CBRE Group

Balance sheet and liquidity are strong. At September 30, 2025, net leverage was 1.23x TTM core EBITDA (net debt 3.8 billion dollars; cash 1.7 billion dollars; liquidity about 5.2 billion dollars).

Trailing 12‑month free cash flow totaled nearly 1.5 billion dollars, with Q3 free cash flow of 779 million dollars. 2024 delivered 1.7 billion dollars of CFO and more than 1.5 billion dollars of free cash flow, with conversion near 100 percent.

Post‑quarter, CBRE priced 750 million dollars of 4.90 percent senior notes due 2033, largely to term out CP used for the Pearce deal, preserving flexibility. The mix of low net leverage, ample revolver/CP capacity and consistent cash generation supports resilience through cycles.