6-K
Colliers International Group Inc. (CIGI)
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 2025 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. 333-277184).
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, 2025 | /s/ Christian Mayer |
| Name: Christian Mayer | |
| Title: Chief Financial Officer |
EXHIBIT INDEX
EdgarFiling EXHIBIT 99.1
Colliers Reports Third Quarter Results
Solid momentum across all segments, tracking well to 2025 outlook
Third quarter and year to date operating highlights:
| Nine months ended | |||||||
|---|---|---|---|---|---|---|---|
| September 30 | |||||||
| (in millions of US, except EPS) | 2025 | 2024 | 2025 | 2024 | |||
| Revenues | 1,463.1 | $ | 1,179.1 | $ | 3,951.9 | $ | 3,320.4 |
| Net Revenues (note 1) | 1,258.9 | 1,058.0 | 3,438.5 | 2,966.8 | |||
| Adjusted EBITDA (note 2) | 191.1 | 154.6 | 487.4 | 419.0 | |||
| Adjusted EPS (note 3) | 1.64 | 1.32 | 4.24 | 3.46 | |||
| GAAP operating earnings | 104.7 | 109.7 | 235.5 | 267.8 | |||
| GAAP diluted net earnings per share | 0.82 | 0.73 | 0.82 | 1.73 |
All values are in US Dollars.
TORONTO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) (“Colliers” or the “Company”) today announced financial results for the third quarter ended September 30, 2025. All amounts are in US dollars. Third quarter consolidated revenues were $1.46 billion, up 24% (23% in local currency), net revenues (note 1) were $1.26 billion, up 19% (18% in local currency) and Adjusted EBITDA (note 2) was $191.1 million, up 24% (24% in local currency) compared to the prior year quarter. Consolidated internal revenue growth measured in local currencies was 13% (note 5) versus the prior year quarter. Adjusted EPS (note 3) was $1.64, an increase of 24% over the prior year quarter. Adjusted EPS were not significantly impacted by changes in foreign exchange rates. GAAP operating earnings were $104.7 million compared to $109.7 million in the prior year quarter, with the prior year favourably impacted by the reversal of contingent consideration expense related to an acquisition. The GAAP diluted net earnings per share were $0.82 compared to $0.73 in the prior year quarter. Third quarter GAAP diluted net earnings per share were not significantly impacted by changes in foreign exchange rates. For the nine months ended September 30, 2025, revenues were $3.95 billion, up 19% (19% in local currency), net revenues (note 1) were $3.44 billion, up 16% (16% in local currency) and adjusted EBITDA (note 2) was $487.4 million, up 16% (16% in local currency) versus the prior year period. Consolidated internal revenue growth measured in local currencies was 7% (note 5) versus the prior year period. Adjusted EPS (note 3) was $4.24, up 23% from $3.46 in the prior year period. Adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts. The GAAP operating earnings were $235.5 million compared to $267.8 million in the prior year period, with the prior year favourably impacted by the reversal of contingent consideration expense related to an acquisition. The GAAP diluted earnings per share were $0.82 compared to $1.73 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, more than 70% of the Company’s earnings came from recurring revenues (note 8). During the same period, free cash flow (note 4) was converted at a rate of 96% of adjusted net earnings, in line with the Company’s target range. “Colliers delivered excellent third quarter results, highlighting our momentum across all segments of our business. In Engineering, which includes project and program management, we achieved impressive growth this quarter. This was driven by both strategic acquisitions and robust organic performance. Real Estate Services also delivered excellent results marked by a surge in Leasing and Capital Markets transactions. While the Capital Markets recovery has been gradual, we expect continued acceleration as interest rates normalize and investor confidence increases. We advanced the integration of our global Investment Management operations under the Harrison Street Asset Management brand, positioning us as a leader in real asset investing. This provides institutional and private wealth investors with unified strategies across infrastructure, alternatives, real estate and credit in both North America and Europe,” said Jay S. Hennick, Chairman & CEO of Colliers. “Colliers, with 30 years of visionary leadership, and three powerful growth engines, has become a highly resilient and differentiated global professional services and asset management company – well positioned to seize opportunities and deliver lasting value for shareholders,” Mr. Hennick concluded. About Colliers Colliers (NASDAQ, TSX: CIGI) is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering, and Investment Management – we have a proven business model, an enterprising culture, and a unique partnership philosophy that drives growth and value creation. For 30 years, Colliers has consistently delivered approximately 20% compound annual returns for shareholders, fuelled by visionary leadership, significant inside ownership and substantial recurring earnings. With $5.5 billion in annual revenues, a team of 24,000 professionals, and $108 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn. Segmented