A defining 
year for our
business.

Our strategy is grounded in continued investment – in our service offer, our digital capability and above all our people. During the year, our global workforce grew to more than 22,000 colleagues across over 60 markets. This scale allows us to mobilise exceptional talent, quickly and effectively, supporting clients on their programmes’ needs while building a business that is resilient to market volatility.

The integration of CBRE project management has been a key focus this year. We’ve worked hard to align our ways of working, our delivery standards and our leadership across the expanded organisation. By combining programme, cost and project management expertise with CBRE, we’ve created a unified delivery culture that still values local and sector-specific knowledge. This enables us to support clients throughout the entire asset lifecycle – connecting strategy, investment, delivery and operations. 

Together, we deliver solutions that go beyond traditional project management, helping clients make smarter capital decisions, execute complex programmes with confidence and improve portfolio performance for the long term.

Our financial performance reflects the strength of the platform we have built.

In real estate, revenue exceeded £2.0bn, with strong growth across all major sectors. Urban development, sports and venues, industrial, life sciences, and data centres were particular highlights. Major programme delivery frameworks continued to perform strongly, with nearly £3tn of capital investment currently under management. Key wins included the UK’s New Hospital Programme and Barclays’ headquarters in New York, alongside the successful renewal of global portfolios with clients such as Google, Standard Chartered and Shell Real Estate.

Infrastructure continued to benefit from sustained public investment in economic and social assets. Aviation, defence, and water were strong growth drivers, supported by landmark programmes, including Heathrow Airport’s expansion, Anglian Water’s long‑term capital investment delivery, and the Clyde 2070 defence programme in the UK. We also expanded further across Asia‑Pacific, securing new airport programmes in Vietnam, Bangalore, and Perth. As a result, infrastructure revenue grew to £0.5bn.

In energy and natural resources, revenue increased by 66% to £126m, with strong momentum across the United States, Europe, Asia and the UK. Our nuclear capability now spans six continents, reinforced by our appointment as partner on Rolls‑Royce’s nuclear programme towards the end of 2025. We also strengthened our leadership position in carbon capture and storage, securing approximately £275m in contracts in the final quarter of 2025, across flagship industrial clusters in Europe. 

Behind every project and programme are the people who make delivery happen. 

We continued to invest in our people at every stage of their careers. Over 2,000 leaders completed our leadership programmes, and we recorded a strong intake of early‑career talent, with more than 500 graduates and apprentices joining the business in 2025 alone. These investments are building the capability, diversity, and leadership strength required to support sustainable growth at scale in an increasingly complex operating environment. 

Being a responsible business remains central to our ambition. During the year, we transitioned to sourcing 100% renewable energy across our operations, achieving this significantly ahead of plan. Despite continued growth, we reduced Scope 1 and 2 emissions by 87% compared with 2019. Our sustainability approach was recognised through EcoVadis, placing us in the top 8% of companies globally. 

We are equally committed to supporting the communities in which we operate. In 2025, our people delivered more than 73,000 hours of volunteering and raised £1.67m through corporate and employee initiatives, contributing to positive and lasting community impact. 

The scale and complexity of today’s programmes require new approaches to insight, control and assurance. We continued to invest significantly in technology, data and AI to improve our client solutions, alongside building the skills and culture required to use them effectively. Our team of over 500 digital consultants are already using AI solutions on client projects and portfolios, streamlining processes, creating efficiencies and freeing up time to focus on delivery.  

In 2025, we launched the Hive Portal, our digital platform for project data and smarter delivery. With live data now flowing from thousands of projects globally, clients are gaining real‑time visibility across programmes and portfolios, enabling more consistent reporting, more confident decision‑making and improved delivery outcomes. 

We are building on a strong platform. The scale we have achieved, the clients we serve and the sectors we operate in give us a position of real strength as we look ahead. What strengthens this position is the way our business now sits within the wider CBRE ecosystem, and the benefits that brings. 

Looking ahead, our priorities are clear. We will accelerate growth in key markets including the Americas, Asia and Africa, continue to deepen our expertise in sectors where long‑term investment is robust and strengthen the integration of technology, data and insight to support better outcomes for our clients. 

We also see the opportunity to capitalise on our construction management capacity as projects grow in scale and complexity, and traditional contracting models come under increasing strain.  

Our ambition is significant, but I am confident in the path ahead. We have the right people, the right partnerships and the capability to bring them together in ways that genuinely differentiate us – enabling us to deliver solutions that others simply cannot.