Colliers International Group Inc 6-K, filed Jul 30, 2026
Colliers International Group Inc. (CIGI)
About this 6-K
Colliers International Group Inc filed this 6-K on July 30, 2026.
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 July 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 ]
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, thereunto duly authorized.
| COLLIERS INTERNATIONAL GROUP INC. | ||
| Date: July 30, 2026 | /s/ Christian Mayer | |
| Name: Christian Mayer | ||
| Title: Global Chief Financial Officer & Chief Executive Officer, Commercial Real Estate | ||
EXHIBIT INDEX
EXHIBIT 99.1
Colliers Reports Second Quarter Results
Double-digit revenue growth across all three platforms; 2026 outlook reaffirmed
Second quarter operating highlights:
| Three months ended | Six months ended | |||||||||||
| June 30 | June 30 | |||||||||||
| (in millions of US$, except EPS) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Revenues | $ | 1,572.5 | $ | 1,347.6 | $ | 2,886.0 | $ | 2,488.8 | ||||
| Net Revenues (note 1) | 1,386.3 | 1,185.9 | 2,536.4 | 2,179.6 | ||||||||
| Adjusted EBITDA (note 2) | 205.3 | 180.2 | 330.1 | 296.3 | ||||||||
| Adjusted EPS (note 3) | 1.83 | 1.72 | 2.74 | 2.59 | ||||||||
| GAAP operating earnings | 98.4 | 99.2 | 133.4 | 130.8 | ||||||||
| GAAP diluted net earnings per share | 0.56 | 0.08 | 0.09 | 0.00 | ||||||||
TORONTO, July 30, 2026 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) (“Colliers” or the “Company”) today announced financial results for the second quarter ended June 30, 2026. All amounts are in US dollars.
Second quarter consolidated revenues were $1.57 billion, up 17% (16% in local currency), net revenues were $1.39 billion, up 17% (16% in local currency) and Adjusted EBITDA (note 2) was $205.3 million, up 14% (13% in local currency) compared to the prior year quarter. Consolidated internal revenue growth measured in local currencies was 8% (note 5) versus the prior year quarter. Adjusted EPS (note 3) was $1.83, an increase of 6% over the prior year quarter. Adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts. GAAP operating earnings were $98.4 million compared to $99.2 million in the prior year quarter, with the current period impacted by higher acquisition costs primarily related to the Ayesa Engineering acquisition. The GAAP diluted net earnings per share was $0.56, compared to $0.08 in the prior year quarter. Second quarter GAAP diluted net earnings per share would have been approximately $0.01 lower excluding foreign exchange impacts.
For the six months ended June 30, 2026, revenues were $2.89 billion, up 16% (14% in local currency), net revenues were $2.54 billion, up 16% (15% in local currency) and Adjusted EBITDA (note 2) was $330.1 million, up 11% (11% in local currency) versus the prior year. Consolidated internal revenue growth measured in local currency (note 5) was 8% versus the prior year. Adjusted EPS (note 3) was $2.74, up 6% from $2.59 in the prior year period. Adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts. The GAAP operating earnings were $133.4 million compared to $130.8 million in the prior year. The GAAP diluted net earnings per share was $0.09 compared with nil in the prior year period. The GAAP diluted net earnings per share would have been approximately $0.01 lower excluding foreign exchange impacts.
On a trailing twelve-month basis, the Company generated approximately 70% of its earnings from resilient businesses (note 8). For the trailing twelve-month period, free cash flow (note 4) was $365.6 million, representing 106% of adjusted net earnings, reflecting the Company’s asset-light business model and strong cash generation profile.
“Colliers delivered another strong quarter, with double-digit revenue growth across all three platforms, healthy internal growth and continued improvement in earnings quality,” said Jay S. Hennick, Global Chairman & CEO. “Our results increasingly reflect the strength of our broader, more diversified professional-services platform with greater durability and multiple avenues for growth.”
“Engineering continues to demonstrate why it has become such an important differentiator for Colliers. The acquisition of Ayesa late in the quarter expanded our global capabilities and deepened our expertise across infrastructure, transportation, water, property and buildings. Engineering provides recurring and long-dated revenue growth, strong visibility and attractive secular tailwinds that complement both our commercial real estate and investment management businesses, creating new ways to serve clients across the full asset lifecycle.”
“Investment Management also continues to add strength and differentiation to Colliers. Harrison Street has evolved into a diversified global asset management platform spanning real estate, credit, infrastructure and private wealth, reflecting deliberate investments and strategic choices that are expanding opportunities for investors and creating greater long-term value for shareholders.“
“Overall, our second quarter results reinforce our confidence in the future. We are benefiting from improving commercial real estate markets, strong secular growth in Engineering, continued expansion of Investment Management and the advantages of a diversified business model that differentiates Colliers from others,” Mr. Hennick concluded.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a global diversified professional services and investment management company operating through three industry leading businesses: Commercial Real Estate, Engineering, and Investment Management. With greater than a 30-year track record of consistent growth and strong recurring cash flows, we scale complementary, high-value businesses that provide essential services across the full asset lifecycle.
Our unique partnership philosophy empowers exceptional leaders, preserves our entrepreneurial culture, and ensures meaningful inside ownership — driving strong alignment and sustained value creation for our shareholders.
With $6 billion in annual revenues, 28,000 professionals, and $110 billion in assets under management, Colliers is committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com.
Segmented Second Quarter Results
Commercial Real Estate revenues for the second quarter totalled $997.3 million, up 12% (up 11% in local currency) versus the prior year quarter. Net revenues were $891.4 million, up 13% (up 12% in local currency). Capital Markets revenues were up 23% with strong growth across all geographies, led by the Americas and Asia Pacific. Leasing also generated strong growth across all geographies, up 23% led by the US on continued momentum in the industrial and office asset classes. Adjusted EBITDA was $105.9 million, up 14% (13% in local currency) versus the prior year quarter. The net margin increased modestly on operating leverage from higher transactional revenues. The GAAP operating earnings were $83.0 million, relative to $71.9 million in the prior year quarter.