Third Quarter Results Real Estate Services revenues totalled $838.6 million, up 14% (up 13% in local currency) versus the prior year quarter. Net revenues were $778.8 million, up 14% (up 14% in local currency). Capital Markets revenues were up 21% (21% in local currency) with robust growth across all geographies and asset classes. Leasing generated solid growth in the quarter with revenues up 15% (14% in local currency) driven by industrial, office as well as specialty assets including data centres. Outsourcing revenues were up 9% (8% in local currency) with growth across all services, led by valuation and advisory. Adjusted EBITDA was $88.0 million, up 36% (36% in local currency) driven by operating leverage, partly offset by continued investments to strengthen geographic and asset class capabilities to better serve clients. The GAAP operating earnings were $67.1 million, relative to $42.4 million in the prior year quarter. Engineering revenues totalled $488.1 million, up 54% (53% in local currency) compared to the prior year quarter. Net revenues (excluding subconsultant and other direct costs) were $353.2 million, up 37% (36% in local currency) driven by the favourable impact of recent acquisitions and strong internal growth, especially in infrastructure and transportation end markets. Adjusted EBITDA was $53.6 million, up 35% (35% in local currency) over the prior year quarter, with the net margin down slightly due to service mix. The GAAP operating earnings were $27.1 million relative to $19.7 million in the prior year quarter. Investment Management revenues were $136.3 million, up 7% (6% in local currency) relative to the prior year quarter. Net revenues (excluding pass-through performance fees) were $126.6 million, up 6% (5% in local currency) driven by the favourable impact of an acquisition and higher fee-paying assets under management. Adjusted EBITDA was $53.6 million, down 4% (down 5% in local currency) compared to the prior year quarter, attributable to investments in unifying the platform and integrating certain functions to leverage their scale and capabilities. GAAP operating earnings were $36.0 million in the quarter versus $67.2 million in the prior year quarter, with the prior year quarter favourably impacted by a reversal of contingent acquisition consideration expense. Assets under management (“AUM”) (note 6) was $108.3 billion as of September 30, 2025, up 5% from June 30, 2025, and up 10% from December 31, 2024. Unallocated global corporate costs as reported in Adjusted EBITDA were $4.1 million relative to $5.9 million in the prior year quarter. The corporate GAAP operating loss was $25.5 million compared to $19.6 million in the prior year quarter. 2025 Outlook The Company is maintaining its outlook for 2025. On a consolidated basis, low-teens percentage revenue growth, mid-teens Adjusted EBITDA growth and mid to high-teens Adjusted EPS growth are expected for the full year. The outlook reflects expectations of continuing lower global trade uncertainty and lower interest rate volatility for the fourth quarter. The outlook drivers by segment are discussed 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 future acquisitions. Conference Call Colliers will be holding a conference call on Tuesday, November 4, 2025 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 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) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenues | $ | 1,463,098 | $ | 1,179,059 | $ | 3,951,917 | $ | 3,320,407 | |||||
| Cost of revenues | 888,461 | 712,044 | 2,375,015 | 2,005,351 | |||||||||
| Selling, general and administrative expenses | 406,292 | 322,136 | 1,127,242 | 925,030 | |||||||||
| Depreciation | 19,632 | 17,847 | 56,982 | 48,729 | |||||||||
| Amortization of intangible assets | 44,773 | 38,226 | 132,511 | 107,697 | |||||||||
| Acquisition-related items (1) | (1,150 | ) | (20,931 | ) | 24,290 | (34,212 | ) | ||||||
| Loss on disposal of operations | 406 | - | 406 | - | |||||||||
| Operating earnings | 104,684 | 109,737 | 235,471 | 267,812 | |||||||||
| Interest expense, net | 22,700 | 23,350 | 60,763 | 62,598 | |||||||||
| Equity earnings from non-consolidated investments | (2,134 | ) | (4,008 | ) | (9,186 | ) | (5,240 | ) | |||||
| Other income | (136 | ) | (113 | ) | (3,205 | ) | (464 | ) | |||||
| Earnings before income tax | 84,254 | 90,508 | 187,099 | 210,918 | |||||||||
| Income tax | 19,120 | 21,131 | 49,076 | 55,478 | |||||||||
| Net earnings | 65,134 | 69,377 | 138,023 | 155,440 | |||||||||
| Non-controlling interest share of earnings | 14,526 | 14,929 | 36,493 | 35,074 | |||||||||
| Non-controlling interest redemption increment | 8,374 | 17,221 | 59,546 | 33,758 | |||||||||
| Net earnings attributable to Company | $ | 42,234 | $ | 37,227 | $ | 41,984 | $ | 86,608 | |||||
| Net earnings per common share | |||||||||||||
| $ | 0.83 | $ | 0.74 | $ | 0.83 | $ | 1.74 | ||||||
| $ | 0.82 | $ | 0.73 | $ | 0.82 | $ | 1.73 | ||||||
| Adjusted EPS (2) | $ | 1.64 | $ | 1.32 | $ | 4.24 | $ | 3.46 | |||||
| Weighted average common shares (thousands) | |||||||||||||
| Basic | 50,854 | 50,320 | 50,713 | 49,692 | |||||||||
| Diluted | 51,404 | 50,797 | 50,998 | 50,054 |
All values are in US Dollars.
