\n| \n (1)<\/sup><\/p>\n<\/td>\n | \n\n \nResilient businesses include the facilities management, project management, loan servicing, valuation, property management, and recurring investment management fees.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (2)<\/sup><\/p>\n<\/td>\n | \n\n \nLocal currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (3)<\/sup><\/p>\n<\/td>\n | \n\n \nNet revenue is gross revenue less costs largely associated with subcontracted vendor work performed for clients. These costs are reimbursable by clients and generally have no margin.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (4)<\/sup><\/p>\n<\/td>\n | \n\n \nCore adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from GAAP net income and GAAP earnings per diluted share as well as adjust the provision for income taxes and impact on non-controlling interest for such charges. Adjustments during the periods presented included non-cash depreciation and amortization expense related to certain assets attributable to acquisitions and restructuring activities, certain carried interest incentive compensation (reversal) expense to align with the timing of associated revenue, the impact of fair value adjustments to real estate assets acquired in the acquisition of Telford Homes plc in 2019 (the Telford acquisition) (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, write-off of financing costs on extinguished debt, integration and other costs related to acquisitions, asset impairments, provision associated with Telford\u2019s fire safety remediation efforts, costs associated with efficiency and cost-reduction initiatives, and a 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. It also removes the fair value changes and related tax impact of certain strategic non-core non-controlling equity investments that are not directly related to our business segments (including venture capital \u201cVC\u201d related investments).<\/p>\n<\/td>\n<\/tr>\n | \n| \n (5)<\/sup><\/p>\n<\/td>\n | \n\n \nCore EBITDA represents earnings, inclusive of non-controlling interest, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, asset impairments, adjustments related to certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, integration and other costs related to acquisitions, provision associated with Telford\u2019s fire safety remediation efforts, costs associated with efficiency and cost-reduction initiatives, and a 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. It also removes the fair value changes, on a pre-tax basis, of certain strategic non-core non-controlling equity investments that are not directly related to our business segments (including venture capital \u201cVC\u201d related investments).<\/p>\n<\/td>\n<\/tr>\n | \n| \n (6)<\/sup><\/p>\n<\/td>\n | \n\n \nFree cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows). We have adjusted the definition of free cash flow to include the gain on sale of real estate assets to reflect the net impact on the company\u2019s cash flows related to real estate investment and development activities.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (7)<\/sup><\/p>\n<\/td>\n | \n\n \nSegment operating profit is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. Segment operating profit represents earnings, inclusive of non-controlling interest, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, integration and other costs related to acquisitions, provision associated with Telford\u2019s fire safety remediation efforts, costs associated with efficiency and cost-reduction initiatives, and a 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.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (8)<\/sup><\/p>\n<\/td>\n | \n\n \nSegment operating profit on revenue and net revenue margins represent segment operating profit divided by revenue and net revenue, respectively.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (9)<\/sup><\/p>\n<\/td>\n | \n\n \nRepresents line of business profitability\/losses, as adjusted.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (10)<\/sup><\/p>\n<\/td>\n | \n\n \nNet debt is calculated as total debt (excluding non-recourse debt) less cash and cash equivalents.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (11)<\/sup><\/p>\n<\/td>\n | \n\n \nCash represents cash and cash equivalents (excluding restricted cash).<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n CBRE GROUP, INC.<\/i><\/b><\/p>\n OPERATING RESULTS<\/i><\/b><\/p>\n FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2024 AND 2023<\/i><\/b><\/p>\n (in millions, except share and per share data)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n (Unaudited)<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Twelve Months Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n | | | | | | | | | | | | | | |