Engineering revenues totalled $427.8 million, up 30% (30% in local currency) compared to the prior year quarter. Net revenues (excluding subconsultant and other pass-through costs) were $359.4 million, up 28% (27% in local currency) driven by a combination of recent acquisitions and solid internal growth. Adjusted EBITDA was $52.1 million, up 28% (27% in local currency) over the prior year quarter, with the net margin up slightly. The GAAP operating earnings were $20.7 million relative to $14.1 million in the prior year quarter.
Investment Management revenues were $147.2 million, up 17% (17% in local currency) relative to the prior year quarter. Net revenues (excluding pass-through performance fees) were $135.3 million, up 15% (15% in local currency) driven by internal growth and the favourable impact of a recent acquisition. Adjusted EBITDA was $49.4 million, down 1% (1% in local currency) compared to the prior year quarter, reflecting continued investments in strengthening the global platform under the Harrison Street Asset Management brand, improving the ability to raise capital, serve investors and capitalize on opportunities across real assets, infrastructure and credit strategies. These investments are expected to continue in the second half of the year. GAAP operating earnings were $20.2 million in the quarter versus $29.3 million in the prior year quarter. Total assets under management were $109.9 billion as of June 30, 2026, up 6% from June 30, 2025.
Unallocated global corporate costs as reported in Adjusted EBITDA were $2.1 million, relative to a cost of $3.1 million in the prior year quarter. The corporate GAAP operating loss was $25.5 million compared to $16.2 million in the prior year quarter.
2026 Outlook
The Company reaffirmed its outlook for 2026, which includes the impact of Ayesa. On a consolidated basis, the Company expects to generate mid-teens percentage growth in each of revenues, Adjusted EBITDA and Adjusted EPS for the full year. The outlook drivers by segment are also reaffirmed and are described in the accompanying earnings call presentation.
The financial outlook is based on the Company’s best available information as of the date of this press release, and remains subject to change based on numerous macroeconomic, geopolitical, international trade, health, social and related factors. The outlook does not include any further acquisitions.
Conference Call
Colliers will be holding a conference call on Thursday, July 30, 2026 at 11:00 a.m. Eastern Time to discuss the quarter’s results. The call will be simultaneously web cast and can be accessed live or after the call at corporate.colliers.com in the Events section.
Forward-looking Statements
This press release includes or may include forward-looking statements. Forward-looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and consumer spending, particularly in regions where the business may be concentrated; commercial real estate and real asset values, vacancy rates and general conditions of financial liquidity for real estate transactions; trends in pricing and risk assumption for commercial real estate services; the effect of significant movements in capitalization rates across different asset types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect revenues and operating performance; competition in the markets served by the Company; the utilization of artificial intelligence (AI) and machine learning technologies, including associated impacts on the Company’s services, competitive environment, ability to hire/retain specialized talent, cybersecurity, and legal and governance risks; the ability to attract new clients and to retain clients and renew related contracts; the ability to attract new capital commitments to Investment Management funds and retain existing capital under management; the ability to retain and incentivize employees; increases in wage and benefit costs; the effects of changes in interest rates on the cost of borrowing; unexpected increases in operating costs, such as insurance, workers’ compensation and health care; changes in the frequency or severity of insurance incidents relative to historical experience; the effects of changes in foreign exchange rates in relation to the US dollar on the Company’s Canadian dollar, Euro, Australian dollar and UK pound sterling denominated revenues and expenses; the impact of pandemics on client demand for the Company’s services, the ability of the Company to deliver its services and the health and productivity of its employees; the impact of global climate change; the impact of political events including elections, referenda, trade policy changes, immigration policy changes, hostilities, war and terrorism on the Company’s operations; the ability to identify and make acquisitions at reasonable prices and successfully integrate acquired operations; the ability to execute on, and adapt to, information technology strategies and trends; the ability to comply with laws and regulations, including real estate investment management and mortgage banking licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions; and changes in government laws and policies at the federal, state/provincial or local level that may adversely impact the business.
Additional information and risk factors identified in the Company’s other periodic filings with Canadian and US securities regulators are adopted herein and a copy of which can be obtained at www.sedarplus.ca. Forward looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Summary unaudited financial information is provided in this press release. This press release should be read in conjunction with the Company's consolidated financial statements and MD&A to be made available on SEDAR+ at www.sedarplus.ca.
This press release does not constitute an offer to sell or a solicitation of an offer to purchase an interest in any fund.
Note: The Company rounds numbers in the tables below to thousands of US dollars, except per share amounts. Accordingly, some totals may not sum exactly to the corresponding amounts.