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) | 2025 | 2024 | 2024 | |||
| Assets | ||||||
| Cash and cash equivalents | $ | 212,451 | $ | 176,257 | $ | 156,984 |
| Restricted cash (1) | 45,658 | 41,724 | 88,274 | |||
| Accounts receivable and contract assets | 969,852 | 869,948 | 884,984 | |||
| Mortgage warehouse receivables (2) | 186,881 | 77,559 | 135,915 | |||
| Prepaids and other assets | 396,457 | 323,117 | 355,575 | |||
| Warehouse fund assets | 61,163 | 110,779 | 108,781 | |||
| 1,872,462 | 1,599,384 | 1,730,513 | ||||
| Other non-current assets | 237,328 | 220,299 | 219,950 | |||
| Warehouse fund assets | 85,231 | 94,334 | 52,564 | |||
| Fixed assets | 239,060 | 227,311 | 230,434 | |||
| Operating lease right-of-use assets | 409,637 | 398,507 | 394,478 | |||
| Deferred tax assets, net | 91,304 | 79,258 | 69,816 | |||
| Goodwill and intangible assets | 3,870,612 | 3,481,524 | 3,541,615 | |||
| $ | 6,805,634 | $ | 6,100,617 | $ | 6,239,370 | |
| Liabilities and shareholders' equity | ||||||
| Accounts payable and accrued liabilities | $ | 1,158,135 | $ | 1,140,605 | $ | 1,072,472 |
| Other current liabilities | 105,566 | 109,439 | 112,411 | |||
| Long-term debt - current | 7,894 | 6,061 | 15,683 | |||
| Mortgage warehouse credit facilities (2) | 177,456 | 72,642 | 128,944 | |||
| Operating lease liabilities - current | 101,355 | 92,950 | 92,699 | |||
| Liabilities related to warehouse fund assets | 92,763 | 86,344 | 57,554 | |||
| 1,643,169 | 1,508,041 | 1,479,763 | ||||
| Long-term debt - non-current | 1,832,604 | 1,502,414 | 1,788,686 | |||
| Operating lease liabilities - non-current | 384,247 | 383,921 | 379,457 | |||
| Other liabilities | 143,545 | 135,479 | 131,378 | |||
| Deferred tax liabilities, net | 82,865 | 78,459 | 82,440 | |||
| Liabilities related to warehouse fund assets | - | 14,103 | - | |||
| Redeemable non-controlling interests | 1,275,237 | 1,152,618 | 1,122,084 | |||
| Shareholders' equity | 1,443,967 | 1,325,582 | 1,255,562 | |||
| $ | 6,805,634 | $ | 6,100,617 | $ | 6,239,370 | |
| Supplemental balance sheet information | ||||||
| Total debt (3) | $ | 1,840,498 | $ | 1,508,475 | $ | 1,804,369 |
| Total debt, net of cash and cash equivalents (3) | 1,628,047 | 1,332,218 | 1,647,385 | |||
| Net debt / pro forma adjusted EBITDA ratio (4) | 2.3 | 2.0 | 2.5 |
All values are in US Dollars.
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) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Cash provided by (used in) | ||||||||||||
| Operating activities | ||||||||||||
| Net earnings | $ | 65,134 | $ | 69,377 | $ | 138,023 | $ | 155,440 | ||||
| Items not affecting cash: | ||||||||||||
| 64,405 | 56,073 | 189,493 | 156,426 | |||||||||
| 406 | - | 406 | - | |||||||||
| (12,272 | ) | (6,151 | ) | (26,766 | ) | (11,178 | ) | |||||
| (8,723 | ) | (3,601 | ) | (19,968 | ) | (9,224 | ) | |||||
| (4,634 | ) | (6,528 | ) | (19,184 | ) | (13,923 | ) | |||||
| 19,931 | (14,672 | ) | 57,024 | 476 | ||||||||
| 124,247 | 94,498 | 319,028 | 278,017 | |||||||||
| Increase in accounts receivable, prepaid | ||||||||||||
| (53,136 | ) | (69,942 | ) | (162,816 | ) | (164,231 | ) | |||||
| Increase (decrease) in accounts payable, accrued | ||||||||||||
| (31,874 | ) | 41,027 | (58,810 | ) | 38,125 | |||||||
| Increase (decrease) in accrued compensation | 68,559 | 38,569 | (32,400 | ) | (48,449 | ) | ||||||
| Contingent acquisition consideration paid | 896 | (69 | ) | (7,052 | ) | (3,107 | ) | |||||
| Mortgage origination activities, net | 4,604 | 3,591 | 16,069 | 10,783 | ||||||||
| Sales to AR Facility, net | 64 | (546 | ) | (572 | ) | (436 | ) | |||||
| Net cash provided by operating activities | 113,360 | 107,128 | 73,447 | 110,702 | ||||||||
| Investing activities | ||||||||||||
| Acquisition of businesses, net of cash acquired | (168,741 | ) | (454,638 | ) | (228,444 | ) | (472,410 | ) | ||||
