Colliers cuts 2026 growth outlook to low teens
The full-year 2026 growth outlook now calls for low-teens growth, replacing the prior mid-teens outlook amid geopolitical and interest-rate uncertainty.
Sentiment and the balance of points
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Rhea-AI Filing Summary
Colliers International Group Inc. reported third-quarter 2026 revenue of $1.64 billion, up 12% year over year; net revenues were $1.43 billion, up 13%, and Adjusted EBITDA was $218.8 million, up 14%. Adjusted EPS increased 20% to $1.97, while GAAP diluted net earnings per share was $0.14 versus $0.82 a year earlier.
Engineering revenue grew 33% to $497.6 million and Adjusted EBITDA grew 39% to $71.9 million. Commercial Real Estate revenue rose 5% to $994.8 million; Investment Management Adjusted EBITDA declined 3% to $51.7 million. Colliers said transactions slowed late in the quarter as interest-rate volatility increased.
The company revised its 2026 outlook from mid-teens to low-teens growth for revenue, Adjusted EBITDA and Adjusted EPS, citing geopolitical uncertainty and interest-rate volatility. Nine-month revenue increased 14% to $4.52 billion, and trailing-twelve-month free cash flow was $427.6 million, equal to 118% of adjusted net earnings.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQ3 revenue rose 12% to $1.64 billion.
- Moderate pointQ3 Adjusted EBITDA rose 14% to $218.8 million.
- Moderate pointQ3 Adjusted EPS increased 20% to $1.97.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.2026 growth outlook shifted from mid-teens to low-teens.
- Moderate pointGAAP diluted EPS was $0.14, down from $0.82.
Filing Explained
This November 4 Form 6-K reports third-quarter results and shows that at
Key Figures
Key Terms
Adjusted EBITDA financial
Adjusted EPS financial
Net revenues financial
Assets under management financial
Free cash flow financial
FAQ
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What were CIGI's Q3 2026 revenue and earnings?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 001-36898
COLLIERS INTERNATIONAL GROUP INC.
(Translation of registrant's name into English)
1140 Bay Street, Suite 4000
Toronto, Ontario, Canada
M5S 2B4
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [ X ]
Exhibit 99.1 of this Form 6-K shall be incorporated by reference as an exhibit to the registrant’s registration statement on Form F-10 (File No. 333-294698).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| COLLIERS INTERNATIONAL GROUP INC. | ||
| Date: November 4, 2026 | /s/ Christian Mayer | |
| Name: Christian Mayer | ||
| Title: Global Chief Financial Officer & Chief Executive Officer, Commercial Real Estate | ||
EXHIBIT INDEX
| Exhibit | Description of Exhibit | |||
| 99.1 | Press release dated November 4, 2026 announcing financial results for the third quarter ended September 30, 2026. | |||
| 99.2 | Supplemental slide presentation dated November 4, 2026. |
EXHIBIT 99.1
Colliers Reports Third Quarter Results
Solid revenue growth across all three segments
Third quarter operating highlights:
| Three months ended | Nine months ended | |||||||||||
| September 30 | September 30 | |||||||||||
| (in millions of US$, except EPS) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Revenues | $ | 1,637.6 | $ | 1,463.1 | $ | 4,523.6 | $ | 3,951.9 | ||||
| Net Revenues (note 1) | 1,428.5 | 1,258.9 | 3,964.9 | 3,438.5 | ||||||||
| Adjusted EBITDA (note 2) | 218.8 | 191.1 | 548.9 | 487.4 | ||||||||
| Adjusted EPS (note 3) | 1.97 | 1.64 | 4.71 | 4.24 | ||||||||
| GAAP operating earnings | 100.8 | 104.7 | 234.2 | 235.5 | ||||||||
| GAAP diluted net earnings per share | 0.14 | 0.82 | 0.22 | 0.82 | ||||||||
TORONTO, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (TSX and NASDAQ: CIGI) (“Colliers” or the “Company”) today announced financial results for the third quarter ended September 30, 2026. All amounts are in US dollars.
Third quarter consolidated revenues were $1.64 billion, up 12% (12% in local currency), net revenues were $1.43 billion, up 13% (13% in local currency) and Adjusted EBITDA (note 2) was $218.8 million, up 14% (14% in local currency) compared to the prior year quarter. Consolidated internal revenue growth measured in local currencies (note 5) was up 3% (net 4%) over the prior year quarter. Adjusted EPS (note 3) was $1.97, an increase of 20% over the prior year quarter. Adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts. GAAP operating earnings were $100.8 million compared to $104.7 million in the prior year quarter, reflecting higher acquisition-related contingent consideration charges. The GAAP diluted net earnings per share was $0.14, compared to $0.82 in the prior year quarter. Third quarter GAAP diluted net earnings per share would have been approximately $0.01 lower excluding foreign exchange impacts.
For the nine months ended September 30, 2026, revenues were $4.52 billion, up 14% (13% in local currency), net revenues were $3.96 billion, up 15% (14% in local currency) and Adjusted EBITDA (note 2) was $548.9 million, up 13% (12% in local currency) versus the prior year. Consolidated internal revenue growth measured in local currency (note 5) was up 6% (net 7%) versus the prior year. Adjusted EPS (note 3) was $4.71, up 11% from the prior year period. Adjusted EPS would have been approximately $0.02 lower excluding foreign exchange impacts. The GAAP operating earnings were $234.2 million compared to $235.5 million in the prior year, impacted by higher acquisition-related contingent consideration in the current period. The GAAP diluted net earnings per share was $0.22 compared with $0.82 in the prior year period. The GAAP diluted net earnings per share would have been approximately $0.02 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 $427.6 million, representing 118% of adjusted net earnings, reflecting the Company’s asset-light business model and strong cash generation profile.