| Colliers International Group Inc. | ||||||||||||||||||
| Condensed Consolidated Statements of Earnings | ||||||||||||||||||
| (in thousands of US$, except per share amounts) | ||||||||||||||||||
| Three months | Six months | |||||||||||||||||
| ended June 30 | ended June 30 | |||||||||||||||||
| (unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Revenues | $ | 1,572,499 | $ | 1,347,649 | $ | 2,885,971 | $ | 2,488,819 | ||||||||||
| Cost of revenues | 937,394 | 798,064 | 1,726,929 | 1,486,554 | ||||||||||||||
| Selling, general and administrative expenses | 436,752 | 372,657 | 841,800 | 720,950 | ||||||||||||||
| Depreciation | 20,964 | 18,703 | 41,265 | 37,350 | ||||||||||||||
| Amortization of intangible assets | 50,760 | 42,983 | 98,459 | 87,738 | ||||||||||||||
| Acquisition-related items (1) | 27,387 | 16,059 | 42,740 | 25,440 | ||||||||||||||
| Loss on disposal of operations | 800 | - | 1,331 | - | ||||||||||||||
| Operating earnings | 98,442 | 99,183 | 133,447 | 130,787 | ||||||||||||||
| Interest expense, net | 26,417 | 15,515 | 49,285 | 38,063 | ||||||||||||||
| Equity earnings from non-consolidated investments | (4,164 | ) | (3,318 | ) | (11,435 | ) | (7,052 | ) | ||||||||||
| Other (income) expense | 135 | (2,229 | ) | 503 | (3,069 | ) | ||||||||||||
| Earnings before income tax | 76,054 | 89,215 | 95,094 | 102,845 | ||||||||||||||
| Income tax | 26,838 | 25,244 | 35,099 | 29,956 | ||||||||||||||
| Net earnings | 49,216 | 63,971 | 59,995 | 72,889 | ||||||||||||||
| Non-controlling interest share of earnings | 16,094 | 16,238 | 20,385 | 21,967 | ||||||||||||||
| Non-controlling interest redemption increment | 4,613 | 43,724 | 35,131 | 51,172 | ||||||||||||||
| Net earnings (loss) attributable to Company | $ | 28,509 | $ | 4,009 | $ | 4,479 | $ | (250 | ) | |||||||||
| Net earnings (loss) per common share | ||||||||||||||||||
| Basic | $ | 0.56 | $ | 0.08 | $ | 0.09 | $ | 0.00 | ||||||||||
| Diluted | $ | 0.56 | $ | 0.08 | $ | 0.09 | $ | 0.00 | ||||||||||
Adjusted EPS (2) | $ | 1.83 | $ | 1.72 | $ | 2.74 | $ | 2.59 | ||||||||||
| Weighted average common shares (thousands) | ||||||||||||||||||
| Basic | 51,104 | 50,667 | 51,104 | 50,641 | ||||||||||||||
| Diluted | 51,158 | 50,891 | 51,232 | 50,641 | ||||||||||||||
Notes to Condensed Consolidated Statements of Earnings
(1) Acquisition-related items include contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs.
(2) See definition and reconciliation below.
| | ||||||||||
| Colliers International Group Inc. | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (in thousands of US$) | ||||||||||
| June 30, | December 31, | June 30, | ||||||||
| (unaudited) | 2026 | 2025 | 2025 | |||||||
| Assets | ||||||||||
| Cash and cash equivalents | $ | 265,191 | $ | 207,902 | $ | 183,343 | ||||
| Restricted cash (1) | 53,751 | 48,981 | 51,054 | |||||||
| Accounts receivable and contract assets | 1,128,633 | 990,329 | 936,872 | |||||||
| Mortgage warehouse receivables (2) | 189,341 | 140,095 | 104,588 | |||||||
| Prepaids and other assets | 411,184 | 378,453 | 369,005 | |||||||
| Warehouse fund assets | 62,817 | 56,050 | 81,057 | |||||||
| Current assets | 2,110,917 | 1,821,810 | 1,725,919 | |||||||
| Other non-current assets | 282,550 | 249,040 | 232,551 | |||||||
| Warehouse fund assets | 97,908 | 73,785 | 186,602 | |||||||
| Fixed assets | 267,414 | 251,462 | 239,044 | |||||||
| Operating lease right-of-use assets | 528,502 | 443,404 | 408,419 | |||||||
| Deferred tax assets, net | 97,206 | 93,857 | 94,792 | |||||||
| Goodwill and intangible assets | 4,565,663 | 3,855,109 | 3,573,278 | |||||||
| Total assets | $ | 7,950,160 | $ | 6,788,467 | $ | 6,460,605 | ||||
| Liabilities and shareholders' equity | ||||||||||
| Accounts payable and accrued liabilities | $ | 1,270,050 | $ | 1,267,118 | $ | 1,075,674 | ||||
| Other current liabilities | 133,790 | 112,963 | 97,287 | |||||||
| Long-term debt - current | 19,162 | 8,119 | 16,841 | |||||||
| Mortgage warehouse credit facilities (2) | 181,126 | 133,259 | 97,103 | |||||||
| Operating lease liabilities - current | 102,930 | 99,696 | 98,651 | |||||||
| Liabilities related to warehouse fund assets | 62,290 | 33,679 | 84,478 | |||||||
| Current liabilities | 1,769,348 | 1,654,834 | 1,470,034 | |||||||
| Long-term debt - non-current | 2,486,537 | 1,625,392 | 1,723,433 | |||||||
| Operating lease liabilities - non-current | 522,202 | 419,198 | 385,860 | |||||||
| Other liabilities | 104,046 | 129,776 | 143,627 | |||||||
| Deferred tax liabilities, net | 159,299 | 90,996 | 78,937 | |||||||
| Liabilities related to warehouse fund assets | 52,515 | 48,782 | 114,934 | |||||||
| Redeemable non-controlling interests | 1,311,530 | 1,285,046 | 1,157,773 | |||||||
| Shareholders' equity | 1,544,683 | 1,534,443 | 1,386,007 | |||||||
| Total liabilities and equity | $ | 7,950,160 | $ | 6,788,467 | $ | 6,460,605 | ||||
| Supplemental balance sheet information | ||||||||||
| Total debt (3) | $ | 2,505,699 | $ | 1,633,511 | $ | 1,740,274 | ||||
| Total debt, net of cash and cash equivalents (3) | 2,240,508 | 1,425,609 | 1,556,931 | |||||||
| Net debt / pro forma adjusted EBITDA ratio (4) | 2.8 | 2.0 | 2.3 | |||||||
Notes to Condensed Consolidated Balance Sheets
(1) Restricted cash consists primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business.
(2) Mortgage warehouse receivables represent mortgage loans receivable, the majority of which are offset by borrowings under mortgage warehouse credit facilities which fund loans that financial institutions have committed to purchase.
(3) Excluding mortgage warehouse credit facilities.
