Colliers Reports Second Quarter Results

Rhea-AI Summary

Colliers (NASDAQ, TSX: CIGI) reported second quarter 2026 revenues of $1.57 billion, up 17% (16% in local currency), and net revenues of $1.39 billion, also up 17%. Adjusted EBITDA rose 14% to $205.3 million, while Adjusted EPS increased 6% to $1.83.

GAAP operating earnings were $98.4 million, slightly below $99.2 million a year earlier, with higher acquisition costs related to the Ayesa Engineering acquisition. GAAP diluted EPS was $0.56, versus $0.08. Trailing 12‑month free cash flow was $365.6 million, or 106% of adjusted net earnings, and about 70% of earnings came from resilient businesses.

By segment, Commercial Real Estate revenues grew 12% to $997.3 million, Engineering rose 30% to $427.8 million, and Investment Management increased 17% to $147.2 million, with AUM at $109.9 billion, up 6% year over year. Colliers reaffirmed its 2026 outlook for mid‑teens growth in revenues, Adjusted EBITDA and Adjusted EPS and reported a net debt/pro forma adjusted EBITDA ratio of 2.8x.

Positive

• Q2 2026 revenues $1.57B, up 17% YoY (16% local currency)
• Q2 Adjusted EBITDA $205.3M, up 14% YoY
• Q2 Adjusted EPS $1.83, up 6% YoY
• Commercial Real Estate revenues $997.3M, up 12%; Capital Markets and Leasing each +23%
• Engineering revenues $427.8M, up 30%; Adjusted EBITDA $52.1M, up 28%
• Investment Management AUM $109.9B, up 6% vs June 30, 2025
• Trailing 12‑month free cash flow $365.6M, 106% of adjusted net earnings
• Approximately 70% of trailing 12‑month earnings from resilient businesses
• 2026 outlook reaffirmed for mid‑teens growth in revenue, Adjusted EBITDA and Adjusted EPS

Negative

• Q2 GAAP operating earnings $98.4M vs $99.2M prior year, pressured by higher acquisition costs
• Investment Management Adjusted EBITDA $49.4M, down 1% YoY amid platform investments
• Corporate GAAP operating loss $25.5M vs $16.2M prior year
• Total debt $2.51B at June 30, 2026 vs $1.63B at December 31, 2025
• Net debt / pro forma adjusted EBITDA 2.8x vs 2.0x at December 31, 2025
• Acquisition-related items $27.4M in Q2 vs $16.1M, increasing expenses

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Double-digit revenue growth across all three platforms; 2026 outlook reaffirmed

Second quarter operating highlights: 

		Three months ended						Six months ended
		June 30						June 30
(in millions of US$, except EPS)			2026			2025			2026			2025
Revenues		$	1,572.5		$	1,347.6		$	2,886.0		$	2,488.8
Net Revenues (note 1)			1,386.3			1,185.9			2,536.4			2,179.6
Adjusted EBITDA (note 2)			205.3			180.2			330.1			296.3
Adjusted EPS (note 3)			1.83			1.72			2.74			2.59
GAAP operating earnings			98.4			99.2			133.4			130.8
GAAP diluted net earnings per share			0.56			0.08			0.09			0.00

   

TORONTO, July 30, 2026 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) (“Colliers” or the “Company”) today announced financial results for the second quarter ended June 30, 2026. All amounts are in US dollars. 
 
Second quarter consolidated revenues were $1.57 billion, up 17% (16% in local currency), net revenues were $1.39 billion, up 17% (16% in local currency) and Adjusted EBITDA (note 2) was $205.3 million, up 14% (13% in local currency) compared to the prior year quarter. Consolidated internal revenue growth measured in local currencies was 8% (note 5) versus the prior year quarter.   Adjusted EPS (note 3) was $1.83, an increase of 6% over the prior year quarter. Adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts. GAAP operating earnings were $98.4 million compared to $99.2 million in the prior year quarter, with the current period impacted by higher acquisition costs primarily related to the Ayesa Engineering acquisition. The GAAP diluted net earnings per share was $0.56, compared to $0.08 in the prior year quarter. Second quarter GAAP diluted net earnings per share would have been approximately $0.01 lower excluding foreign exchange impacts.