“We are pleased with this quarter’s results across all three of our segments,” said Jay S. Hennick, Global Chairman & CEO. “Our more cautious fourth-quarter outlook reflects geopolitical uncertainty and interest rate volatility, not the strength of our business. Over the past decade, we’ve built three global platforms — Commercial Real Estate, Engineering and Investment Management. Each stands on its own, but together they make each other stronger. We run each of them like owners, with one goal: compounding value for shareholders over the long term.”
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 $6.1 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 Third Quarter Results
Commercial Real Estate revenues for the third quarter totalled $994.8 million, up 5% (5% in local currency) versus the prior year quarter. Net revenues were $877.0 million, up 6% (6% in local currency). Capital Markets revenues were up 9% led by the Americas and EMEA, with transactions slowing late in the quarter as interest rate volatility increased. Leasing generated solid growth once again against a tough prior year comparable, up 6%. Adjusted EBITDA was $98.9 million, up 10% (9% 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 $64.9 million, relative to $67.5 million in the prior year quarter.
Engineering revenues totalled $497.6 million, up 33% (33% in local currency) compared to the prior year quarter. Net revenues (excluding subconsultant and other pass-through costs) were $415.1 million, up 37% (37% in local currency) driven by recent acquisitions and solid internal growth. Adjusted EBITDA was $71.9 million, up 39% (40% in local currency) over the prior year quarter, with the net margin up 30 basis points. The GAAP operating earnings were $26.7 million, flat relative to the prior year quarter, impacted by acquisition-related amortization and contingent consideration expenses.
Investment Management revenues were $145.0 million, up 6% (7% in local currency) relative to the prior year quarter. Net revenues (excluding pass-through performance fees) were $136.2 million, up 8% (8% in local currency) driven by solid internal revenue growth. Adjusted EBITDA was $51.7 million, down 3% (3% in local currency) compared to the prior year quarter, reflecting continued investments in people, new capabilities and integration under the global Harrison Street Asset Management brand. GAAP operating earnings were $21.7 million in the quarter versus $36.0 million in the prior year quarter. Total assets under management were $110.5 billion as of September 30, 2026, up 2% from September 30, 2025, driven by new capital raised, net of realizations.
Unallocated global corporate costs as reported in Adjusted EBITDA were $3.8 million, relative to a cost of $4.1 million in the prior year quarter. The corporate GAAP operating loss was $12.5 million compared to $25.5 million in the prior year quarter.
2026 Outlook
The Company has revised its 2026 outlook to reflect year-to-date results and the anticipated impact of geopolitical uncertainty and interest rate volatility for the remainder of the year. The outlook drivers by segment are described in the accompanying earnings call presentation.
| 2026 Outlook | ||||
| Measure | Actual 2025 | Prior | Revised | |
| Revenue growth | 15 | % | Mid teens growth | Low teens growth |
| Adjusted EBITDA growth | 14 | % | Mid teens growth | Low teens growth |
| Adjusted EPS growth | 14 | % | Mid teens growth | Low teens growth |
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 Wednesday, November 4, 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 | Nine months | |||||||||||||||||
| ended September 30 | ended September 30 | |||||||||||||||||
| (unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Revenues | $ | 1,637,643 | $ | 1,463,098 | $ | 4,523,614 | $ | 3,951,917 | ||||||||||
| Cost of revenues | 1,000,353 | 888,461 | 2,727,282 | 2,375,015 | ||||||||||||||
| Selling, general and administrative expenses | 435,298 | 406,292 | 1,277,098 | 1,127,242 | ||||||||||||||
| Depreciation | 21,494 | 19,632 | 62,759 | 56,982 | ||||||||||||||
| Amortization of intangible assets | 57,475 | 44,773 | 155,934 | 132,511 | ||||||||||||||
| Acquisition-related items (1) | 21,864 | (1,150 | ) | 64,604 | 24,290 | |||||||||||||
| Loss on disposal of operations | 403 | 406 | 1,734 | 406 | ||||||||||||||
| Operating earnings | 100,756 | 104,684 | 234,203 | 235,471 | ||||||||||||||
| Interest expense, net | 17,872 | 22,700 | 67,157 | 60,763 | ||||||||||||||
| Equity earnings from non-consolidated investments | (3,833 | ) | (2,134 | ) | (15,268 | ) | (9,186 | ) | ||||||||||
| Other (income) expense | (395 | ) | (136 | ) | 108 | (3,205 | ) | |||||||||||
| Earnings before income tax | 87,112 | 84,254 | 182,206 | 187,099 | ||||||||||||||
| Income tax | 35,961 | 19,120 | 71,060 | 49,076 | ||||||||||||||
