Achieved a milestone shift toward recurring revenue, with over 70% of earnings now derived from resilient professional services businesses.

Attributed Capital Markets growth to a rebound in the US market, driven by strategic recruiting and increased multi-market connectivity despite a slow broader recovery.

Positioned the Ayesa acquisition as a rare opportunity to scale the engineering segment into a top 30 global firm with new footprints in Europe, Latin America, and the Middle East.

Framed AI as a productivity enabler rather than a disruptor, focusing on automating mundane tasks to allow professionals to prioritize high-value, judgment-based advisory.

Maintained a partnership-based ownership model to ensure management alignment with shareholders while providing permanent capital for acquired firms to scale.

Noted that while leasing activity remains steady, growth is being led by specific demand in office, industrial, and data center asset classes.

Projecting mid-teens growth across all key operating metrics, supported by a healthy pipeline and ongoing contributions from recent acquisitions.

Anticipating low-teens growth in Commercial Real Estate based on a continuing recovery in transaction velocity, though volumes are expected to remain below prior peaks.

Targeting $6,000,000,000 to $9,000,000,000 in new investment management capital commitments, driven by flagship infrastructure and alternative funds.

Expecting Engineering revenue to grow over 25% in 2026, fueled by the Ayesa closing and favorable trends in energy transition and urbanization.

Forecasting a return to mid-40s net margins in Investment Management by 2027 once current integration and platform unification efforts are finalized.

Identified temporary margin pressure in Investment Management through the first half of 2026 due to strategic investments in IT systems and brand unification.

Flagged a temporary slowdown in certain project management operations in EMEA and Asia Pacific during Q4, which impacted overall engineering productivity.

Planned a pro forma leverage increase to 2.7 times following the $700,000,000 Ayesa acquisition, with a commitment to deleverage toward 2.0 times via organic cash flow.

Increased IT capital expenditure to record levels to accelerate AI integration and data-driven insights through an exclusive partnership with Google Cloud.

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Management dismissed concerns regarding fee pressure, stating that AI enhances margins by automating non-billable mundane tasks in design and valuation.

Emphasized that complex transactions require human judgment, licensure, and relationships that AI cannot replace.

CEO Jay Hennick expressed interest in buybacks but prioritized capital for a robust M&A pipeline, including the Ayesa deal and subsequent 'tuck-in' opportunities.

Reiterated a commitment to avoiding equity offerings that would dilute long-term shareholder value.

The 2026 outlook for capital markets does not rely on interest rate cuts; instead, it is predicated on pent-up supply and a necessity for market participants to transact.

The deal provides a platform for geographic roll-ups in Spain and Mexico, similar to the successful Englobe strategy in Canada.

Management highlighted cross-selling opportunities in specialized niches like desalination and water infrastructure across the global network.

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