Colliers International Group (CIGI) Q1 2025 earnings summary

Executive summary

• Q1 revenue grew 14% year-over-year to $1.14 billion, led by strong Engineering segment performance and robust acquisition activity, including Ethos Urban, Terra Consulting, and the pending Triovest deal.

• Adjusted EBITDA increased 7% to $116.0 million; Adjusted EPS rose 13% to $0.87.

• AUM surpassed $100 billion for the first time, reaching $100.3 billion at quarter-end.

• 72% of earnings over the past 12 months came from recurring service revenues, highlighting a resilient, diversified business model.

• Free cash flow for the trailing 12 months exceeded $400 million, with a 136% conversion rate.

Financial highlights

• GAAP operating earnings declined 27% to $31.6 million; GAAP diluted EPS was $(0.08) versus $0.26 last year.

• Adjusted EBITDA margin was 10.2%, down from 10.8% a year ago; GAAP operating margin fell to 2.8%.

• Free cash flow for Q1 was $(56.9) million, improved from $(128.1) million in Q1 2024.

• Net debt increased to $1,480.5 million; leverage ratio at 2.2x adjusted EBITDA.

• Cash and cash equivalents at $186.3 million; total debt at $1.67 billion.

Outlook and guidance

• 2025 outlook remains unchanged: high single-digit to low-teens consolidated revenue growth, low-teens AEBITDA and AEPS growth, assuming easing global trade uncertainty and stable interest rates.

• Engineering expected to deliver ~30% revenue growth including acquisitions; Real Estate Services and Investment Management to see mid single-digit growth.

• Real Estate Services expected to see modest AEBITDA margin improvement; Investment Management projects potential acceleration later in the year.