(4) Net debt for financial leverage ratio excludes restricted cash and mortgage warehouse credit facilities, in accordance with debt agreements.
| Colliers International Group Inc. | |||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||||||
| (in thousands of US$) | |||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||
| June 30 | June 30 | ||||||||||||||||
| (unaudited) | | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Cash provided by (used in) | |||||||||||||||||
| Operating activities | |||||||||||||||||
| Net earnings | $ | 49,216 | $ | 63,971 | $ | 59,995 | $ | 72,889 | |||||||||
| Items not affecting cash: | |||||||||||||||||
| Depreciation and amortization | 71,724 | 61,686 | 139,724 | 125,088 | |||||||||||||
| Gains attributable to mortgage servicing rights | (13,873 | ) | (10,455 | ) | (25,189 | ) | (14,494 | ) | |||||||||
| Gains attributable to the fair value of loan | |||||||||||||||||
| premiums and origination fees | (8,405 | ) | (6,676 | ) | (19,195 | ) | (11,245 | ) | |||||||||
| Deferred income tax | (4,813 | ) | (5,366 | ) | (10,385 | ) | (14,550 | ) | |||||||||
| Other | 36,833 | 17,744 | 70,306 | 37,093 | |||||||||||||
| 130,682 | 120,904 | 215,256 | 194,781 | ||||||||||||||
| Increase in accounts receivable, prepaid | |||||||||||||||||
| expenses and other assets | (137,427 | ) | (139,954 | ) | (213,936 | ) | (109,680 | ) | |||||||||
| Increase (decrease) in accounts payable, accrued | |||||||||||||||||
| expenses and other liabilities | 85,813 | 11,456 | 81,162 | (26,936 | ) | ||||||||||||
| Increase (decrease) in accrued compensation | 34,012 | 51,518 | (186,841 | ) | (100,959 | ) | |||||||||||
| Contingent acquisition consideration paid | (6,257 | ) | (5,680 | ) | (9,227 | ) | (7,948 | ) | |||||||||
| Mortgage origination activities, net | 10,460 | 7,980 | 17,756 | 11,465 | |||||||||||||
| Sales to (purchases of) AR Facility, net | 22,378 | (1,661 | ) | 48,065 | (636 | ) | |||||||||||
| Net cash provided by (used in) operating activities | 139,661 | 44,563 | (47,765 | ) | (39,913 | ) | |||||||||||
| Investing activities | |||||||||||||||||
| Acquisition of businesses, net of cash acquired | (725,065 | ) | (50,218 | ) | (770,107 | ) | (59,703 | ) | |||||||||
| Purchases of fixed assets | (31,306 | ) | (16,428 | ) | (49,602 | ) | (31,082 | ) | |||||||||
| Purchases of warehouse fund assets | (19,000 | ) | (110,921 | ) | (31,475 | ) | (121,734 | ) | |||||||||
| Proceeds from disposal of warehouse fund assets | - | 62,914 | - | 62,914 | |||||||||||||
| Cash collections on AR Facility deferred purchase price | 66,927 | 35,556 | 118,242 | 83,977 | |||||||||||||
| Other investing activities | (13,963 | ) | (22,469 | ) | (42,355 | ) | (45,764 | ) | |||||||||
| Net cash used in investing activities | (722,407 | ) | (101,566 | ) | (775,297 | ) | (111,392 | ) | |||||||||
| Financing activities | |||||||||||||||||
| Increase in long-term debt, net | 675,817 | 118,878 | 940,532 | 260,786 | |||||||||||||
| Sales (purchases) of non-controlling interests, net | 10,283 | (11,916 | ) | (10,103 | ) | (17,219 | ) | ||||||||||
| Dividends paid to common shareholders | - | - | (7,665 | ) | (7,592 | ) | |||||||||||
| Distributions paid to non-controlling interests | (30,282 | ) | (37,015 | ) | (41,404 | ) | (45,473 | ) | |||||||||
| Other financing activities | (4,157 | ) | (6,263 | ) | (7,959 | ) | (7,440 | ) | |||||||||
| Net cash provided by financing activities | 651,661 | 63,684 | 873,401 | 183,062 | |||||||||||||
| Effect of exchange rate changes on cash, | |||||||||||||||||
| cash equivalents and restricted cash | 1,432 | (13,545 | ) | 11,720 | (15,341 | ) | |||||||||||
| Net change in cash and cash | |||||||||||||||||
| equivalents and restricted cash | 70,347 | (6,864 | ) | 62,059 | 16,416 | ||||||||||||
| Cash and cash equivalents and | |||||||||||||||||
| restricted cash, beginning of period | 248,595 | 241,261 | 256,883 | 217,981 | |||||||||||||
| Cash and cash equivalents and | |||||||||||||||||
| restricted cash, end of period | $ | 318,942 | $ | 234,397 | $ | 318,942 | $ | 234,397 | |||||||||
| Colliers International Group Inc. | ||||||||||||||||
| Segmented Results | ||||||||||||||||
| (in thousands of US dollars) | ||||||||||||||||
| Commercial | Investment | |||||||||||||||
| (unaudited) | Real Estate | Engineering | Management | Corporate | Total | |||||||||||
| Three months ended June 30 | ||||||||||||||||
| 2026 | ||||||||||||||||
| Revenues | $ | 997,343 | $ | 427,805 | $ | 147,176 | $ | 175 | $ | 1,572,499 | ||||||
| Net Revenues | 891,402 | 359,444 | 135,325 | 175 | 1,386,346 | |||||||||||
| Adjusted EBITDA | 105,934 | 52,141 | 49,368 | (2,105 | ) | 205,338 | ||||||||||
| Operating earnings (loss) | 83,016 | 20,719 | 20,227 | (25,520 | ) | 98,442 | ||||||||||
| 2025(1) | ||||||||||||||||
| Revenues | $ | 893,177 | $ | 328,189 | $ | 126,134 | $ | 149 | $ | 1,347,649 | ||||||
| Net Revenues | 786,233 | 281,828 | 117,734 | 149 | 1,185,944 | |||||||||||
| Adjusted EBITDA | 92,730 | 40,604 | 49,989 | (3,114 | ) | 180,209 | ||||||||||
| Operating earnings (loss) | 71,929 | 14,128 | 29,287 | (16,161 | ) | 99,183 | ||||||||||
| Commercial | Investment | |||||||||||||||
| Real Estate | Engineering | Management | Corporate | Total | ||||||||||||
| Six months ended June 30 | ||||||||||||||||
| 2026 | ||||||||||||||||
| Revenues | $ | 1,838,514 | $ | 764,652 | $ | 282,442 | $ | 363 | $ | 2,885,971 | ||||||
| Net Revenues | 1,627,658 | 643,786 | 264,591 | 363 | 2,536,398 | |||||||||||
| Adjusted EBITDA | 152,115 | 79,031 | 99,918 | (924 | ) | 330,140 | ||||||||||
| Operating earnings (loss) | 99,465 | 23,180 | 35,626 | (24,824 | ) | 133,447 | ||||||||||
| 2025(1) | ||||||||||||||||
| Revenues | $ | 1,634,153 | $ | 602,059 | $ | 252,336 | $ | 271 | $ | 2,488,819 | ||||||
| Net Revenues | 1,420,220 | 522,246 | 236,891 | 271 | 2,179,628 | |||||||||||
| Adjusted EBITDA | 131,717 | 64,720 | 105,085 | (5,269 | ) | 296,253 | ||||||||||
| Operating earnings (loss) | 85,777 | 10,832 | 62,194 | (28,016 | ) | 130,787 | ||||||||||
| | (1) Prior year results have been recast effective Q1 2026 to reflect local project management operations now being reported under the Commercial Real Estate segment, having previously been reported under the Engineering segment. | |||||||||||||||
| | ||||||||||||||||
Non-GAAP Measures
1. Reconciliation of revenues to net revenues
Net revenues are defined as revenues excluding subconsultant and other reimbursable direct costs in Commercial Real Estate and Engineering segments as well as historical pass-through performance fees in Investment Management segment to better reflect the operating performance of the business.
