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Achieved 9% revenue growth driven by broad-based strength across service lines, particularly in high-growth asset classes like logistics, life sciences, and AI-related sectors.

Leasing performance reached record first-quarter levels with 17% growth, supported by a flight to quality in office space and accelerating demand for modern industrial facilities.

Capital Markets delivered its sixth consecutive quarter of double-digit growth, reflecting compounding returns from recent talent investments and increased connectivity within the institutional franchise.

AI is acting as a structural tailwind, fueling data center advisory mandates and supporting leasing activity as occupiers seek power-intensive, modern logistics facilities.

Services growth of 7% was supported by client consolidation toward integrated, multi-service providers capable of managing complex, technical workstreams at scale.

Management attributes the 15% adjusted EBITDA growth to building operating leverage and a deliberate strategy focused on diversified, profitable growth.

Reaffirmed full-year 2026 guidance of 15% to 20% adjusted EPS growth, supported by strong pipelines and consistent momentum entering the second quarter.

Maintained three-year targets including a net debt leverage goal of 2x by 2028 and a 6% to 8% annual revenue growth target, which has been transitioned from fee revenue to a GAAP revenue basis.

Expects to achieve approximately 150 basis points of margin expansion over a three-year period through a mix of transactional growth and back-office efficiencies.

Anticipates AI will drive a net increase of 330 million square feet of additional space demand over the next decade, particularly in tech-centric office and modern industrial markets.

Guidance assumes continued recovery in transaction values as industrial leases roll over into a market with significantly higher dollar volumes than pre-pandemic levels.

Announced the redemption of $100 million in 2028 notes, part of a broader strategy to transform the balance sheet and reduce leverage.

Implemented reporting changes effective January 1, moving to GAAP revenue inclusive of gross contract costs to better align with industry peers.

APAC profitability was impacted by a $3.5 million one-time provision for credit losses related to the OneWow joint venture in China and tough year-over-year comparisons in Japan.

U.S. industrial construction is down 60% from 2022 peaks, a supply dynamic management expects will cause vacancy to drift lower and support future rent growth.

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Management noted significant success in landing recruits in industrial leasing and building out the Capital Markets platform, particularly in key markets like Boston.

The industrial market is now 80% larger by dollar volume than pre-pandemic, meaning talent investments are capturing share in a significantly more valuable transaction environment.

EMEA has seen five consecutive quarters of margin expansion, which management attributes in part to structural restructuring within its Services businesses and particular strength in Project Management.

The growth is considered sustainable as clients increasingly outsource large enterprise mandates to global providers.

The company has aligned its top 50 leaders under a new compensation structure that includes specific KPIs for cross-selling activities.

Management is tracking these KPIs closely to ensure the strategy translates into measurable revenue synergy across service lines.

Cushman & Wakefield is executing data center mandates globally, including 50 technical advisory projects in APAC and preconstruction advisory in the Nordics.

The work involves high-value technical services such as project controls, due diligence, and power requirement consulting for blue-chip tech firms.

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