For the six months ended June 30, 2026, revenues were $2.89 billion, up 16% (14% in local currency), net revenues were $2.54 billion, up 16% (15% in local currency) and Adjusted EBITDA (note 2) was $330.1 million, up 11% (11% in local currency) versus the prior year. Consolidated internal revenue growth measured in local currency (note 5) was 8% versus the prior year. Adjusted EPS (note 3) was $2.74, up 6% from $2.59 in the prior year period. Adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts. The GAAP operating earnings were $133.4 million compared to $130.8 million in the prior year. The GAAP diluted net earnings per share was $0.09 compared with nil in the prior year period. The GAAP diluted net earnings per share would have been approximately $0.01 lower excluding foreign exchange impacts. 

On a trailing twelve-month basis, the Company generated approximately 70% of its earnings from resilient businesses (note 8). For the trailing twelve-month period, free cash flow (note 4) was $365.6 million, representing 106% of adjusted net earnings, reflecting the Company’s asset-light business model and strong cash generation profile. 
 
“Colliers delivered another strong quarter, with double-digit revenue growth across all three platforms, healthy internal growth and continued improvement in earnings quality,” said Jay S. Hennick, Global Chairman & CEO. “Our results increasingly reflect the strength of our broader, more diversified professional-services platform with greater durability and multiple avenues for growth.”

“Engineering continues to demonstrate why it has become such an important differentiator for Colliers. The acquisition of Ayesa late in the quarter expanded our global capabilities and deepened our expertise across infrastructure, transportation, water, property and buildings. Engineering provides recurring and long-dated revenue growth, strong visibility and attractive secular tailwinds that complement both our commercial real estate and investment management businesses, creating new ways to serve clients across the full asset lifecycle.”

“Investment Management also continues to add strength and differentiation to Colliers. Harrison Street has evolved into a diversified global asset management platform spanning real estate, credit, infrastructure and private wealth, reflecting deliberate investments and strategic choices that are expanding opportunities for investors and creating greater long-term value for shareholders.“
 
“Overall, our second quarter results reinforce our confidence in the future. We are benefiting from improving commercial real estate markets, strong secular growth in Engineering, continued expansion of Investment Management and the advantages of a diversified business model that differentiates Colliers from others,” Mr. Hennick concluded.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a global diversified professional services and investment management company operating through three industry leading businesses: Commercial Real Estate, Engineering, and Investment Management. With greater than a 30-year track record of consistent growth and strong recurring cash flows, we scale complementary, high-value businesses that provide essential services across the full asset lifecycle.

Our unique partnership philosophy empowers exceptional leaders, preserves our entrepreneurial culture, and ensures meaningful inside ownership — driving strong alignment and sustained value creation for our shareholders.

With $6 billion in annual revenues, 28,000 professionals, and $110 billion in assets under management, Colliers is committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com.

Segmented Second Quarter Results
Commercial Real Estate revenues for the second quarter totalled $997.3 million, up 12% (up 11% in local currency) versus the prior year quarter. Net revenues were $891.4 million, up 13% (up 12% in local currency). Capital Markets revenues were up 23% with strong growth across all geographies, led by the Americas and Asia Pacific. Leasing also generated strong growth across all geographies, up 23% led by the US on continued momentum in the industrial and office asset classes. Adjusted EBITDA was $105.9 million, up 14% (13% in local currency) versus the prior year quarter. The net margin increased modestly on operating leverage from higher transactional revenues. The GAAP operating earnings were $83.0 million, relative to $71.9 million in the prior year quarter.

Engineering revenues totalled $427.8 million, up 30% (30% in local currency) compared to the prior year quarter. Net revenues (excluding subconsultant and other pass-through costs) were $359.4 million, up 28% (27% in local currency) driven by a combination of recent acquisitions and solid internal growth. Adjusted EBITDA was $52.1 million, up 28% (27% in local currency) over the prior year quarter, with the net margin up slightly. The GAAP operating earnings were $20.7 million relative to $14.1 million in the prior year quarter.

Investment Management revenues were $147.2 million, up 17% (17% in local currency) relative to the prior year quarter. Net revenues (excluding pass-through performance fees) were $135.3 million, up 15% (15% in local currency) driven by internal growth and the favourable impact of a recent acquisition. Adjusted EBITDA was $49.4 million, down 1% (1% in local currency) compared to the prior year quarter, reflecting continued investments in strengthening the global platform under the Harrison Street Asset Management brand, improving the ability to raise capital, serve investors and capitalize on opportunities across real assets, infrastructure and credit strategies. These investments are expected to continue in the second half of the year. GAAP operating earnings were $20.2 million in the quarter versus $29.3 million in the prior year quarter. Total assets under management were $109.9 billion as of June 30, 2026, up 6% from June 30, 2025.

