Colliers International Group (CIGI) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenues rose 22% year-over-year to $1.5 billion, with full-year revenue up 11% to $4.82 billion, led by Engineering and supported by recent acquisitions in Canada, the U.S., and Australia.

• Adjusted EBITDA grew 14% in Q4 and 8% for the year; Adjusted EPS increased 13% in Q4 and 7% for the year.

• GAAP diluted EPS for the year surged 128% to $3.22, reflecting improved profitability.

• Over 70% of earnings now come from recurring revenues, enhancing resilience and predictability.

• Entering 2025 with strong pipelines and plans to accelerate Investment Management integration for greater synergies.

Financial highlights

• Q4 revenues reached $1.5 billion, up 22% year-over-year; internal growth was 10%.

• Adjusted EBITDA for Q4 was $225 million, up 14% from the prior year; full-year Adjusted EBITDA margin was 13.4%.

• Real Estate Services revenue grew 13% in Q4, led by a 25% increase in Capital Markets; full-year up 8%.

• Engineering revenue grew 61% in Q4 and 25% for the year, mainly from acquisitions and high single-digit internal growth.

• Investment Management revenues rose 6% in Q4 and 5% for the year; $1.3 billion in new capital commitments raised in Q4, $3.8 billion for the full year; AUM at year-end was $98.9 billion.

Outlook and guidance

• 2025 consolidated revenue expected to grow high single-digit to low teens percent; Adjusted EBITDA and EPS to grow low teens percent.

• Real Estate Services revenues to grow mid-single digits with modest margin improvement.

• Engineering revenues expected to rise ~30%, with one-fifth from internal growth and margin expansion of ~150 basis points.

• Investment Management to launch several new fund vintages; fundraising expected to accelerate, with margins flat to modestly down in 2025 but rebounding to mid-40s percent in 2026.

• Guidance subject to macroeconomic, geopolitical, and credit market risks.