approximately $26.0 million. Of the total EMEA Cost of services provided to clients, $225.0 million or 50% related to Services. Additionally, Cost of services provided to clients attributable to Services increased $38.1 million from the nine months ended September 30, 2025 and $17.2 million of the increase was attributable to other service lines. Operating, administrative and other expenses of $189.5 million increased $26.9 million or 12% on a local currency basis, largely driven by higher employment costs and the unfavorable impact resulting from net unrealized foreign currency gains recognized in the nine months ended September 30, 2025.

Previous wording

Adjusted EBITDA of $36.8 million decreased $1.1 million or 3% compared to the first half of 2025, primarily attributable to net unrealized foreign currency gains recognized in the prior year period and declines in our EMEA Leasing and Capital markets service lines, partially offset by growth in our EMEA Services and Valuation and other service lines.

Current wording

Adjusted EBITDA of $53.7 million decreased $4.2 million or 7% compared to the nine months ended September 30, 2025, primarily attributable to net unrealized foreign currency gains recognized in the prior year period and declines in our EMEA Leasing and Capital markets service lines, partially offset by growth in our EMEA Services and Valuation and other service lines.

Previous wording

The following table summarizes the results of operations of our APAC reportable segment for the three and six months ended June 30, 2026 and 2025 (in millions):

Current wording

The following table summarizes the results of operations of our APAC reportable segment for the three and nine months ended September 30, 2026 and 2025 (in millions):

Previous wording

APAC revenue in the second quarter of 2026 was $469.7 million, an increase of $49.7 million or 12% from the second quarter of 2025. Excluding the favorable impact of foreign currency of $40.9 million, APAC revenue increased 10% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 10% on a local currency basis, primarily due to higher facilities management revenue of approximately $24.0 million, with strength in Australia and Singapore, and higher project management revenue of approximately $7.0 million. Leasing revenue increased 6% on a local currency basis, with improvements in Greater China. Capital markets revenue increased 50% on a local currency basis, with growth across the majority of the region, notably in Singapore and Greater China. Valuation and other revenue increased 7% on a local currency basis.

Current wording

APAC revenue in the third quarter of 2026 was $484.4 million, an increase of $61.7 million or 15% from the third quarter of 2025. Excluding the favorable impact of foreign currency of $2.8 million, APAC revenue increased 14% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 16% on a local currency basis, primarily due to higher facilities management revenue of approximately $40.0 million, with strength in Australia and Singapore, as well as higher project management revenue of approximately $8.0 million. Leasing revenue increased 5% on a local currency basis, with improvements in Australia and India. Capital markets revenue increased 18% on a local currency basis, with improvements throughout the region, most notably in Australia, Japan and Singapore, partially offset by declines in India. Valuation and other revenue increased 2% on a local currency basis.

Previous wording

Adjusted EBITDA of $19.6 million increased $2.4 million or 14% compared to the second quarter of 2025, primarily attributable to growth in all of our APAC service lines and the favorable impact of foreign currency, partially offset by higher employment costs.

Current wording

Adjusted EBITDA of $20.6 million increased $5.2 million or 34% compared to the third quarter of 2025, primarily attributable to growth in all of our APAC service lines, partially offset by higher occupancy costs, higher employment costs and cost inflation.

Previous wording

APAC revenue in the first half of 2026 was $906.4 million, an increase of $95.1 million or 12% from the first half of 2025. Excluding the favorable impact of foreign currency of $81.1 million, APAC revenue increased 9% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 10% on a local currency basis, primarily due to higher facilities management and project management revenue of approximately $47.0 million and $21.0 million, respectively, with strength in Australia, Singapore and India. Leasing revenue increased 7% on a local currency basis, with improvements in Greater China. Capital markets revenue increased 8% on a local currency basis, with growth across the majority of the region, partially offset by the timing of certain transactions in Japan in the first half of 2025. Valuation and other revenue increased 6% on a local currency basis.

Current wording

APAC revenue in the nine months ended September 30, 2026 was $1.4 billion, an increase of $157.2 million or 13% from the nine months ended September 30, 2025. Excluding the favorable impact of foreign currency of $23.1 million, APAC revenue increased 11% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 12% on a local currency basis, primarily due to higher facilities management and project management revenue of approximately $87.0 million and $29.0 million, respectively, with strength in Australia, Singapore and India. Leasing revenue increased 7% on a local currency basis, with improvements in Greater China and Australia. Capital markets revenue increased 11% on a local currency basis, with growth across the majority of the region, partially offset by the timing of certain transactions in Japan in the nine months ended September 30, 2025. Valuation and other revenue increased 4% on a local currency basis.

Previous wording

Gross contract costs of $192.2 million increased $16.5 million or 8% on a local currency basis, reflecting higher third-party consumables and sub-contractor costs of approximately $14.0 million associated with revenue growth in Services. Of the total APAC Gross contract costs, $191.6 million and $175.1 million related to Services for the second quarter of 2026 and 2025, respectively. Cost of services provided to clients of $209.1 million increased $33.8 million or 17% on a local currency basis, primarily due to higher employment costs of approximately $9.0 million and higher non-reimbursed third-party consumables and sub-contractor costs of approximately $15.0 million. Of the total APAC Cost of services provided to clients, $157.7 million or 75% related to Services. Additionally, Cost of services provided to clients attributable to Services increased $22.5 million from the second quarter of 2025 and $11.3 million of the increase was attributable to other service lines. Operating, administrative and other expenses of $53.4 million decreased $4.7 million or 9% on a local currency basis, largely driven by the favorable impact of foreign currency.

Current wording

Gross contract costs of $567.5 million increased $90.1 million or 17% on a local currency basis, reflecting higher third-party consumables and subcontractor costs of approximately $84.0 million associated with revenue growth in Services. Nearly all of APAC Gross contract costs related to Services. Cost of services provided to clients of $634.9 million increased $51.9 million or 6% on a local currency basis, primarily due to higher employment costs of approximately $34.0 million and higher non-reimbursed third-party consumables and subcontractor costs of approximately $14.0 million. Of the total APAC Cost of services provided to clients, $477.9 million or 75% related to Services. Additionally, Cost of services provided to clients attributable to Services increased $49.1 million from the nine months ended September 30, 2025 and $2.8 million of the increase was attributable to other service lines. Operating, administrative and other expenses of $158.8 million increased $16.9 million or 11% on a local currency basis, largely driven by higher employment costs and cost inflation.

Previous wording

Adjusted EBITDA of $25.8 million decreased $6.3 million or 20% compared to the first half of 2025, primarily attributable to lower earnings recognized from the Onewo JV of $3.2 million and higher employment costs, partially offset by growth in our APAC Capital markets service line and the favorable impact of foreign currency.

Current wording

Adjusted EBITDA of $46.4 million decreased $1.1 million or 2% compared to the nine months ended September 30, 2025, primarily attributable to lower earnings recognized from the Onewo JV of $2.6 million, higher employment costs and cost inflation, partially offset by growth in all of our APAC service lines.