| Commercial | Investment | ||||||||||||||||||
| Real Estate | Engineering | Management | Corporate | Total | |||||||||||||||
| Three months ended June 30 | |||||||||||||||||||
| 2026 | |||||||||||||||||||
| Revenues | $ | 997,343 | $ | 427,805 | $ | 147,176 | $ | 175 | $ | 1,572,499 | |||||||||
| Subconsultant and other direct costs | (105,941 | ) | (68,361 | ) | - | - | (174,302 | ) | |||||||||||
| Historical pass-through performance fees | - | - | (11,851 | ) | - | (11,851 | ) | ||||||||||||
| Net Revenues | $ | 891,402 | $ | 359,444 | $ | 135,325 | $ | 175 | $ | 1,386,346 | |||||||||
| 2025 | |||||||||||||||||||
| Revenues | $ | 893,177 | $ | 328,189 | $ | 126,134 | $ | 149 | $ | 1,347,649 | |||||||||
| Subconsultant and other direct costs | (106,944 | ) | (46,361 | ) | - | - | (153,305 | ) | |||||||||||
| Historical pass-through performance fees | - | - | (8,400 | ) | - | (8,400 | ) | ||||||||||||
| Net Revenues | $ | 786,233 | $ | 281,828 | $ | 117,734 | $ | 149 | $ | 1,185,944 | |||||||||
| Commercial | Investment | ||||||||||||||||||
| Real Estate | Engineering | Management | Corporate | Total | |||||||||||||||
| Six months ended June 30 | |||||||||||||||||||
| 2026 | |||||||||||||||||||
| Revenues | $ | 1,838,514 | $ | 764,652 | $ | 282,442 | $ | 363 | $ | 2,885,971 | |||||||||
| Subconsultant and other direct costs | (210,856 | ) | (120,866 | ) | - | - | (331,722 | ) | |||||||||||
| Historical pass-through performance fees | - | - | (17,851 | ) | - | (17,851 | ) | ||||||||||||
| Net Revenues | $ | 1,627,658 | $ | 643,786 | $ | 264,591 | $ | 363 | $ | 2,536,398 | |||||||||
| 2025 | |||||||||||||||||||
| Revenues | $ | 1,634,153 | $ | 602,059 | $ | 252,336 | $ | 271 | $ | 2,488,819 | |||||||||
| Subconsultant and other direct costs | (213,933 | ) | (79,813 | ) | - | - | (293,746 | ) | |||||||||||
| Historical pass-through performance fees | - | - | (15,445 | ) | - | (15,445 | ) | ||||||||||||
| Net Revenues | $ | 1,420,220 | $ | 522,246 | $ | 236,891 | $ | 271 | $ | 2,179,628 | |||||||||
2. Reconciliation of net earnings to Adjusted EBITDA
Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other income; (iii) interest expense; (iv) loss on disposal of operations; (v) depreciation and amortization, including amortization of mortgage servicing rights (“MSRs”); (vi) gains attributable to MSRs; (vii) acquisition-related items (including contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs); (viii) restructuring, optimization and integration costs and (ix) stock-based compensation expense, including related to the CEO’s performance-based long-term incentive plan (“LTIP”). We use Adjusted EBITDA to evaluate our own operating performance and our ability to service debt, as well as an integral part of our planning and reporting systems. Additionally, we use this measure in conjunction with discounted cash flow models to determine the Company’s overall enterprise valuation and to evaluate acquisition targets. We present Adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance because of the low capital intensity of the Company’s service operations. We believe this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance of the consolidated Company under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating Adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to Adjusted EBITDA appears below.
| Three months ended | Six months ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| (in thousands of US$) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net earnings | $ | 49,216 | $ | 63,971 | $ | 59,995 | $ | 72,889 | ||||||||
| Income tax | 26,838 | 25,244 | 35,099 | 29,956 | ||||||||||||
| Other income, including equity earnings from non-consolidated investments | (4,029 | ) | (5,547 | ) | (10,932 | ) | (10,121 | ) | ||||||||
| Interest expense, net | 26,417 | 15,515 | 49,285 | 38,063 | ||||||||||||
| Operating earnings | 98,442 | 99,183 | 133,447 | 130,787 | ||||||||||||
| Loss on disposal of operations | 800 | - | 1,331 | - | ||||||||||||
| Depreciation and amortization | 71,724 | 61,686 | 139,724 | 125,088 | ||||||||||||
| Gains attributable to MSRs | (13,873 | ) | (10,455 | ) | (25,189 | ) | (14,494 | ) | ||||||||
| Equity earnings from non-consolidated investments | 4,164 | 3,318 | 11,435 | 7,052 | ||||||||||||
| Acquisition-related items | 27,387 | 16,059 | 42,740 | 25,440 | ||||||||||||
| Restructuring, optimization and integration costs | 7,356 | 1,265 | 16,139 | 6,575 | ||||||||||||
| Stock-based compensation expense | 9,338 | 9,153 | 10,513 | 15,805 | ||||||||||||
| Adjusted EBITDA | $ | 205,338 | $ | 180,209 | $ | 330,140 | $ | 296,253 | ||||||||
3. Reconciliation of net earnings and diluted net earnings per common share to adjusted net earnings and Adjusted EPS
Adjusted EPS is defined as diluted net earnings per share adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) loss on disposal of operations; (iii) amortization expense related to intangible assets recognized in connection with acquisitions and MSRs; (iv) gains attributable to MSRs; (v) acquisition-related items; (vi) restructuring, optimization and integration costs and (vii) stock-based compensation expense, including related to the CEO’s LTIP. We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share from operations, as determined in accordance with GAAP. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings per share to Adjusted EPS appears below.
