Colliers International Group (CIGI) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues grew 18% year-over-year to $1.35 billion, driven by exceptional Engineering performance and robust acquisition activity across all segments, including a 60% stake in RoundShield Partners.

• Adjusted EBITDA increased 16% to $180.2 million, with adjusted EPS up 26% to $1.72, while GAAP diluted EPS dropped to $0.08 due to non-recurring items.

• The company rebranded its Investment Management division as Harrison Street Asset Management, expanded leadership, and launched a private wealth channel.

• Seven acquisitions were completed since the start of Q2 2025, including four in Engineering, two in Real Estate Services, and one in Investment Management.

• 71% of earnings over the past 12 months came from recurring revenues, and free cash flow conversion was 98% of adjusted net earnings.

Financial highlights

• Q2 2025 revenues reached $1.35 billion (+18%), net revenues $1.19 billion (+16%), and adjusted EBITDA $180.2 million (+16%).

• Adjusted EPS was $1.72 (+26%), with GAAP operating earnings at $99.2 million (-14%) and GAAP diluted EPS at $0.08 (-89%).

• Six-month revenues totaled $2.49 billion (+16%), net revenues $2.18 billion (+14%), and adjusted EBITDA $296.3 million (+12%).

• Free cash flow for the trailing twelve months was $308.4 million.

• AUM reached $103.3 billion as of June 30, 2025, and over $108 billion pro forma after the RoundShield acquisition.

Outlook and guidance

• The 2025 outlook was raised, now expecting low-teens consolidated revenue growth, mid-teens adjusted EBITDA growth, and mid to high-teens adjusted EPS growth.

• Segment guidance: Real Estate Services and Investment Management both expect high single-digit revenue growth, while Engineering is projected to grow 30-35% with margin expansion.

• Outlook assumes easing global trade uncertainty and stable interest rates in the second half of 2025.

• Fundraising target for the year remains $5 billion-$8 billion, with optimism for continued improvement.

• Expecting mid-single-digit growth in Leasing for the full year, with margin enhancement anticipated in Q3 and Q4.