Unallocated global corporate costs as reported in Adjusted EBITDA were $2.1 million, relative to a cost of $3.1 million in the prior year quarter. The corporate GAAP operating loss was $25.5 million compared to $16.2 million in the prior year quarter.

2026 Outlook
The Company reaffirmed its outlook for 2026, which includes the impact of Ayesa. On a consolidated basis, the Company expects to generate mid-teens percentage growth in each of revenues, Adjusted EBITDA and Adjusted EPS for the full year. The outlook drivers by segment are also reaffirmed and are described in the accompanying earnings call presentation.

The financial outlook is based on the Company’s best available information as of the date of this press release, and remains subject to change based on numerous macroeconomic, geopolitical, international trade, health, social and related factors. The outlook does not include any further acquisitions.

Conference Call
Colliers will be holding a conference call on Thursday, July 30, 2026 at 11:00 a.m. Eastern Time to discuss the quarter’s results. The call will be simultaneously web cast and can be accessed live or after the call at corporate.colliers.com in the Events section.

Forward-looking Statements
This press release includes or may include forward-looking statements. Forward-looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and consumer spending, particularly in regions where the business may be concentrated; commercial real estate and real asset values, vacancy rates and general conditions of financial liquidity for real estate transactions; trends in pricing and risk assumption for commercial real estate services; the effect of significant movements in capitalization rates across different asset types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect revenues and operating performance; competition in the markets served by the Company; the utilization of artificial intelligence (AI) and machine learning technologies, including associated impacts on the Company’s services, competitive environment, ability to hire/retain specialized talent, cybersecurity, and legal and governance risks; the ability to attract new clients and to retain clients and renew related contracts; the ability to attract new capital commitments to Investment Management funds and retain existing capital under management; the ability to retain and incentivize employees; increases in wage and benefit costs; the effects of changes in interest rates on the cost of borrowing; unexpected increases in operating costs, such as insurance, workers’ compensation and health care; changes in the frequency or severity of insurance incidents relative to historical experience; the effects of changes in foreign exchange rates in relation to the US dollar on the Company’s Canadian dollar, Euro, Australian dollar and UK pound sterling denominated revenues and expenses; the impact of pandemics on client demand for the Company’s services, the ability of the Company to deliver its services and the health and productivity of its employees; the impact of global climate change; the impact of political events including elections, referenda, trade policy changes, immigration policy changes, hostilities, war and terrorism on the Company’s operations; the ability to identify and make acquisitions at reasonable prices and successfully integrate acquired operations; the ability to execute on, and adapt to, information technology strategies and trends; the ability to comply with laws and regulations, including real estate investment management and mortgage banking licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions; and changes in government laws and policies at the federal, state/provincial or local level that may adversely impact the business.

Additional information and risk factors identified in the Company’s other periodic filings with Canadian and US securities regulators are adopted herein and a copy of which can be obtained at www.sedarplus.ca. Forward looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Summary unaudited financial information is provided in this press release. This press release should be read in conjunction with the Company's consolidated financial statements and MD&A to be made available on SEDAR+ at www.sedarplus.ca.

This press release does not constitute an offer to sell or a solicitation of an offer to purchase an interest in any fund.

Note: The Company rounds numbers in the tables below to thousands of US dollars, except per share amounts. Accordingly, some totals may not sum exactly to the corresponding amounts.