| Three months ended | Six months ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| (in thousands of US$) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net earnings | $ | 49,216 | $ | 63,971 | $ | 59,995 | $ | 72,889 | ||||||||
| Non-controlling interest share of earnings | (16,094 | ) | (16,238 | ) | (20,385 | ) | (21,967 | ) | ||||||||
| Loss on disposal of operations | 800 | - | 1,331 | - | ||||||||||||
| Amortization of intangible assets | 50,760 | 42,983 | 98,459 | 87,738 | ||||||||||||
| Gains attributable to MSRs | (13,873 | ) | (10,455 | ) | (25,189 | ) | (14,494 | ) | ||||||||
| Acquisition-related items | 27,387 | 16,059 | 42,740 | 25,440 | ||||||||||||
| Restructuring, optimization and integration costs | 7,356 | 1,265 | 16,139 | 6,575 | ||||||||||||
| Stock-based compensation expense | 9,338 | 9,153 | 10,513 | 15,805 | ||||||||||||
| Income tax on adjustments | (12,941 | ) | (12,210 | ) | (25,496 | ) | (25,692 | ) | ||||||||
| Non-controlling interest on adjustments | (8,336 | ) | (7,008 | ) | (17,587 | ) | (14,634 | ) | ||||||||
| Adjusted net earnings | $ | 93,613 | $ | 87,520 | $ | 140,520 | $ | 131,660 | ||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| (in US$) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Diluted net earnings per common share | $ | 0.56 | $ | 0.08 | $ | 0.09 | $ | - | ||||||||
| Non-controlling interest redemption increment | 0.09 | 0.86 | 0.69 | 1.01 | ||||||||||||
| Loss on disposal of operations, net of tax | 0.02 | - | 0.02 | - | ||||||||||||
| Amortization expense, net of tax | 0.61 | 0.53 | 1.17 | 1.09 | ||||||||||||
| Gains attributable to MSRs, net of tax | (0.16 | ) | (0.12 | ) | (0.28 | ) | (0.16 | ) | ||||||||
| Acquisition-related items, net of tax | 0.43 | 0.21 | 0.61 | 0.32 | ||||||||||||
| Restructuring, optimization and integration costs, net of tax | 0.12 | 0.02 | 0.24 | 0.09 | ||||||||||||
| Stock-based compensation expense, net of tax | 0.16 | 0.14 | 0.20 | 0.24 | ||||||||||||
| Adjusted EPS | $ | 1.83 | $ | 1.72 | $ | 2.74 | $ | 2.59 | ||||||||
| Diluted weighted average shares for Adjusted EPS (thousands) | 51,158 | 50,891 | 51,232 | 50,900 | ||||||||||||
4. Reconciliation of net cash flow from operations to free cash flow
Free cash flow is defined as net cash flow from operating activities plus contingent acquisition consideration paid, less purchases of fixed assets, plus cash collections on AR Facility deferred purchase price less distributions to non-controlling interests. We use free cash flow as a measure to evaluate and monitor operating performance as well as our ability to service debt, fund acquisitions and pay dividends to shareholders. We present free cash flow as a supplemental measure because we believe this measure is a financial metric used by many investors to compare valuation and liquidity measures across companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating free cash flow may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net cash flow from operating activities to free cash flow appears below.
| | | | ||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| (in thousands of US$) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net cash provided by (used in) operating activities | $ | 139,661 | $ | 44,563 | $ | (47,765 | ) | $ | (39,913 | ) | ||||||
| Contingent acquisition consideration paid | 6,257 | 5,680 | 9,227 | 7,948 | ||||||||||||
| Purchases of fixed assets | (31,306 | ) | (16,428 | ) | (49,602 | ) | (31,082 | ) | ||||||||
| Cash collections on AR Facility deferred purchase price | 66,927 | 35,556 | 118,242 | 83,977 | ||||||||||||
| Distributions paid to non-controlling interests | (30,282 | ) | (37,015 | ) | (41,404 | ) | (45,473 | ) | ||||||||
| Free cash flow | $ | 151,257 | $ | 32,356 | $ | (11,302 | ) | $ | (24,543 | ) | ||||||
| Trailing twelve months ended | |||||||||||||
| (in thousands of US$) | June 30, 2026 | ||||||||||||
| 2025 Annual free cash flow | $ | 352,326 | |||||||||||
| Add: Free cash flow for six months ended June 30, 2026 | (11,302 | ) | |||||||||||
| Less: Free cash flow for six months ended June 30, 2025 | 24,543 | ||||||||||||
| Trailing twelve months ended June 30, 2026 free cash flow | $ | 365,567 | |||||||||||
5. Local currency revenue and Adjusted EBITDA growth rate and internal revenue growth rate measures
Percentage revenue and Adjusted EBITDA variances presented on a local currency basis are calculated by translating the current period results of our non-US dollar denominated operations to US dollars using the foreign currency exchange rates from the periods against which the current period results are being compared. Internal growth, presented as percentage revenue variance, is calculated assuming no impact from acquired entities in the current and prior periods. Revenue from acquired entities, including any foreign exchange impacts, are treated as acquisition growth until the respective anniversaries of the acquisitions. We believe that these revenue growth rate methodologies provide a framework for assessing the Company’s performance and operations excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers.
