Colliers International Group (CIGI) Q4 2025 earnings summary

Executive summary

• 2025 was an exceptional year with over 70% of earnings from recurring professional services and strong performance across all segments, including a 15% revenue increase and 14% net revenue growth.

• The company doubled in size over five years, achieving a CAGR above 15%, and expects similar growth in 2026.

• The acquisition of Ayesa Engineering for $700 million, expected to close in Q2 2026, will expand global reach, especially in Europe, Latin America, and the Middle East, and position the engineering segment among the top 30 globally.

• AI is viewed as a productivity and growth enabler, enhancing efficiency and margins without replacing core professional services.

• Free cash flow conversion was 105% of adjusted net earnings in 2025.

Financial highlights

• Q4 2025 revenues reached $1.61 billion, up 7% year-over-year; net revenues up 9%; Adjusted EBITDA up 9% to $245.1 million.

• Full-year 2025 revenues grew 15% to $5.56 billion; net revenues up 14% to $4.87 billion; Adjusted EBITDA up 14%.

• Adjusted EPS for Q4 was $2.34 (up 4%); full-year Adjusted EPS rose 14% to $6.58.

• Investment Management ended the year with $108.2 billion in AUM, up 9% year-over-year.

• Free cash flow for 2025 was $352.3 million.

Outlook and guidance

• 2026 guidance: mid-teens growth in revenues, net revenues, Adjusted EBITDA, and Adjusted EPS, including the impact of the Ayesa Engineering acquisition.

• Commercial Real Estate expects low teens top-line growth, with modest AEBITDA margin improvement.

• Engineering segment anticipates over 25% total top-line growth with acquisitions and margin expansion.

• Investment Management expects low teens net revenue growth, with AEBITDA margin expected to decline in H1 2026 due to integration costs.

• Fundraising target for 2026 is $6–$9 billion, with broad-based contributions from infrastructure, alternatives, and credit funds.