| Net earnings | 51,151 | 65,134 | 111,146 | 138,023 | ||||||||||||||
| Non-controlling interest share of earnings | 13,447 | 14,526 | 33,832 | 36,493 | ||||||||||||||
| Non-controlling interest redemption increment | 30,740 | 8,374 | 65,871 | 59,546 | ||||||||||||||
| Net earnings attributable to Company | $ | 6,964 | $ | 42,234 | $ | 11,443 | $ | 41,984 | ||||||||||
| Net earnings per common share | ||||||||||||||||||
| Basic | $ | 0.14 | $ | 0.83 | $ | 0.22 | $ | 0.83 | ||||||||||
| Diluted | $ | 0.14 | $ | 0.82 | $ | 0.22 | $ | 0.82 | ||||||||||
| Adjusted EPS (2) | $ | 1.97 | $ | 1.64 | $ | 4.71 | $ | 4.24 | ||||||||||
| Weighted average common shares (thousands) | ||||||||||||||||||
| Basic | 51,104 | 50,854 | 51,104 | 50,713 | ||||||||||||||
| Diluted | 51,135 | 51,405 | 51,192 | 50,998 | ||||||||||||||
| 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$) | |||||||||
| September 30, | December 31, | September 30, | |||||||
| (unaudited) | 2026 | 2025 | 2025 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 239,261 | $ | 207,902 | $ | 212,451 | |||
| Restricted cash (1) | 102,010 | 48,981 | 45,658 | ||||||
| Accounts receivable and contract assets | 1,191,338 | 990,329 | 969,852 | ||||||
| Mortgage warehouse receivables (2) | 105,281 | 140,095 | 186,881 | ||||||
| Prepaids and other assets | 425,292 | 378,453 | 396,457 | ||||||
| Warehouse fund assets | 58,776 | 56,050 | 61,163 | ||||||
| Current assets | 2,121,958 | 1,821,810 | 1,872,462 | ||||||
| Other non-current assets | 272,505 | 249,040 | 237,328 | ||||||
| Warehouse fund assets | 113,381 | 73,785 | 85,231 | ||||||
| Fixed assets | 279,556 | 251,462 | 239,060 | ||||||
| Operating lease right-of-use assets | 527,347 | 443,404 | 409,637 | ||||||
| Deferred tax assets, net | 89,388 | 93,857 | 91,304 | ||||||
| Goodwill and intangible assets | 4,548,669 | 3,855,109 | 3,870,612 | ||||||
| Total assets | $ | 7,952,804 | $ | 6,788,467 | $ | 6,805,634 | |||
| Liabilities and shareholders' equity | |||||||||
| Accounts payable and accrued liabilities | $ | 1,380,436 | $ | 1,267,118 | $ | 1,158,135 | |||
| Other current liabilities | 139,074 | 112,963 | 105,566 | ||||||
| Long-term debt - current | 18,367 | 8,119 | 7,894 | ||||||
| Mortgage warehouse credit facilities (2) | 99,226 | 133,259 | 177,456 | ||||||
| Operating lease liabilities - current | 103,697 | 99,696 | 101,355 | ||||||
| Liabilities related to warehouse fund assets | 54,463 | 33,679 | 92,763 | ||||||
| Current liabilities | 1,795,263 | 1,654,834 | 1,643,169 | ||||||
| Long-term debt - non-current | 2,409,956 | 1,625,392 | 1,832,604 | ||||||
| Operating lease liabilities - non-current | 522,467 | 419,198 | 384,247 | ||||||
| Other liabilities | 92,297 | 129,776 | 143,545 | ||||||
| Deferred tax liabilities, net | 162,530 | 90,996 | 82,865 | ||||||
| Liabilities related to warehouse fund assets | 73,980 | 48,782 | - | ||||||
| Redeemable non-controlling interests | 1,339,699 | 1,285,046 | 1,275,237 | ||||||
| Shareholders' equity | 1,556,612 | 1,534,443 | 1,443,967 | ||||||
| Total liabilities and equity | $ | 7,952,804 | $ | 6,788,467 | $ | 6,805,634 | |||
| Supplemental balance sheet information | |||||||||
| Total debt (3) | $ | 2,428,323 | $ | 1,633,511 | $ | 1,840,498 | |||
| Total debt, net of cash and cash equivalents (3) | 2,189,062 | 1,425,609 | 1,628,047 | ||||||
| Net debt / pro forma adjusted EBITDA ratio (4) | 2.7 | 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 | Nine months ended | ||||||||||||||||||
| September 30 | September 30 | ||||||||||||||||||
| (unaudited) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Cash provided by (used in) | |||||||||||||||||||
| Operating activities | |||||||||||||||||||
| Net earnings | $ | 51,151 | $ | 65,134 | $ | 111,146 | $ | 138,023 | |||||||||||
| Items not affecting cash: | |||||||||||||||||||
| Depreciation and amortization | 78,969 | 64,405 | 218,693 | 189,493 | |||||||||||||||
| Loss on disposal of operations | 403 | 406 | 1,734 | 406 | |||||||||||||||
| Gains attributable to mortgage servicing rights | (7,045 | ) | (12,272 | ) | (32,234 | ) | (26,766 | ) | |||||||||||
| Gains attributable to the fair value of loan | |||||||||||||||||||
| premiums and origination fees | (2,874 | ) | (8,723 | ) | (22,069 | ) | (19,968 | ) | |||||||||||
| Deferred income tax | 5,917 | (4,634 | ) | (4,468 | ) | (19,184 | ) | ||||||||||||
| Other | 38,099 | 19,931 | 107,074 | 57,024 | |||||||||||||||
| 164,620 | 124,247 | 379,876 | 319,028 | ||||||||||||||||
| Increase in accounts receivable, prepaid | |||||||||||||||||||
| expenses and other assets | (115,809 | ) | (53,136 | ) | (329,745 | ) | (162,816 | ) | |||||||||||
| Increase (decrease) in accounts payable, accrued | |||||||||||||||||||
| expenses and other liabilities | 33,889 | (31,874 | ) | 115,051 | (58,810 | ) | |||||||||||||
