Colliers International Group (CIGI) investor relations material

Executive summary

• Q3 revenue and Adjusted EBITDA grew across all three segments; Engineering led growth, supported by acquisitions and internal growth.

• Repeat and recurring services generate ~70% of earnings, supporting resilience; the more cautious outlook reflects macro uncertainty and rate volatility.

Financial highlights

• Q3 revenue rose 12% to $1,637.6M; net revenue increased 13% to $1,428.5M and Adjusted EBITDA grew 14% to $218.8M.

• Q3 Adjusted EPS increased 20% to $1.97; GAAP diluted EPS was $0.14 versus $0.82, and GAAP operating earnings fell 4% to $100.8M.

• Nine-month revenue rose 14% to $4,523.6M, net revenue 15% to $3,964.9M and Adjusted EBITDA 13% to $548.9M; Adjusted EPS increased 11% to $4.71.

• Q3 net earnings were $51.2M versus $65.1M; nine-month net earnings were $111.1M versus $138.0M.

• TTM free cash flow was $427.6M, equal to 118% of adjusted net earnings.

Outlook and guidance

• FY26 consolidated revenue, net revenue, Adjusted EBITDA and Adjusted EPS growth expectations were revised from mid-teens to low teens; outlook excludes further acquisitions.

• CRE revenue outlook shifted from low-teens to high-single-digit growth; margin expectations were unchanged.

• Engineering revenue and net revenue growth outlook increased from 25%+ to 30%+; margin expectations were unchanged.

• Investment Management outlook shifted to high-single-digit net revenue growth amid delayed deployment of new capital; margin expectations were unchanged.

• FY26 fundraising is expected within $6B–$9B; $5.3B had been raised through October, with some fee revenue deferred into early 2027 as capital is deployed.