Colliers International Group Inc.
Condensed Consolidated Statements of Earnings
(in thousands of US$, except per share amounts)
					Three months								Six months
					ended June 30								ended June 30
(unaudited)					2026				2025				2026				2025
Revenues				$	1,572,499			$	1,347,649			$	2,885,971			$	2,488,819
Cost of revenues					937,394				798,064				1,726,929				1,486,554
Selling, general and administrative expenses					436,752				372,657				841,800				720,950
Depreciation					20,964				18,703				41,265				37,350
Amortization of intangible assets					50,760				42,983				98,459				87,738
Acquisition-related items (1)					27,387				16,059				42,740				25,440
Loss on disposal of operations					800				-				1,331				-
Operating earnings					98,442				99,183				133,447				130,787
Interest expense, net					26,417				15,515				49,285				38,063
Equity earnings from non-consolidated investments					(4,164	)			(3,318	)			(11,435	)			(7,052	)
Other (income) expense					135				(2,229	)			503				(3,069	)
Earnings before income tax					76,054				89,215				95,094				102,845
Income tax					26,838				25,244				35,099				29,956
Net earnings					49,216				63,971				59,995				72,889
Non-controlling interest share of earnings					16,094				16,238				20,385				21,967
Non-controlling interest redemption increment					4,613				43,724				35,131				51,172
Net earnings (loss) attributable to Company				$	28,509			$	4,009			$	4,479			$	(250	)
Net earnings (loss) per common share
	Basic			$	0.56			$	0.08			$	0.09			$	0.00
	Diluted			$	0.56			$	0.08			$	0.09			$	0.00
Adjusted EPS (2)				$	1.83			$	1.72			$	2.74			$	2.59
Weighted average common shares (thousands)
		Basic			51,104				50,667				51,104				50,641
		Diluted			51,158				50,891				51,232				50,641

Notes to Condensed Consolidated Statements of Earnings
(1)   Acquisition-related items include contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs.
(2)   See definition and reconciliation below.

Colliers International Group Inc.
Condensed Consolidated Balance Sheets
(in thousands of US$)
			June 30,			December 31,			June 30,
(unaudited)			2026			2025			2025
Assets
Cash and cash equivalents			$	265,191		$	207,902		$	183,343
Restricted cash (1)				53,751			48,981			51,054
Accounts receivable and contract assets				1,128,633			990,329			936,872
Mortgage warehouse receivables (2)				189,341			140,095			104,588
Prepaids and other assets				411,184			378,453			369,005
Warehouse fund assets				62,817			56,050			81,057
	Current assets			2,110,917			1,821,810			1,725,919
Other non-current assets				282,550			249,040			232,551
Warehouse fund assets				97,908			73,785			186,602
Fixed assets				267,414			251,462			239,044
Operating lease right-of-use assets				528,502			443,404			408,419
Deferred tax assets, net				97,206			93,857			94,792
Goodwill and intangible assets				4,565,663			3,855,109			3,573,278
	Total assets		$	7,950,160		$	6,788,467		$	6,460,605
Liabilities and shareholders' equity
Accounts payable and accrued liabilities			$	1,270,050		$	1,267,118		$	1,075,674
Other current liabilities				133,790			112,963			97,287
Long-term debt - current				19,162			8,119			16,841
Mortgage warehouse credit facilities (2)				181,126			133,259			97,103
Operating lease liabilities - current				102,930			99,696			98,651
Liabilities related to warehouse fund assets				62,290			33,679			84,478
	Current liabilities			1,769,348			1,654,834			1,470,034
Long-term debt - non-current				2,486,537			1,625,392			1,723,433
Operating lease liabilities - non-current				522,202			419,198			385,860
Other liabilities				104,046			129,776			143,627
Deferred tax liabilities, net				159,299			90,996			78,937
Liabilities related to warehouse fund assets				52,515			48,782			114,934
Redeemable non-controlling interests				1,311,530			1,285,046			1,157,773
Shareholders' equity				1,544,683			1,534,443			1,386,007
	Total liabilities and equity		$	7,950,160		$	6,788,467		$	6,460,605
Supplemental balance sheet information
Total debt (3)			$	2,505,699		$	1,633,511		$	1,740,274
Total debt, net of cash and cash equivalents (3)				2,240,508			1,425,609			1,556,931
Net debt / pro forma adjusted EBITDA ratio (4)				2.8			2.0			2.3

Notes to Condensed Consolidated Balance Sheets
(1)  Restricted cash consists primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business.
(2)  Mortgage warehouse receivables represent mortgage loans receivable, the majority of which are offset by borrowings under mortgage warehouse credit facilities which fund loans that financial institutions have committed to purchase.
(3)   Excluding mortgage warehouse credit facilities.
(4)   Net debt for financial leverage ratio excludes restricted cash and mortgage warehouse credit facilities, in accordance with debt agreements.
  