| Purchases of fixed assets | (16,774 | ) | (16,158 | ) | (47,856 | ) | (45,511 | ) | ||||
| Purchases of warehouse fund assets | (40,068 | ) | (15,676 | ) | (161,802 | ) | (273,019 | ) | ||||
| Proceeds from disposal of warehouse fund assets | 17,612 | - | 80,526 | 76,438 | ||||||||
| Cash collections on AR Facility deferred purchase price | 35,272 | 32,957 | 119,249 | 101,805 | ||||||||
| Other investing activities | (28,924 | ) | (43,518 | ) | (74,688 | ) | (101,651 | ) | ||||
| Net cash used in investing activities | (201,623 | ) | (497,033 | ) | (313,015 | ) | (714,348 | ) | ||||
| Financing activities | ||||||||||||
| Increase in long-term debt, net | 137,934 | 418,207 | 398,720 | 419,683 | ||||||||
| Purchases of non-controlling interests, net | (17,548 | ) | (8,052 | ) | (34,767 | ) | (17,789 | ) | ||||
| Dividends paid to common shareholders | (7,620 | ) | (7,542 | ) | (15,212 | ) | (14,674 | ) | ||||
| Distributions paid to non-controlling interests | (15,770 | ) | (17,475 | ) | (61,243 | ) | (66,302 | ) | ||||
| Issuance of subordinate voting shares | - | - | - | 286,924 | ||||||||
| Other financing activities | 13,687 | 11,003 | 6,247 | 28,096 | ||||||||
| Net cash provided by financing activities | 110,683 | 396,141 | 293,745 | 635,938 | ||||||||
| Effect of exchange rate changes on cash, | ||||||||||||
| 1,292 | (1,663 | ) | (14,049 | ) | (6,109 | ) | ||||||
| Net change in cash and cash | ||||||||||||
| 23,712 | 4,573 | 40,128 | 26,183 | |||||||||
| Cash and cash equivalents and | ||||||||||||
| 234,397 | 240,685 | 217,981 | 219,075 | |||||||||
| Cash and cash equivalents and | ||||||||||||
| $ | 258,109 | $ | 245,258 | $ | 258,109 | $ | 245,258 |
All values are in US Dollars.
| Colliers International Group Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segmented Results | ||||||||||||
| (in thousands of US dollars) | ||||||||||||
| Real Estate | Investment | |||||||||||
| (unaudited) | Services | Engineering | Management | Corporate | Total | |||||||
| Three months ended September 30 | ||||||||||||
| 2025 | ||||||||||||
| Revenues | $ | 838,565 | $ | 488,062 | $ | 136,288 | $ | 183 | $ | 1,463,098 | ||
| Net Revenues | 778,789 | 353,242 | 126,638 | 183 | 1,258,852 | |||||||
| Adjusted EBITDA | 88,043 | 53,581 | 53,584 | (4,093 | ) | 191,115 | ||||||
| Operating earnings (loss) | 67,093 | 27,109 | 36,012 | (25,530 | ) | 104,684 | ||||||
| 2024 | ||||||||||||
| Revenues | $ | 734,932 | $ | 316,624 | $ | 127,405 | $ | 98 | $ | 1,179,059 | ||
| Net Revenues | 680,857 | 257,465 | 119,622 | 98 | 1,058,042 | |||||||
| Adjusted EBITDA | 64,744 | 39,820 | 55,962 | (5,890 | ) | 154,636 | ||||||
| Operating earnings (loss) | 42,399 | 19,700 | 67,217 | (19,579 | ) | 109,737 | ||||||
| Real Estate | Investment | |||||||||||
| Services | Engineering | Management | Corporate | Total | ||||||||
| Nine months ended September 30 | ||||||||||||
| 2025 | ||||||||||||
| Revenues | $ | 2,260,926 | $ | 1,301,913 | $ | 388,624 | $ | 454 | $ | 3,951,917 | ||
| Net Revenues | 2,097,823 | 976,674 | 363,529 | 454 | 3,438,480 | |||||||
| Adjusted EBITDA | 214,136 | 123,925 | 158,669 | (9,362 | ) | 487,368 | ||||||
| Operating earnings (loss) | 149,662 | 41,149 | 98,206 | (53,546 | ) | 235,471 | ||||||
| 2024 | ||||||||||||
| Revenues | $ | 2,128,082 | $ | 816,023 | $ | 375,977 | $ | 325 | $ | 3,320,407 | ||
| Net Revenues | 1,970,182 | 631,068 | 365,194 | 325 | 2,966,769 | |||||||
| Adjusted EBITDA | 197,236 | 71,814 | 159,301 | (9,396 | ) | 418,955 | ||||||
| Operating earnings (loss) | 123,508 | 32,614 | 161,129 | (49,439 | ) | 267,812 |
Non-GAAP Measures 1. Reconciliation of revenues to net revenues Net revenues are defined as revenues excluding subconsultant and other reimbursable direct costs in Real Estate Services and Engineering segments as well as historical pass-through performance fees in Investment Management segment to better reflect the operating performance of the business.