| Increase (decrease) in accrued compensation | 75,650 | 68,559 | (111,191 | ) | (32,400 | ) | |||||||||||||
| Contingent acquisition consideration paid | (13,340 | ) | 896 | (22,567 | ) | (7,052 | ) | ||||||||||||
| Mortgage origination activities, net | 4,826 | 4,604 | 22,582 | 16,069 | |||||||||||||||
| Sales to (purchases of) AR Facility, net | 1,215 | 64 | 49,280 | (572 | ) | ||||||||||||||
| Net cash provided by operating activities | 151,051 | 113,360 | 103,286 | 73,447 | |||||||||||||||
| Investing activities | |||||||||||||||||||
| Acquisition of businesses, net of cash acquired | (35,478 | ) | (168,741 | ) | (805,585 | ) | (228,444 | ) | |||||||||||
| Purchases of fixed assets | (34,010 | ) | (16,774 | ) | (83,612 | ) | (47,856 | ) | |||||||||||
| Purchases of warehouse fund assets | (13,780 | ) | (40,068 | ) | (45,255 | ) | (161,802 | ) | |||||||||||
| Proceeds from disposal of warehouse fund assets | - | 17,612 | - | 80,526 | |||||||||||||||
| Cash collections on AR Facility deferred purchase price | 68,331 | 35,272 | 186,573 | 119,249 | |||||||||||||||
| Other investing activities | (14,024 | ) | (28,924 | ) | (56,379 | ) | (74,688 | ) | |||||||||||
| Net cash used in investing activities | (28,961 | ) | (201,623 | ) | (804,258 | ) | (313,015 | ) | |||||||||||
| Financing activities | |||||||||||||||||||
| Increase (decrease) in long-term debt, net | (56,256 | ) | 137,934 | 884,276 | 398,720 | ||||||||||||||
| Sales (purchases) of non-controlling interests, net | (1,435 | ) | (17,548 | ) | (11,538 | ) | (34,767 | ) | |||||||||||
| Dividends paid to common shareholders | (7,666 | ) | (7,620 | ) | (15,330 | ) | (15,212 | ) | |||||||||||
| Distributions paid to non-controlling interests | (21,443 | ) | (15,770 | ) | (62,847 | ) | (61,243 | ) | |||||||||||
| Other financing activities | (9,542 | ) | 13,687 | (17,502 | ) | 6,247 | |||||||||||||
| Net cash provided by (used in) financing activities | (96,342 | ) | 110,683 | 777,059 | 293,745 | ||||||||||||||
| Effect of exchange rate changes on cash, | |||||||||||||||||||
| cash equivalents and restricted cash | (3,419 | ) | 1,292 | 8,301 | (14,049 | ) | |||||||||||||
| Net change in cash and cash | |||||||||||||||||||
| equivalents and restricted cash | 22,329 | 23,712 | 84,388 | 40,128 | |||||||||||||||
| Cash and cash equivalents and | |||||||||||||||||||
| restricted cash, beginning of period | 318,942 | 234,397 | 256,883 | 217,981 | |||||||||||||||
| Cash and cash equivalents and | |||||||||||||||||||
| restricted cash, end of period | $ | 341,271 | $ | 258,109 | $ | 341,271 | $ | 258,109 | |||||||||||
| Colliers International Group Inc. | ||||||||||||||||
| Segmented Results | ||||||||||||||||
| (in thousands of US dollars) | ||||||||||||||||
| Commercial | Investment | |||||||||||||||
| (unaudited) | Real Estate | Engineering | Management | Corporate | Total | |||||||||||
| Three months ended September 30 | ||||||||||||||||
| 2026 | ||||||||||||||||
| Revenues | $ | 994,789 | $ | 497,639 | $ | 145,033 | $ | 182 | $ | 1,637,643 | ||||||
| Net Revenues | 877,021 | 415,110 | 136,167 | 182 | 1,428,480 | |||||||||||
| Adjusted EBITDA | 98,940 | 71,941 | 51,737 | (3,818 | ) | 218,800 | ||||||||||
| Operating earnings (loss) | 64,861 | 26,665 | 21,739 | (12,509 | ) | 100,756 | ||||||||||
| 2025(1) | ||||||||||||||||
| Revenues | $ | 951,267 | $ | 375,360 | $ | 136,288 | $ | 183 | $ | 1,463,098 | ||||||
| Net Revenues | 828,262 | 303,769 | 126,638 | 183 | 1,258,852 | |||||||||||
| Adjusted EBITDA | 90,021 | 51,603 | 53,584 | (4,093 | ) | 191,115 | ||||||||||
| Operating earnings (loss) | 67,535 | 26,667 | 36,012 | (25,530 | ) | 104,684 | ||||||||||
| Commercial | Investment | |||||||||||||||
| Real Estate | Engineering | Management | Corporate | Total | ||||||||||||
| Nine months ended September 30 | ||||||||||||||||
| 2026 | ||||||||||||||||
| Revenues | $ | 2,833,305 | $ | 1,262,291 | $ | 427,475 | $ | 543 | $ | 4,523,614 | ||||||
| Net Revenues | 2,504,681 | 1,058,896 | 400,758 | 543 | 3,964,878 | |||||||||||
| Adjusted EBITDA | 251,056 | 150,972 | 151,656 | (4,742 | ) | 548,942 | ||||||||||
| Operating earnings (loss) | 164,326 | 49,845 | 57,365 | (37,333 | ) | 234,203 | ||||||||||
| 2025(1) | ||||||||||||||||
| Revenues | $ | 2,585,420 | $ | 977,419 | $ | 388,624 | $ | 454 | $ | 3,951,917 | ||||||
| Net Revenues | 2,248,482 | 826,015 | 363,529 | 454 | 3,438,480 | |||||||||||
| Adjusted EBITDA | 221,738 | 116,323 | 158,669 | (9,362 | ) | 487,368 | ||||||||||
| Operating earnings (loss) | 153,312 | 37,499 | 98,206 | (53,546 | ) | 235,471 | ||||||||||
| (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 September 30 | ||||||||||||||||||||
| 2026 | ||||||||||||||||||||
| Revenues | $ | 994,789 | $ | 497,639 | $ | 145,033 | $ | 182 | $ | 1,637,643 | ||||||||||