Colliers International Group Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands of US$)
				Three months ended								Six months ended
				June 30								June 30
(unaudited)				2026				2025				2026				2025
Cash provided by (used in)
Operating activities
Net earnings			$	49,216			$	63,971			$	59,995			$	72,889
Items not affecting cash:
	Depreciation and amortization			71,724				61,686				139,724				125,088
	Gains attributable to mortgage servicing rights			(13,873	)			(10,455	)			(25,189	)			(14,494	)
	Gains attributable to the fair value of loan
	premiums and origination fees			(8,405	)			(6,676	)			(19,195	)			(11,245	)
	Deferred income tax			(4,813	)			(5,366	)			(10,385	)			(14,550	)
	Other			36,833				17,744				70,306				37,093
				130,682				120,904				215,256				194,781
Increase in accounts receivable, prepaid
	expenses and other assets			(137,427	)			(139,954	)			(213,936	)			(109,680	)
Increase (decrease) in accounts payable, accrued
	expenses and other liabilities			85,813				11,456				81,162				(26,936	)
Increase (decrease) in accrued compensation				34,012				51,518				(186,841	)			(100,959	)
Contingent acquisition consideration paid				(6,257	)			(5,680	)			(9,227	)			(7,948	)
Mortgage origination activities, net				10,460				7,980				17,756				11,465
Sales to (purchases of) AR Facility, net				22,378				(1,661	)			48,065				(636	)
Net cash provided by (used in) operating activities				139,661				44,563				(47,765	)			(39,913	)
Investing activities
Acquisition of businesses, net of cash acquired				(725,065	)			(50,218	)			(770,107	)			(59,703	)
Purchases of fixed assets				(31,306	)			(16,428	)			(49,602	)			(31,082	)
Purchases of warehouse fund assets				(19,000	)			(110,921	)			(31,475	)			(121,734	)
Proceeds from disposal of warehouse fund assets				-				62,914				-				62,914
Cash collections on AR Facility deferred purchase price				66,927				35,556				118,242				83,977
Other investing activities				(13,963	)			(22,469	)			(42,355	)			(45,764	)
Net cash used in investing activities				(722,407	)			(101,566	)			(775,297	)			(111,392	)
Financing activities
Increase in long-term debt, net				675,817				118,878				940,532				260,786
Sales (purchases) of non-controlling interests, net				10,283				(11,916	)			(10,103	)			(17,219	)
Dividends paid to common shareholders				-				-				(7,665	)			(7,592	)
Distributions paid to non-controlling interests				(30,282	)			(37,015	)			(41,404	)			(45,473	)
Other financing activities				(4,157	)			(6,263	)			(7,959	)			(7,440	)
Net cash provided by financing activities				651,661				63,684				873,401				183,062
Effect of exchange rate changes on cash,
	cash equivalents and restricted cash			1,432				(13,545	)			11,720				(15,341	)
Net change in cash and cash
	equivalents and restricted cash			70,347				(6,864	)			62,059				16,416
Cash and cash equivalents and
	restricted cash, beginning of period			248,595				241,261				256,883				217,981
Cash and cash equivalents and
	restricted cash, end of period		$	318,942			$	234,397			$	318,942			$	234,397

 

Colliers International Group Inc.
Segmented Results
(in thousands of US dollars)
		Commercial						Investment
(unaudited)		Real Estate			Engineering			Management			Corporate				Total
Three months ended June 30
2026
	Revenues	$	997,343		$	427,805		$	147,176		$	175			$	1,572,499
	Net Revenues		891,402			359,444			135,325			175				1,386,346
	Adjusted EBITDA		105,934			52,141			49,368			(2,105	)			205,338
	Operating earnings (loss)		83,016			20,719			20,227			(25,520	)			98,442
2025(1)
	Revenues	$	893,177		$	328,189		$	126,134		$	149			$	1,347,649
	Net Revenues		786,233			281,828			117,734			149				1,185,944
	Adjusted EBITDA		92,730			40,604			49,989			(3,114	)			180,209
	Operating earnings (loss)		71,929			14,128			29,287			(16,161	)			99,183
		Commercial						Investment
		Real Estate			Engineering			Management			Corporate				Total
Six months ended June 30
2026
	Revenues	$	1,838,514		$	764,652		$	282,442		$	363			$	2,885,971
	Net Revenues		1,627,658			643,786			264,591			363				2,536,398
	Adjusted EBITDA		152,115			79,031			99,918			(924	)			330,140
	Operating earnings (loss)		99,465			23,180			35,626			(24,824	)			133,447
2025(1)
	Revenues	$	1,634,153		$	602,059		$	252,336		$	271			$	2,488,819
	Net Revenues		1,420,220			522,246			236,891			271				2,179,628
	Adjusted EBITDA		131,717			64,720			105,085			(5,269	)			296,253
	Operating earnings (loss)		85,777			10,832			62,194			(28,016	)			130,787
	(1) Prior year results have been recast effective Q1 2026 to reflect local project management operations now being reported under the Commercial Real Estate segment, having previously been reported under the Engineering segment.