| Real Estate | Investment | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Services | Engineering | Management | Corporate | Total | |||||||||||
| Three months ended September 30 | |||||||||||||||
| 2025 | |||||||||||||||
| Revenues | $ | 838,565 | $ | 488,062 | $ | 136,288 | $ | 183 | $ | 1,463,098 | |||||
| Subconsultant and other direct costs | (59,776 | ) | (134,820 | ) | - | - | **** | (194,596 | ) | ||||||
| Historical pass-through performance fees | - | - | (9,650 | ) | - | (9,650 | ) | ||||||||
| Net Revenues | $ | 778,789 | $ | 353,242 | $ | 126,638 | $ | 183 | $ | 1,258,852 | |||||
| 2024 | |||||||||||||||
| Revenues | $ | 734,932 | $ | 316,624 | $ | 127,405 | $ | 98 | $ | 1,179,059 | |||||
| Subconsultant and other direct costs | (54,075 | ) | (59,159 | ) | - | - | (113,234 | ) | |||||||
| Historical pass-through performance fees | - | - | (7,783 | ) | - | (7,783 | ) | ||||||||
| Net Revenues | $ | 680,857 | $ | 257,465 | $ | 119,622 | $ | 98 | $ | 1,058,042 | |||||
| Real Estate | Investment | ||||||||||||||
| Services | Engineering | Management | Corporate | Total | |||||||||||
| Nine months ended September 30 | |||||||||||||||
| 2025 | |||||||||||||||
| Revenues | $ | 2,260,926 | $ | 1,301,913 | $ | 388,624 | $ | 454 | $ | 3,951,917 | |||||
| Subconsultant and other direct costs | (163,103 | ) | (325,239 | ) | - | - | (488,342 | ) | |||||||
| Historical pass-through performance fees | - | - | (25,095 | ) | - | (25,095 | ) | ||||||||
| Net Revenues | $ | 2,097,823 | $ | 976,674 | $ | 363,529 | $ | 454 | $ | 3,438,480 | |||||
| 2024 | |||||||||||||||
| Revenues | $ | 2,128,082 | $ | 816,023 | $ | 375,977 | $ | 325 | $ | 3,320,407 | |||||
| Subconsultant and other direct costs | (157,900 | ) | (184,955 | ) | - | - | (342,855 | ) | |||||||
| Historical pass-through performance fees | - | - | (10,783 | ) | - | (10,783 | ) | ||||||||
| Net Revenues | $ | 1,970,182 | $ | 631,068 | $ | 365,194 | $ | 325 | $ | 2,966,769 |
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$) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net earnings | $ | 65,134 | $ | 69,377 | $ | 138,023 | $ | 155,440 | ||||
| Income tax | 19,120 | 21,131 | 49,076 | 55,478 | ||||||||
| Other income, including equity earnings from non-consolidated investments | (2,270 | ) | (4,121 | ) | (12,391 | ) | (5,704 | ) | ||||
| Interest expense, net | 22,700 | 23,350 | 60,763 | 62,598 | ||||||||
| Operating earnings | 104,684 | 109,737 | 235,471 | 267,812 | ||||||||
| Loss on disposal of operations | 406 | - | 406 | - | ||||||||
| Depreciation and amortization | 64,405 | 56,073 | 189,493 | 156,426 | ||||||||
| Gains attributable to MSRs | (12,272 | ) | (6,151 | ) | (26,766 | ) | (11,178 | ) | ||||
| Equity earnings from non-consolidated investments | 2,134 | 4,008 | 9,186 | 5,240 | ||||||||
| Acquisition-related items | (1,150 | ) | (20,931 | ) | 24,290 | (34,212 | ) | |||||
| Restructuring, optimization and integration costs | 14,651 | 5,087 | 21,226 | 13,920 | ||||||||
| Stock-based compensation expense | 18,257 | 6,813 | 34,062 | 20,947 | ||||||||
| Adjusted EBITDA | $ | 191,115 | $ | 154,636 | $ | 487,368 | $ | 418,955 |
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 continuing 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$) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net earnings | $ | 65,134 | $ | 69,377 | $ | 138,023 | $ | 155,440 | ||||
| Non-controlling interest share of earnings | (14,526 | ) | (14,929 | ) | (36,493 | ) | (35,074 | ) | ||||
| Loss on disposal of operations | 406 | - | 406 | - | ||||||||
| Amortization of intangible assets | 44,773 | 38,226 | 132,511 | 107,697 | ||||||||
| Gains attributable to MSRs | (12,272 | ) | (6,151 | ) | (26,766 | ) | (11,178 | ) | ||||
| Acquisition-related items | (1,150 | ) | (20,931 | ) | 24,290 | (34,212 | ) | |||||
| Restructuring, optimization and integration costs | 14,651 | 5,087 | 21,226 | 13,920 | ||||||||
| Stock-based compensation expense | 18,257 | 6,813 | 34,062 | 20,947 | ||||||||
| Income tax on adjustments | (19,931 | ) | (5,383 | ) | (45,623 | ) | (26,116 | ) | ||||
| Non-controlling interest on adjustments | (10,829 | ) | (5,060 | ) | (25,463 | ) | (18,331 | ) | ||||
| Adjusted net earnings | $ | 84,513 | $ | 67,049 | $ | 216,173 | $ | 173,093 | ||||
| Three months ended | Nine months ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| September 30 | September 30 | |||||||||||