| Subconsultant and other direct costs | (117,768 | ) | (82,529 | ) | - | - | (200,297 | ) | ||||||||||||
| Historical pass-through performance fees | - | - | (8,866 | ) | - | (8,866 | ) | |||||||||||||
| Net Revenues | $ | 877,021 | $ | 415,110 | $ | 136,167 | $ | 182 | $ | 1,428,480 | ||||||||||
| 2025 | ||||||||||||||||||||
| Revenues | $ | 951,267 | $ | 375,360 | $ | 136,288 | $ | 183 | $ | 1,463,098 | ||||||||||
| Subconsultant and other direct costs | (123,005 | ) | (71,591 | ) | - | - | (194,596 | ) | ||||||||||||
| Historical pass-through performance fees | - | - | (9,650 | ) | - | (9,650 | ) | |||||||||||||
| Net Revenues | $ | 828,262 | $ | 303,769 | $ | 126,638 | $ | 183 | $ | 1,258,852 | ||||||||||
| Commercial | Investment | |||||||||||||||||||
| Real Estate | Engineering | Management | Corporate | Total | ||||||||||||||||
| Nine months ended September 30 | ||||||||||||||||||||
| 2026 | ||||||||||||||||||||
| Revenues | $ | 2,833,305 | $ | 1,262,291 | $ | 427,475 | $ | 543 | $ | 4,523,614 | ||||||||||
| Subconsultant and other direct costs | (328,624 | ) | (203,395 | ) | - | - | (532,019 | ) | ||||||||||||
| Historical pass-through performance fees | - | - | (26,717 | ) | - | (26,717 | ) | |||||||||||||
| Net Revenues | $ | 2,504,681 | $ | 1,058,896 | $ | 400,758 | $ | 543 | $ | 3,964,878 | ||||||||||
| 2025 | ||||||||||||||||||||
| Revenues | $ | 2,585,420 | $ | 977,419 | $ | 388,624 | $ | 454 | $ | 3,951,917 | ||||||||||
| Subconsultant and other direct costs | (336,938 | ) | (151,404 | ) | - | - | (488,342 | ) | ||||||||||||
| Historical pass-through performance fees | - | - | (25,095 | ) | - | (25,095 | ) | |||||||||||||
| Net Revenues | $ | 2,248,482 | $ | 826,015 | $ | 363,529 | $ | 454 | $ | 3,438,480 | ||||||||||
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 | Nine months ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| (in thousands of US$) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net earnings | $ | 51,151 | $ | 65,134 | $ | 111,146 | $ | 138,023 | ||||||||
| Income tax | 35,961 | 19,120 | 71,060 | 49,076 | ||||||||||||
| Other income, including equity earnings from non-consolidated investments | (4,228 | ) | (2,270 | ) | (15,160 | ) | (12,391 | ) | ||||||||
| Interest expense, net | 17,872 | 22,700 | 67,157 | 60,763 | ||||||||||||
| Operating earnings | 100,756 | 104,684 | 234,203 | 235,471 | ||||||||||||
| Loss on disposal of operations | 403 | 406 | 1,734 | 406 | ||||||||||||
| Depreciation and amortization | 78,969 | 64,405 | 218,693 | 189,493 | ||||||||||||
| Gains attributable to MSRs | (7,045 | ) | (12,272 | ) | (32,234 | ) | (26,766 | ) | ||||||||
| Equity earnings from non-consolidated investments | 3,833 | 2,134 | 15,268 | 9,186 | ||||||||||||
| Acquisition-related items | 21,864 | (1,150 | ) | 64,604 | 24,290 | |||||||||||
| Restructuring, optimization and integration costs | 10,183 | 14,651 | 26,324 | 21,226 | ||||||||||||
| Stock-based compensation expense | 9,837 | 18,257 | 20,350 | 34,062 | ||||||||||||
| Adjusted EBITDA | $ | 218,800 | $ | 191,115 | $ | 548,942 | $ | 487,368 | ||||||||
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 | Nine months ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| (in thousands of US$) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net earnings | $ | 51,151 | $ | 65,134 | $ | 111,146 | $ | 138,023 | ||||||||
| Non-controlling interest share of earnings | (13,447 | ) | (14,526 | ) | (33,832 | ) | (36,493 | ) | ||||||||
| Loss on disposal of operations | 403 | 406 | 1,734 | 406 | ||||||||||||
| Amortization of intangible assets | 57,475 | 44,773 | 155,934 | 132,511 | ||||||||||||
| Gains attributable to MSRs | (7,045 | ) | (12,272 | ) | (32,234 | ) | (26,766 | ) | ||||||||
| Acquisition-related items | 21,864 | (1,150 | ) | 64,604 | 24,290 | |||||||||||
| Restructuring, optimization and integration costs | 10,183 | 14,651 | 26,324 | 21,226 | ||||||||||||
| Stock-based compensation expense | 9,837 | 18,257 | 20,350 | 34,062 | ||||||||||||
| Income tax on adjustments | (17,094 | ) | (19,931 | ) | (42,590 | ) | (45,623 | ) | ||||||||
| Non-controlling interest on adjustments | (12,645 | ) | (10,829 | ) | (30,232 | ) | (25,463 | ) | ||||||||
| Adjusted net earnings | $ | 100,682 | $ | 84,513 | $ | 241,204 | $ | 216,173 | ||||||||
| Three months ended | Nine months ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| (in US$) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Diluted net earnings per common share | $ | 0.14 | $ | 0.82 | $ | 0.22 | $ | 0.82 | ||||||||
| Non-controlling interest redemption increment | 0.60 | 0.16 | 1.29 | 1.17 | ||||||||||||
| Loss (gains) on disposal of operations, net of tax | 0.01 | (0.03 | ) | 0.03 | (0.03 | ) | ||||||||||
| Amortization expense, net of tax | 0.71 | 0.54 | 1.89 | 1.63 | ||||||||||||
| Gains attributable to MSRs, net of tax | (0.08 | ) | (0.14 | ) | (0.36 | ) | (0.30 | ) | ||||||||