Non-GAAP Measures
1. Reconciliation of revenues to net revenues

Net revenues are defined as revenues excluding subconsultant and other reimbursable direct costs in Commercial Real Estate and Engineering segments as well as historical pass-through performance fees in Investment Management segment to better reflect the operating performance of the business.

		Commercial								Investment
		Real Estate				Engineering				Management				Corporate			Total
Three months ended June 30
2026
	Revenues	$	997,343			$	427,805			$	147,176			$	175		$	1,572,499
	Subconsultant and other direct costs		(105,941	)			(68,361	)			-				-			(174,302	)
	Historical pass-through performance fees		-				-				(11,851	)			-			(11,851	)
	Net Revenues	$	891,402			$	359,444			$	135,325			$	175		$	1,386,346
2025
	Revenues	$	893,177			$	328,189			$	126,134			$	149		$	1,347,649
	Subconsultant and other direct costs		(106,944	)			(46,361	)			-				-			(153,305	)
	Historical pass-through performance fees		-				-				(8,400	)			-			(8,400	)
	Net Revenues	$	786,233			$	281,828			$	117,734			$	149		$	1,185,944
		Commercial								Investment
		Real Estate				Engineering				Management				Corporate			Total
Six months ended June 30
2026
	Revenues	$	1,838,514			$	764,652			$	282,442			$	363		$	2,885,971
	Subconsultant and other direct costs		(210,856	)			(120,866	)			-				-			(331,722	)
	Historical pass-through performance fees		-				-				(17,851	)			-			(17,851	)
	Net Revenues	$	1,627,658			$	643,786			$	264,591			$	363		$	2,536,398
2025
	Revenues	$	1,634,153			$	602,059			$	252,336			$	271		$	2,488,819
	Subconsultant and other direct costs		(213,933	)			(79,813	)			-				-			(293,746	)
	Historical pass-through performance fees		-				-				(15,445	)			-			(15,445	)
	Net Revenues	$	1,420,220			$	522,246			$	236,891			$	271		$	2,179,628

2. Reconciliation of net earnings to Adjusted EBITDA

Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other income; (iii) interest expense; (iv) loss on disposal of operations; (v) depreciation and amortization, including amortization of mortgage servicing rights (“MSRs”); (vi) gains attributable to MSRs; (vii) acquisition-related items (including contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs); (viii) restructuring, optimization and integration costs and (ix) stock-based compensation expense, including related to the CEO’s performance-based long-term incentive plan (“LTIP”). We use Adjusted EBITDA to evaluate our own operating performance and our ability to service debt, as well as an integral part of our planning and reporting systems. Additionally, we use this measure in conjunction with discounted cash flow models to determine the Company’s overall enterprise valuation and to evaluate acquisition targets. We present Adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance because of the low capital intensity of the Company’s service operations. We believe this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance of the consolidated Company under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating Adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to Adjusted EBITDA appears below.

		Three months ended								Six months ended
		June 30								June 30
(in thousands of US$)		2026				2025				2026				2025
Net earnings		$	49,216			$	63,971			$	59,995			$	72,889
Income tax			26,838				25,244				35,099				29,956
Other income, including equity earnings from non-consolidated investments			(4,029	)			(5,547	)			(10,932	)			(10,121	)
Interest expense, net			26,417				15,515				49,285				38,063
Operating earnings			98,442				99,183				133,447				130,787
Loss on disposal of operations			800				-				1,331				-
Depreciation and amortization			71,724				61,686				139,724				125,088
Gains attributable to MSRs			(13,873	)			(10,455	)			(25,189	)			(14,494	)
Equity earnings from non-consolidated investments			4,164				3,318				11,435				7,052
Acquisition-related items			27,387				16,059				42,740				25,440
Restructuring, optimization and integration costs			7,356				1,265				16,139				6,575
Stock-based compensation expense			9,338				9,153				10,513				15,805
Adjusted EBITDA		$	205,338			$	180,209			$	330,140			$	296,253