6. Assets under management
We use the term assets under management (“AUM”) as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the projected gross cost of development assets of the funds, partnerships and accounts to which we provide management and advisory services, including capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our definition of AUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers.
7. Fee paying assets under management
We use the term fee paying assets under management (“FPAUM”) to represent only the AUM on which the Company is entitled to receive management fees. We believe this measure is useful in providing additional insight into the capital base upon which the Company earns management fees. Our definition of FPAUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers.
8. Adjusted EBITDA from resilient revenue percentage
Adjusted EBITDA from resilient revenue percentage is computed on a trailing twelve-month basis and represents the proportion of Adjusted EBITDA (note 2) that is derived from Engineering, Outsourcing and Investment Management service lines. All these service lines represent medium to long-term duration revenue streams that are either contractual or repeatable in nature. Adjusted EBITDA for this purpose is calculated in the same manner as for our debt agreement covenant calculation purposes, incorporating the expected full year impact of business acquisitions and dispositions.
COMPANY CONTACTS:
Jay S. Hennick
Global Chairman & Chief Executive Officer
Christian Mayer
Chief Financial Officer &
Chief Executive Officer,
Commercial Real Estate
(416) 960-9500
Exhibit 99.2
Second Quarter 2026 Results June 30, 2026 COMMERCIAL REAL ESTATE | ENGINEERING | INVESTMENT MANAGEMENT
2 Colliers (US $ millions, except per share amounts) Highlights • Double - digit revenue growth in Q2 2026 across all three platforms • Results on track to deliver outlook for 2026 • Ayesa Engineering acquisition closed late in the second quarter, rounds out global engineering footprint and brings scale across Europe, Latin America, the Middle East, and Australia USD LC (1) Revenues 1,572.5 1,347.6 17% 16% Net Revenues 1,386.3 1,185.9 17% 16% Adjusted EBITDA 205.3 180.2 14% 13% Adjusted EBITDA Margin 13.1% 13.4% Net Margin 14.8% 15.2% Adjusted EPS 1.83 1.72 6% GAAP Operating Earnings 98.4 99.2 -1% GAAP Operating Earnings Margin 6.3% 7.4% GAAP diluted EPS 0.56 0.08 USD LC (1) Revenues 2,886.0 2,488.8 16% 14% Net Revenues 2,536.4 2,179.6 16% 15% Adjusted EBITDA 330.1 296.3 11% 11% Adjusted EBITDA Margin 11.4% 11.9% Net Margin 13.0% 13.6% Adjusted EPS 2.74 2.59 6% GAAP Operating Earnings 133.4 130.8 2% GAAP Operating Earnings Margin 4.6% 5.3% GAAP diluted EPS 0.09 0.00 Three months ended June 30 2026 2025 %Change Six months ended June 30 2026 2025 % Change (1) Local currency
27% 48% 25% 70% Resilient TTM Q2 2026 AEBITDA by Segment 30% 61% 9% TTM Q2 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 Second Quarter Consolidated Revenues Engineering Investment Management Commercial Real Estate % Change over Q2 2025 USD LC Investment Management 17% 17% Engineering 30% 30% Commercial Real Estate 12% 11% Total 15% 12% 997.3 893.2 427.8 328.2 147.2 126.1 1,572.5 1,347.6 Q2 2026 Q2 2025 (US$ millions) Local currency internal growth: 8% Revenues % Change over Q2 2025 USD LC Investment Management 15% 15% Engineering 28% 27% Commercial Real Estate 13% 12% Total 16% 12% Net Revenues
261.9 213.6 335.2 273.5 294.4 299.2 105.9 106.9 997.3 893.2 Q2 2026 Q2 2025 5 Colliers Second quarter, US$ millions Commercial Real Estate • Strong growth in Capital Markets, led by the Americas and Asia Pacific • Strong growth in Leasing across geographies, led by the US on continued momentum in industrial and office asset classes • Outsourcing growth tempered by reduction in local project management activity in Europe and Asia • AEBITDA margin up modestly on operating leverage from higher transactional revenues 105.9 92.7 Q2 2026 Q2 2025 11.9% Net margin 11.8% Net margin USD LC Revenue Growth 12% 11% Net Revenue Growth 13% 12% AEBITDA Growth 14% 13% Revenues AEBITDA Outsourcing Leasing Capital Markets Subconsultant and other direct costs GAAP Operating Earnings: Q2 2026 $83.0M at 8.3% margin; Q2 2025 $71.9M at 8.1% margin
6 Colliers Second quarter, US$ millions Engineering • Significant revenue growth delivered through a combination of acquisitions and internal growth • Continued tailwinds driving demand for critical infrastructure and technical consulting services 359.4 281.8 68.4 46.4 427.8 328.2 Q2 2026 Q2 2025 GAAP Operating Earnings: Q2 2026 $20.7M at 4.8% margin; Q2 2025 $14.1M at 4.3% margin 52.1 40.6 Q2 2026 Q2 2025 14.5% Net margin 14.4% Net margin USD LC Revenue Growth 30% 30% Net Revenue Growth 28% 27% AEBITDA Growth 28% 27% Revenues AEBITDA Engineering Subconsultant and other direct costs
7 Colliers Second quarter, US$ millions Investment Management • Strong internal growth and favourable impact of a recent acquisition • Net margin impacted by continued investments in strengthening the global platform under the Harrison Street Asset Management brand – improving ability to raise capital, serve investors and capitalize on opportunities across real assets, infrastructure and credit strategies • AUM of $109.9 billion, up 6% from June 30, 2025 • FPAUM of $54.6 billion, up 6% from June 30, 2025 135.3 117.7 11.9 8.4 147.2 126.1 Q2 2026 Q2 2025 GAAP Operating Earnings: Q2 2026 $20.2M at 13.7% margin; Q2 2025 $29.3M at 23.2% margin 49.4 50.0 Q2 2026 Q2 2025 36.5% Net margin 42.5% Net margin USD LC Revenue Growth 17% 17% Net Revenue Growth 15% 15% AEBITDA Growth -1% -1% Management fees Pass - through performance fees Revenues AEBITDA