| (in US$) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Diluted net earnings per common share | $ | 0.82 | $ | 0.73 | $ | 0.82 | $ | 1.73 | ||||
| Non-controlling interest redemption increment | 0.16 | 0.34 | 1.17 | 0.68 | ||||||||
| Gain on disposal of operations, net of tax | (0.03 | ) | - | (0.03 | ) | - | ||||||
| Amortization expense, net of tax | 0.54 | 0.59 | 1.63 | 1.48 | ||||||||
| Gains attributable to MSRs, net of tax | (0.14 | ) | (0.07 | ) | (0.30 | ) | (0.13 | ) | ||||
| Acquisition-related items, net of tax | (0.15 | ) | (0.45 | ) | 0.18 | (0.84 | ) | |||||
| Restructuring, optimization and integration costs, net of tax | 0.17 | 0.08 | 0.27 | 0.21 | ||||||||
| Stock-based compensation expense, net of tax | 0.27 | 0.10 | 0.50 | 0.33 | ||||||||
| Adjusted EPS | $ | 1.64 | $ | 1.32 | $ | 4.24 | $ | 3.46 | ||||
| Diluted weighted average shares for Adjusted EPS (thousands) | 51,404 | 50,797 | 50,998 | 50,054 |
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$) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net cash provided by operating activities | $ | 113,360 | $ | 107,128 | $ | 73,447 | $ | 110,702 | ||||
| Contingent acquisition consideration paid | (896 | ) | 69 | 7,052 | 3,107 | |||||||
| Purchase of fixed assets | (16,774 | ) | (16,158 | ) | (47,856 | ) | (45,511 | ) | ||||
| Cash collections on AR Facility deferred purchase price | 35,272 | 32,957 | 119,249 | 101,805 | ||||||||
| Distributions paid to non-controlling interests | (15,770 | ) | (17,475 | ) | (61,243 | ) | (66,302 | ) | ||||
| Free cash flow | $ | 115,192 | $ | 106,521 | $ | 90,649 | $ | 103,801 | ||||
| Trailing Twelve Months ended | ||||||||||||
| --- | --- | --- | --- | --- | ||||||||
| (in thousands of US$) | September 30, 2025 | |||||||||||
| 2024 Annual free cash flow | $ | 330,244 | ||||||||||
| Add: Free cash flow for nine months ended September 30, 2025 | 90,649 | |||||||||||
| Less: Free cash flow for nine months ended September 30, 2024 | (103,801 | ) | ||||||||||
| Trailing twelve months ended September 30, 2025 free cash flow | $ | 317,092 |
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. 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, 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 recurring revenue percentage Adjusted EBITDA from recurring 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 Chairman & Chief Executive Officer
Christian Mayer Chief Financial Officer (416) 960-9500
EdgarFiling
EXHIBIT 99.2
Third Quarter 2025 Results November 4, 2025 REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT
2 Colliers (US $ millions, except per share amounts) Highlights • Solid momentum across all segments • Engineering growth driven by strategic acquisitions and robust organic performance • Surge in transaction activity in Real Estate Services • Advanced integration of global Investment Management operations under the Harrison Street Asset Management brand • Tracking well to 2025 outlook USD LC (1) Revenues 1,463.1 1,179.1 24% 23% Net Revenues 1,258.9 1,058.0 19% 18% Adjusted EBITDA 191.1 154.6 24% 24% Adjusted EBITDA Margin 13.1% 13.1% Adjusted EPS 1.64 1.32 24% GAAP Operating Earnings 104.7 109.7 -5% GAAP Operating Earnings Margin 7.2% 9.3% GAAP diluted EPS 0.82 0.73 12% USD LC (1) Revenues 3,951.9 3,320.4 19% 19% Net Revenues 3,438.5 2,966.8 16% 16% Adjusted EBITDA 487.4 419.0 16% 16% Adjusted EBITDA Margin 12.3% 12.6% Adjusted EPS 4.24 3.46 23% GAAP Operating Earnings 235.5 267.8 -12% GAAP Operating Earnings Margin 6.0% 8.1% GAAP diluted EPS 0.82 1.73 -52% Three months ended September 30 2025 2024 %Change Nine months ended September 30 2025 2024 % Change (1) Local currency
22% 48% 30% 72% Recurring TTM Q3 2025 AEBITDA by Segment 32% 58% 10% TTM Q3 2025 Revenue by Segment 63% Recurring 3 Colliers Real Estate Services Engineering Investment Management Global diversification with 70%+ recurring earnings A Different Kind of Company Please refer to Appendix
4 Colliers Consolidated Revenues Engineering Investment Management Real Estate Services Local currency internal growth: 13% % Change over Q3 2024 USD LC Investment Management 7% 6% Engineering 54% 53% Real Estate Services 14% 13% Total 24% 23% 4 4 (US$ millions)