3. Reconciliation of net earnings and diluted net earnings per common share to adjusted net earnings and Adjusted EPS

Adjusted EPS is defined as diluted net earnings per share adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) loss on disposal of operations; (iii) amortization expense related to intangible assets recognized in connection with acquisitions and MSRs; (iv) gains attributable to MSRs; (v) acquisition-related items; (vi) restructuring, optimization and integration costs and (vii) stock-based compensation expense, including related to the CEO’s LTIP. We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share from operations, as determined in accordance with GAAP. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings per share to Adjusted EPS appears below.

		Three months ended								Six months ended
		June 30								June 30
(in thousands of US$)		2026				2025				2026				2025
Net earnings		$	49,216			$	63,971			$	59,995			$	72,889
Non-controlling interest share of earnings			(16,094	)			(16,238	)			(20,385	)			(21,967	)
Loss on disposal of operations			800				-				1,331				-
Amortization of intangible assets			50,760				42,983				98,459				87,738
Gains attributable to MSRs			(13,873	)			(10,455	)			(25,189	)			(14,494	)
Acquisition-related items			27,387				16,059				42,740				25,440
Restructuring, optimization and integration costs			7,356				1,265				16,139				6,575
Stock-based compensation expense			9,338				9,153				10,513				15,805
Income tax on adjustments			(12,941	)			(12,210	)			(25,496	)			(25,692	)
Non-controlling interest on adjustments			(8,336	)			(7,008	)			(17,587	)			(14,634	)
Adjusted net earnings		$	93,613			$	87,520			$	140,520			$	131,660

		Three months ended								Six months ended
		June 30								June 30
(in US$)		2026				2025				2026				2025
Diluted net earnings per common share		$	0.56			$	0.08			$	0.09			$	-
Non-controlling interest redemption increment			0.09				0.86				0.69				1.01
Loss on disposal of operations, net of tax			0.02				-				0.02				-
Amortization expense, net of tax			0.61				0.53				1.17				1.09
Gains attributable to MSRs, net of tax			(0.16	)			(0.12	)			(0.28	)			(0.16	)
Acquisition-related items, net of tax			0.43				0.21				0.61				0.32
Restructuring, optimization and integration costs, net of tax			0.12				0.02				0.24				0.09
Stock-based compensation expense, net of tax			0.16				0.14				0.20				0.24
Adjusted EPS		$	1.83			$	1.72			$	2.74			$	2.59
Diluted weighted average shares for Adjusted EPS (thousands)			51,158				50,891				51,232				50,900

4. Reconciliation of net cash flow from operations to free cash flow

Free cash flow is defined as net cash flow from operating activities plus contingent acquisition consideration paid, less purchases of fixed assets, plus cash collections on AR Facility deferred purchase price less distributions to non-controlling interests. We use free cash flow as a measure to evaluate and monitor operating performance as well as our ability to service debt, fund acquisitions and pay dividends to shareholders. We present free cash flow as a supplemental measure because we believe this measure is a financial metric used by many investors to compare valuation and liquidity measures across companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating free cash flow may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net cash flow from operating activities to free cash flow appears below.

		Three months ended								Six months ended
		June 30								June 30
(in thousands of US$)		2026				2025				2026				2025
Net cash provided by (used in) operating activities		$	139,661			$	44,563			$	(47,765	)		$	(39,913	)
Contingent acquisition consideration paid			6,257				5,680				9,227				7,948
Purchases of fixed assets			(31,306	)			(16,428	)			(49,602	)			(31,082	)
Cash collections on AR Facility deferred purchase price			66,927				35,556				118,242				83,977
Distributions paid to non-controlling interests			(30,282	)			(37,015	)			(41,404	)			(45,473	)
Free cash flow		$	151,257			$	32,356			$	(11,302	)		$	(24,543	)

 

								Trailing twelve months ended
(in thousands of US$)								June 30, 2026
2025 Annual free cash flow											$	352,326
Add: Free cash flow for six months ended June 30, 2026												(11,302	)
Less: Free cash flow for six months ended June 30, 2025												24,543
Trailing twelve months ended June 30, 2026 free cash flow											$	365,567