| Acquisition-related items, net of tax | 0.27 | (0.15 | ) | 0.88 | 0.18 | |||||||||||
| Restructuring, optimization and integration costs, net of tax | 0.16 | 0.17 | 0.40 | 0.27 | ||||||||||||
| Stock-based compensation expense, net of tax | 0.16 | 0.27 | 0.36 | 0.50 | ||||||||||||
| Adjusted EPS | $ | 1.97 | $ | 1.64 | $ | 4.71 | $ | 4.24 | ||||||||
| Diluted weighted average shares for Adjusted EPS (thousands) | 51,135 | 51,404 | 51,192 | 50,998 | ||||||||||||
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 | Nine months ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| (in thousands of US$) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net cash provided by (used in) operating activities | $ | 151,051 | $ | 113,360 | $ | 103,286 | $ | 73,447 | ||||||||
| Contingent acquisition consideration paid | 13,340 | (896 | ) | 22,567 | 7,052 | |||||||||||
| Purchases of fixed assets | (34,010 | ) | (16,774 | ) | (83,612 | ) | (47,856 | ) | ||||||||
| Cash collections on AR Facility deferred purchase price | 68,331 | 35,272 | 186,573 | 119,249 | ||||||||||||
| Distributions paid to non-controlling interests | (21,443 | ) | (15,770 | ) | (62,847 | ) | (61,243 | ) | ||||||||
| Free cash flow | $ | 177,269 | $ | 115,192 | $ | 165,967 | $ | 90,649 | ||||||||
| Trailing twelve months ended | |||||||||||||
| (in thousands of US$) | September 30, 2026 | ||||||||||||
| 2025 Annual free cash flow | $ | 352,326 | |||||||||||
| Add: Free cash flow for nine months ended September 30, 2026 | 165,967 | ||||||||||||
| Less: Free cash flow for nine months ended September 30, 2025 | (90,649 | ) | |||||||||||
| Trailing twelve months ended September 30, 2026 free cash flow | $ | 427,644 | |||||||||||
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
Exhibit 99.2
Third Quarter 2026 Results September 30, 2026 COMMERCIAL REAL ESTATE | ENGINEERING | INVESTMENT MANAGEMENT
2 Colliers (US$ millions, except per share amounts) Highlights • Solid revenue growth in Q3 2026 across all three segments • Significant year - over - year Engineering growth driven by recent acquisitions and solid internal growth • Trailing twelve - month free cash flow of $427.6 million, representing 118% of adjusted net earnings, reflecting asset - light business model and strong cash generation profile • Revised full year outlook to reflect geopolitical uncertainty and interest rate volatility USD LC (1) Revenues 1,637.6 1,463.1 12% 12% Net Revenues 1,428.5 1,258.9 13% 13% Adjusted EBITDA 218.8 191.1 14% 14% Adjusted EBITDA Margin 13.4% 13.1% Net Margin 15.3% 15.2% Adjusted EPS 1.97 1.64 20% GAAP Operating Earnings 100.8 104.7 -4% GAAP Operating Earnings Margin 6.2% 7.2% GAAP diluted EPS 0.14 0.82 USD LC (1) Revenues 4,523.6 3,951.9 14% 13% Net Revenues 3,964.9 3,438.5 15% 14% Adjusted EBITDA 548.9 487.4 13% 12% Adjusted EBITDA Margin 12.1% 12.3% Net Margin 13.8% 14.2% Adjusted EPS 4.71 4.24 11% GAAP Operating Earnings 234.2 235.5 -1% GAAP Operating Earnings Margin 5.2% 6.0% GAAP diluted EPS 0.22 0.82 Three months ended September 30 2026 2025 %Change Nine months ended September 30 2026 2025 % Change (1) Local currency
27% 48% 25% 70% Resilient TTM Q3 2026 AEBITDA by Segment 30% 61% 9% TTM Q3 2026 Revenue by Segment 64% Resilient Colliers Commercial Real Estate Engineering Investment Management Global diversification with 70% resilient earnings High Value, Resilient Growth Engines Please refer to Appendix 3
4 Colliers Third Quarter Consolidated Revenues Engineering Investment Management Commercial Real Estate % Change over Q3 2025 USD LC Investment Management 6% 7% Engineering 33% 33% Commercial Real Estate 5% 5% Total 12% 12% 994.8 951.3 497.6 375.4 145.0 136.3 1,637.6 1,463.1 Q3 2026 Q3 2025 (US$ millions) Local currency internal growth: 3% Local currency net internal growth: 4% Revenues % Change over Q3 2025 USD LC Investment Management 8% 8% Engineering 37% 37% Commercial Real Estate 6% 6% Total 13% 13% Net Revenues
249.6 228.0 323.1 305.0 304.3 295.3 117.8 123.0 994.8 951.3 Q3 2026 Q3 2025 5 Colliers Third quarter, US$ millions Commercial Real Estate • Growth in Capital Markets, led by the Americas and EMEA, with some slowing late in the quarter as market interest rate volatility increased • Leasing generated solid growth against a tough prior year comparable, led by the US • Net AEBITDA margin up 40 bps 98.9 90.0 Q3 2026 Q3 2025 11.3% Net margin 10.9% Net margin USD LC Revenue Growth 5% 5% Net Revenue Growth 6% 6% AEBITDA Growth 10% 9% Revenues AEBITDA Outsourcing Leasing Capital Markets Subconsultant and other direct costs GAAP Operating Earnings: Q3 2026 $64.9M at 6.5% margin; Q3 2025 $67.5M at 7.1% margin