4 4 5 Colliers (US$ millions) Real Estate Services • Robust growth in Capital Markets across all geographies and asset classes • Solid growth in Leasing driven by industrial, office and specialty assets, including data centers • Higher Outsourcing activity in all services, led by valuation and advisory • AEBITDA margin improvement driven by operating leverage, partly offset by continued investments to strengthen geographic and asset class capabilities 4 4 QHWPDUJLQ QHWPDUJLQ USD LC Revenue Growth 14% 13% Net Revenue Growth 14% 14% AEBITDA Growth 36% 36% Revenues AEBITDA Outsourcing Leasing Capital Markets Subconsultant and other direct costs GAAP Operating Earnings: Q3 2025 $67.1M at 8.0% margin; Q3 2024 $42.4M at 5.8% margin
6 Colliers (US$ millions) Engineering • Favourable impact of recent acquisitions and strong 6% internal net revenue growth • Continued infrastructure, urbanization, and energy transition tailwinds • Net margin down slightly due to service mix 4 4 GAAP Operating Earnings: Q3 2025 $27.1M at 5.6% margin; Q3 2024 $19.7M at 6.2% margin 4 4 QHW PDUJLQ QHWPDUJLQ USD LC Revenue Growth 54% 53% Net Revenue Growth 37% 36% AEBITDA Growth 35% 35% Revenues AEBITDA Engineering Subconsultant and other direct costs
7 Colliers (US$ millions) Investment Management • Favourable impact of an acquisition and higher fee - paying assets under management • Net margin impacted by investments in unifying the platform and integrating certain functions to leverage their scale and capabilities • AUM of $108.3 billion (up 5% from June 30, 2025; up 10% from December 31, 2024), and included the impact of an acquisition and fundraising, partially offset by asset sales • FPAUM of $54.4 billion (up 6% from June 30, 2025; up 9% from December 31, 2024) 4 4 GAAP Operating Earnings: Q3 2025 $36.0M at 26.4% margin; Q3 2024 $67.2M at 52.8% margin 4 4 QHW PDUJLQ QHW PDUJLQ USD LC Revenue Growth 7% 6% Net Revenue Growth 6% 5% AEBITDA Growth -4% -5% Management fees Pass - through performance fees Revenues AEBITDA
8 Colliers (US$ millions) Capitalization & Capital Allocation • Leverage ratio of 2.3x • $950 million of available liquidity under revolving credit facility • Anticipating capital expenditures of $100 - $110 million in 2025, representing ~2% of trailing twelve - month revenues Cash $ 212.5 $ 176.3 $ 157.0 Total Debt 1,840.5 1,508.5 1,804.4 Net Debt $ 1,628.0 $ 1,332.2 $ 1,647.4 Redeemable non-controlling interests 1,275.2 1,152.6 1,122.1 Shareholders' equity 1,444.0 1,325.6 1,255.6 Total capitalization $ 4,347.2 $ 3,810.4 $ 4,025.1 Net debt / pro forma adjusted EBITDA - Leverage Ratio (1) 2.3x 2.0x 2.5x Capital Expenditures $ 47.9 $ 45.5 Acquisition Spend (2) $ 307.2 $ 495.5 Nine months ended September 30, 2025 September 30, 2024 September 30, 2025 December 31, 2024 September 30, 2024 (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 Maintaining 2025 Outlook (1) Based on expectations of continuing lower global trade uncertainty and lower interest rate volatility for the fourth quarter 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 does not include future acquisitions. Real Estate Services Engineering Investment Management Consolidated High single - digit revenue growth with modest increase in AEBITDA margin 30 - 35% revenue growth with increase in AEBITDA margin High - single digit revenue growth with flat net AEBITDA margin 1 PRIOR DRIVERS UPDATED DRIVERS Low - teens percentage revenue growth Mid - teens AEBITDA growth Mid to high - teens AEPS growth High single - digit revenue growth with better than previously anticipated AEBITDA margin expansion 30 - 35% revenue growth with increase in AEBITDA margin High - single digit revenue growth with lower net AEBITDA margin
Appendix Colliers 10
Colliers 11 (US$ thousands) Net earnings $ 65,134 $ 69,377 $ 138,023 $ 155,440 Income tax 19,120 21,131 49,076 55,478 Other income, including equity earnings from non-consolidated investments (2,270) (4,121) (12,391) (5,704) Interest expense, net 22,700 23,350 60,763 62,598 Operating earnings 104,684 109,737 235,471 267,812 Loss on disposal of business operations 406 - 406 - Depreciation and amortization 64,405 56,073 189,493 156,426 Gains attributable to MSRs (12,272) (6,151) (26,766) (11,178) Equity earnings from non-consolidated investments 2,134 4,008 9,186 5,240 Acquisition-related items (1,150) (20,931) 24,290 (34,212) Restructuring, optimization and integration costs 14,651 5,087 21,226 13,920 Stock-based compensation expense 18,257 6,813 34,062 20,947 Adjusted EBITDA $ 191,115 $ 154,636 $ 487,368 $ 418,955 Three months ended Nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 12 (US$ thousands) Net earnings $ 65,134 $ 69,377 $ 138,023 $ 155,440 Non-controlling interest share of earnings (14,526) (14,929) (36,493) (35,074) Loss on disposal of operations 406 - 406 - Amortization of intangible assets 44,773 38,226 132,511 107,697 Gains attributable to MSRs (12,272) (6,151) (26,766) (11,178) Acquisition-related items (1,150) (20,931) 24,290 (34,212) Restructuring, optimization and integration costs 14,651 5,087 21,226 13,920 Stock-based compensation expense 18,257 6,813 34,062 20,947 Income tax on adjustments (19,931) (5,383) (45,623) (26,116) Non-controlling interest on adjustments (10,829) (5,060) (25,463) (18,331) Adjusted net earnings $ 84,513 $ 67,049 $ 216,173 $ 173,093 (US$) Diluted net earnings per common share $ 0.82 $ 0.73 $ 0.82 $ 1.73 Non-controlling interest redemption increment 0.16 0.34 1.17 0.68 Gain on disposal of operations, net of tax (0.03) - (0.03) - Amortization expense, net of tax 0.54 0.59 1.63 1.48 Gains attributable to MSRs, net of tax (0.14) (0.07) (0.30) (0.13) Acquisition-related items, net of tax (0.15) (0.45) 0.18 (0.84) Restructuring, optimization and integration costs, net of tax 0.17 0.08 0.27 0.21 Stock-based compensation expense, net of tax 0.27 0.10 0.50 0.33 Adjusted EPS $ 1.64 $ 1.32 $ 4.24 $ 3.46 Diluted weighted average shares for Adjusted EPS (thousands) 51,404 50,797 50,998 50,054 Three months ended Nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Three months ended Nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 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 $ 113,360 $ 107,128 $ 73,447 $ 110,702 Contingent acquisition consideration paid (896) 69 7,052 3,107 Purchase of fixed assets (16,774) (16,158) (47,856) (45,511) Cash collections on AR Facility deferred purchase price 35,272 32,957 119,249 101,805 Distributions paid to non-controlling interests (15,770) (17,475) (61,243) (66,302) Free cash flow $ 115,192 $ 106,521 $ 90,649 $ 103,801 Three months ended Nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Colliers 14 Trailing twelve months free cash flow (US$ thousands) 2024 Annual free cash flow $ 330,244 Add: Free cash flow for nine months ended September 30, 2025 90,649 Less: Free cash flow for nine months ended September 30, 2024 (103,801) Trailing twelve months ended September 30, 2025 free cash flow $ 317,092 Trailing Twelve Months Ended September 30, 2025
Colliers 15 Reconciliation of revenues to net revenues – Quarterly (US$ thousands) Three months ended September 30, 2025 Revenues $ 838,565 $ 488,062 $ 136,288 $ 183 $ 1,463,098 Subconsultant and other direct costs (59,776) (134,820) - - (194,596) Historical pass-through performance fees - - (9,650) - (9,650) Net revenues $ 778,789 $ 353,242 $ 126,638 $ 183 $ 1,258,852 Three months ended September 30, 2024 Revenues $ 734,932 $ 316,624 $ 127,405 $ 98 $ 1,179,059 Subconsultant and other direct costs (54,075) (59,159) - - (113,234) Historical pass-through performance fees - - (7,783) - (7,783) Net revenues $ 680,857 $ 257,465 $ 119,622 $ 98 $ 1,058,042 Real Estate Services Investment Management Engineering Corporate Consolidated
Colliers 16 Reconciliation of revenues to net revenues – Year to date (US$ thousands) Nine months ended Revenues $ 2,260,926 $ 1,301,913 $ 388,624 $ 454 $ 3,951,917 Subconsultant and other direct costs (163,103) (325,239) - - (488,342) Historical pass-through performance fees - - (25,095) - (25,095) Net revenues $ 2,097,823 $ 976,674 $ 363,529 $ 454 $ 3,438,480 Nine months ended September 30, 2024 Revenues $ 2,128,082 $ 816,023 $ 375,977 $ 325 $ 3,320,407 Subconsultant and other direct costs (157,900) (184,955) - - (342,855) Historical pass-through performance fees - - (10,783) - (10,783) Net revenues $ 1,970,182 $ 631,068 $ 365,194 $ 325 $ 2,966,769 September 30, 2025 Real Estate Services Investment Management Engineering 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, 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. 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. Recurring revenue percentage Recurring 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 recurring revenue percentage Adjusted EBITDA from recurring for this 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 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