5. Local currency revenue and Adjusted EBITDA growth rate and internal revenue growth rate measures

Percentage revenue and Adjusted EBITDA variances presented on a local currency basis are calculated by translating the current period results of our non-US dollar denominated operations to US dollars using the foreign currency exchange rates from the periods against which the current period results are being compared. Internal growth, presented as percentage revenue variance, is calculated assuming no impact from acquired entities in the current and prior periods. Revenue from acquired entities, including any foreign exchange impacts, are treated as acquisition growth until the respective anniversaries of the acquisitions. We believe that these revenue growth rate methodologies provide a framework for assessing the Company’s performance and operations excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers.

6. Assets under management

We use the term assets under management (“AUM”) as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the projected gross cost of development assets of the funds, partnerships and accounts to which we provide management and advisory services, including capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our definition of AUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers.

7. Fee paying assets under management

We use the term fee paying assets under management (“FPAUM”) to represent only the AUM on which the Company is entitled to receive management fees. We believe this measure is useful in providing additional insight into the capital base upon which the Company earns management fees. Our definition of FPAUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers.

8. Adjusted EBITDA from resilient revenue percentage

Adjusted EBITDA from resilient revenue percentage is computed on a trailing twelve-month basis and represents the proportion of Adjusted EBITDA (note 2) that is derived from Engineering, Outsourcing and Investment Management service lines. All these service lines represent medium to long-term duration revenue streams that are either contractual or repeatable in nature. Adjusted EBITDA for this purpose is calculated in the same manner as for our debt agreement covenant calculation purposes, incorporating the expected full year impact of business acquisitions and dispositions.

COMPANY CONTACTS:
Jay S. Hennick
Global Chairman & Chief Executive Officer

Christian Mayer
Chief Financial Officer &
Chief Executive Officer,
Commercial Real Estate
(416) 960-9500

FAQ

How did Colliers (CIGI) perform financially in Q2 2026?

Colliers reported higher revenues and earnings in Q2 2026, with strong growth across platforms. According to Colliers, revenue rose 17% to $1.57 billion, Adjusted EBITDA increased 14% to $205.3 million, and Adjusted EPS grew 6% to $1.83 year over year.

What were Colliers (CIGI) segment results for Q2 2026?

Colliers reported double-digit growth in all three segments in Q2 2026. According to Colliers, Commercial Real Estate revenue reached $997.3 million, Engineering $427.8 million, and Investment Management $147.2 million, representing year‑over‑year increases of 12%, 30%, and 17%, respectively.

How much free cash flow did Colliers (CIGI) generate over the last 12 months?

Colliers generated strong free cash flow over the trailing 12 months. According to Colliers, free cash flow was $365.6 million, representing 106% of adjusted net earnings, reflecting its asset‑light business model and supporting continued investment, acquisitions and balance sheet flexibility.

What is Colliers (CIGI) outlook for full-year 2026 after Q2 results?

Colliers reaffirmed its 2026 financial outlook following Q2 2026. According to Colliers, it continues to expect mid‑teens percentage growth in consolidated revenues, Adjusted EBITDA and Adjusted EPS for the full year 2026, including the impact of the Ayesa Engineering acquisition.

How did Colliers (CIGI) Engineering business perform and what is the impact of Ayesa?

Colliers’ Engineering platform delivered strong growth in Q2 2026. According to Colliers, Engineering revenues rose 30% to $427.8 million and Adjusted EBITDA increased 28% to $52.1 million, driven by recent acquisitions, including Ayesa, and solid internal revenue growth.

What were Colliers (CIGI) Q2 2026 GAAP earnings compared to adjusted earnings?

Colliers’ GAAP earnings remained modest relative to adjusted metrics in Q2 2026. According to Colliers, GAAP operating earnings were $98.4 million and diluted EPS was $0.56, while Adjusted EBITDA was $205.3 million and Adjusted EPS reached $1.83 for the quarter.

What is Colliers (CIGI) leverage and debt position as of June 30, 2026?

Colliers reported higher leverage alongside growth investments by mid‑2026. According to Colliers, total debt was $2.51 billion and net debt was $2.24 billion at June 30, 2026, with a net debt to pro forma adjusted EBITDA ratio of 2.8 times.