6 Colliers Third quarter, US$ millions Engineering • Significant net revenue growth driven by recent acquisitions and solid internal growth • Continued tailwinds driving demand for critical infrastructure, defense projects and technical consulting services • Net AEBITDA margin up 30 bps 415.1 303.8 82.5 71.6 497.6 375.4 Q3 2026 Q3 2025 GAAP Operating Earnings: Q3 2026 $26.7M at 5.4% margin; Q3 2025 $26.7M at 7.1% margin 71.9 51.6 Q3 2026 Q3 2025 17.3% Net margin 17.0% Net margin USD LC Revenue Growth 33% 33% Net Revenue Growth 37% 37% AEBITDA Growth 39% 40% Revenues AEBITDA Engineering Subconsultant and other direct costs
7 Colliers Third quarter, US$ millions Investment Management • Solid internal revenue growth • Net margin reflects continued investments in people, new capabilities and integration under the global Harrison Street Asset Management brand • New capital commitments raised of $4.5 billion YTD September 30, 2026 ($5.3 billion YTD October 31, 2026) • AUM of $110.5 billion, up 2% from September 30, 2025, driven by new capital raised, net of realizations • FPAUM of $54.5 billion relative to $54.4 billion in the prior year 136.2 126.6 8.9 9.7 145.0 136.3 Q3 2026 Q3 2025 GAAP Operating Earnings: Q3 2026 $21.7M at 15.0% margin; Q3 2025 $36.0M at 26.4% margin 51.7 53.6 Q3 2026 Q3 2025 38.0% Net margin 42.3% Net margin USD LC Revenue Growth 6% 7% Net Revenue Growth 8% 8% AEBITDA Growth -3% -3% Management fees Pass - through performance fees Revenues AEBITDA
8 Colliers (US$ millions) Capitalization & Capital Allocation • Almost $1 billion of total available liquidity, consisting of cash on hand and undrawn capacity on revolving credit facility • Anticipating capital expenditures of $100 - $110 million in 2026, representing ~2% of trailing twelve - month revenues Cash $ 239.3 $ 207.9 $ 212.5 Total Debt 2,428.3 1,633.5 1,840.5 Net Debt $ 2,189.0 $ 1,425.6 $ 1,628.0 Redeemable non-controlling interests 1,339.7 1,285.0 1,275.2 Shareholders' equity 1,556.6 1,534.4 1,444.0 Total capitalization $ 5,085.3 $ 4,245.0 $ 4,347.2 Net debt / pro forma adjusted EBITDA - Leverage Ratio (1) 2.7x 2.0x 2.3x Capital Expenditures $ 83.6 $ 47.9 Acquisition Spend (2) $ 883.4 $ 307.2 Nine months ended September 30, 2026 September 30, 2025 September 30, 2026 December 31, 2025 September 30, 2025 (1) Net debt for financial leverage ratio excludes restricted cash and warehouse credit facilities, in accordance with debt a gre ements (2) Includes business acquisitions, contingent acquisition consideration and purchases of non - controlling interests in subsidiar ies
Colliers 9 Revised 2026 Full Year Outlook The financial outlook is based on the Company’s best available information as of the date of this presentation, and remains s ubj ect to change based on numerous macroeconomic, geopolitical, international trade, health, social and related factors. The outlook includes the impact of acquisitions completed through the end of the third quarter and excludes any acquisitions com pleted thereafter. Commercial Real Estate Engineering Investment Management Consolidated Mid teens revenue and net revenue growth Mid teens AEBITDA growth Mid teens AEPS growth Low teens revenue growth Net AEBITDA margin expected to be up modestly 25%+ revenue and net revenue growth on solid internal growth and acquisitions Net AEBITDA margin expected to increase Low teens net revenue growth Net AEBITDA margin expected to decline PREVIOUS Low teens revenue and net revenue growth Low teens AEBITDA growth Low teens AEPS growth High single digit revenue growth given geopolitical uncertainty and interest rate volatility No change to margin expectation 30%+ revenue and net revenue growth No change to margin expectation High single digit net revenue growth given delayed deployment of new capital raised No change to margin expectation REVISED
Appendix Colliers 10 Reconciliation of non - GAAP Measures
Colliers 11 (US$ thousands) Net earnings $ 51,151 $ 65,134 $ 111,146 $ 138,023 Income tax 35,961 19,120 71,060 49,076 Other income, including equity earnings from non-consolidated investments (4,228) (2,270) (15,160) (12,391) Interest expense, net 17,872 22,700 67,157 60,763 Operating earnings 100,756 104,684 234,203 235,471 Loss on disposal of business operations 403 406 1,734 406 Depreciation and amortization 78,969 64,405 218,693 189,493 Gains attributable to MSRs (7,045) (12,272) (32,234) (26,766) Equity earnings from non-consolidated investments 3,833 2,134 15,268 9,186 Acquisition-related items 21,864 (1,150) 64,604 24,290 Restructuring, optimization and integration costs 10,183 14,651 26,324 21,226 Stock-based compensation expense 9,837 18,257 20,350 34,062 Adjusted EBITDA $ 218,800 $ 191,115 $ 548,942 $ 487,368 Three months ended Nine months ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 12 (US$ thousands) Net earnings $ 51,151 $ 65,134 $ 111,146 $ 138,023 Non-controlling interest share of earnings (13,447) (14,526) (33,832) (36,493) Loss on disposal of operations 403 406 1,734 406 Amortization of intangible assets 57,475 44,773 155,934 132,511 Gains attributable to MSRs (7,045) (12,272) (32,234) (26,766) Acquisition-related items 21,864 (1,150) 64,604 24,290 Restructuring, optimization and integration costs 10,183 14,651 26,324 21,226 Stock-based compensation expense 9,837 18,257 20,350 34,062 Income tax on adjustments (17,094) (19,931) (42,590) (45,623) Non-controlling interest on adjustments (12,645) (10,829) (30,232) (25,463) Adjusted net earnings $ 100,682 $ 84,513 $ 241,204 $ 216,173 (US$) Diluted net earnings per common share $ 0.14 $ 0.82 $ 0.22 $ 0.82 Non-controlling interest redemption increment 0.60 0.16 1.29 1.17 Loss (gain) on disposal of operations, net of tax 0.01 (0.03) 0.03 (0.03) Amortization expense, net of tax 0.71 0.54 1.89 1.63 Gains attributable to MSRs, net of tax (0.08) (0.14) (0.36) (0.30) Acquisition-related items, net of tax 0.27 (0.15) 0.88 0.18 Restructuring, optimization and integration costs, net of tax 0.16 0.17 0.40 0.27 Stock-based compensation expense, net of tax 0.16 0.27 0.36 0.50 Adjusted EPS $ 1.97 $ 1.64 $ 4.71 $ 4.24 Diluted weighted average shares for Adjusted EPS (thousands) 51,135 51,404 51,192 50,998 Three months ended Nine months ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Three months ended Nine months ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share
Colliers 13 Reconciliation of net cash flow from operations to free cash flow (US$ thousands) Net cash provided by operating activities $ 151,051 $ 113,360 $ 103,286 $ 73,447 Contingent acquisition consideration paid 13,340 (896) 22,567 7,052 Purchase of fixed assets (34,010) (16,774) (83,612) (47,856) Cash collections on AR Facility deferred purchase price 68,331 35,272 186,573 119,249 Distributions paid to non-controlling interests (21,443) (15,770) (62,847) (61,243) Free cash flow $ 177,269 $ 115,192 $ 165,967 $ 90,649 Three months ended Nine months ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025
Colliers 14 Trailing twelve months free cash flow (US$ thousands) 2025 Annual free cash flow $ 352,326 Add: Free cash flow for nine months ended September 30, 2026 165,967 Less: Free cash flow for three months ended September 30, 2025 (90,649) Trailing twelve months ended September 30, 2026 free cash flow $ 427,644 Trailing Twelve Months Ended September 30, 2026
Colliers 15 Reconciliation of revenues to net revenues – Quarterly (US$ thousands) Three months ended September 30, 2026 Revenues $ 994,789 $ 497,639 $ 145,033 $ 182 $ 1,637,643 Subconsultant and other direct costs (117,768) (82,529) - - (200,297) Historical pass-through performance fees - - (8,866) - (8,866) Net revenues $ 877,021 $ 415,110 $ 136,167 $ 182 $ 1,428,480 Three months ended September 30, 2025 Revenues $ 951,267 $ 375,360 $ 136,288 $ 183 $ 1,463,098 Subconsultant and other direct costs (123,005) (71,591) - - (194,596) Historical pass-through performance fees - - (9,650) - (9,650) Net revenues $ 828,262 $ 303,769 $ 126,638 $ 183 $ 1,258,852 Commercial Real Estate Investment ManagementEngineering Corporate Consolidated
Colliers 16 Reconciliation of revenues to net revenues – Year to date (US$ thousands) Nine months ended Revenues $ 2,833,305 $ 1,262,291 $ 427,475 $ 543 $ 4,523,614 Subconsultant and other direct costs (328,624) (203,395) - - (532,019) Historical pass-through performance fees - - (26,717) - (26,717) Net revenues $ 2,504,681 $ 1,058,896 $ 400,758 $ 543 $ 3,964,878 Nine months ended September 30, 2025 Revenues $ 2,585,420 $ 977,419 $ 388,624 $ 454 $ 3,951,917 Subconsultant and other direct costs (336,938) (151,404) - - (488,342) Historical pass-through performance fees - - (25,095) - (25,095) Net revenues $ 2,248,482 $ 826,015 $ 363,529 $ 454 $ 3,438,480 September 30, 2026 Commercial Real Estate Investment ManagementEngineering Corporate Consolidated
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. Percentage revenue variances presented on an internal growth basis are calculated assuming no impact from acquired entities in the current and prior periods. Revenue from acquired entities, including any foreign exchange impacts, is 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. 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. 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. Resilient revenue percentage Resilient revenue percentage is computed on a trailing twelve - month basis and represents the proportion 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. Revenue for this purpose incorporates the expected full year impact of acquisitions and dispositions. 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 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 calculated for our debt agreement covenant calculation purposes, incorporating the expected full year impact of business acquisitions and dispositions. Colliers 17 Other Non - GAAP Measures