8 Colliers (US$ millions) Capitalization & Capital Allocation • Net leverage of 2.8x post closing of Ayesa acquisition; expected to de - lever through the balance of the year • $900 million of total available liquidity • Anticipating capital expenditures of $90 - $100 million in 2026, representing ~2% of trailing twelve - month revenues Cash $ 265.2 $ 207.9 $ 183.3 Total Debt 2,505.7 1,633.5 1,740.3 Net Debt $ 2,240.5 $ 1,425.6 $ 1,556.9 Redeemable non-controlling interests 1,311.5 1,285.0 1,157.8 Shareholders' equity 1,544.7 1,534.4 1,386.0 Total capitalization $ 5,096.7 $ 4,245.0 $ 4,100.7 Net debt / pro forma adjusted EBITDA - Leverage Ratio (1) 2.8x 2.0x 2.3x Capital Expenditures $ 49.6 $ 31.1 Acquisition Spend (2) $ 816.4 $ 111.0 Six months ended June 30, 2026 June 30, 2025 June 30, 2026 December 31, 2025 June 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 2026 Full Year Outlook Reaffirmed 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 Ayesa , which closed late in the second quarter. The outlook does not include any further acquisitions. 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 and net revenue growth on stronger Capital Markets and Leasing activity Net AEBITDA margin expected to be up modestly 25%+ revenue and net revenue growth on solid internal growth and acquisitions, including Ayesa Net AEBITDA margin expected to increase given higher - margin Ayesa as well as operating leverage Low teens net revenue growth on stronger fundraising and annualization of recent acquisition Net AEBITDA margin expected to decline, reflecting costs to integrate the platform
Appendix Colliers 10 Reconciliation of non - GAAP Measures
Colliers 11 (US$ thousands) Net earnings $ 49,216 $ 63,971 $ 59,995 $ 72,889 Income tax 26,838 25,244 35,099 29,956 Other income, including equity earnings from non-consolidated investments (4,029) (5,547) (10,932) (10,121) Interest expense, net 26,417 15,515 49,285 38,063 Operating earnings 98,442 99,183 133,447 130,787 Loss on disposal of business operations 800 - 1,331 - Depreciation and amortization 71,724 61,686 139,724 125,088 Gains attributable to MSRs (13,873) (10,455) (25,189) (14,494) Equity earnings from non-consolidated investments 4,164 3,318 11,435 7,052 Acquisition-related items 27,387 16,059 42,740 25,440 Restructuring, optimization and integration costs 7,356 1,264 16,139 6,575 Stock-based compensation expense 9,338 9,154 10,513 15,805 Adjusted EBITDA $ 205,338 $ 180,209 $ 330,140 $ 296,253 Three months ended Six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 12 (US$ thousands) Net earnings $ 49,216 $ 63,971 $ 59,995 $ 72,889 Non-controlling interest share of earnings (16,094) (16,238) (20,385) (21,967) Loss on disposal of operations 800 - 1,331 - Amortization of intangible assets 50,760 42,983 98,459 87,738 Gains attributable to MSRs (13,873) (10,455) (25,189) (14,494) Acquisition-related items 27,387 16,059 42,740 25,440 Restructuring, optimization and integration costs 7,356 1,265 16,139 6,575 Stock-based compensation expense 9,338 9,153 10,513 15,805 Income tax on adjustments (12,941) (12,210) (25,496) (25,692) Non-controlling interest on adjustments (8,336) (7,008) (17,587) (14,634) Adjusted net earnings $ 93,613 $ 87,520 $ 140,520 $ 131,660 (US$) Diluted net earnings per common share $ 0.56 $ 0.08 $ 0.09 $ 0.00 Non-controlling interest redemption increment 0.09 0.86 0.69 1.01 Loss on disposal of operations, net of tax 0.02 - 0.02 - Amortization expense, net of tax 0.61 0.53 1.17 1.09 Gains attributable to MSRs, net of tax (0.16) (0.12) (0.28) (0.16) Acquisition-related items, net of tax 0.43 0.21 0.61 0.32 Restructuring, optimization and integration costs, net of tax 0.12 0.02 0.24 0.09 Stock-based compensation expense, net of tax 0.16 0.14 0.20 0.24 Adjusted EPS $ 1.83 $ 1.72 $ 2.74 $ 2.59 Diluted weighted average shares for Adjusted EPS (thousands) 51,158 50,891 51,232 50,900 Three months ended Six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Three months ended Six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 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 $ 139,661 $ 44,563 $ (47,765) $ (39,913) Contingent acquisition consideration paid 6,257 5,680 9,227 7,948 Purchase of fixed assets (31,306) (16,428) (49,602) (31,082) Cash collections on AR Facility deferred purchase price 66,927 35,556 118,242 83,977 Distributions paid to non-controlling interests (30,282) (37,015) (41,404) (45,473) Free cash flow $ 151,257 $ 32,356 $ (11,302) $ (24,543) Three months ended Six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Colliers 14 Reconciliation of revenues to net revenues – Quarterly (US$ thousands) Three months ended June 30, 2026 Revenues $ 997,343 $ 427,805 $ 147,176 $ 175 $ 1,572,499 Subconsultant and other direct costs (105,941) (68,361) - - (174,302) Historical pass-through performance fees - - (11,851) - (11,851) Net revenues $ 891,402 $ 359,444 $ 135,325 $ 175 $ 1,386,346 Three months ended June 30, 2025 Revenues $ 893,177 $ 328,189 $ 126,134 $ 149 $ 1,347,649 Subconsultant and other direct costs (106,944) (46,361) - - (153,305) Historical pass-through performance fees - - (8,400) - (8,400) Net revenues $ 786,233 $ 281,828 $ 117,734 $ 149 $ 1,185,944 Commercial Real Estate Investment Management Engineering Corporate Consolidated
Colliers 15 Reconciliation of revenues to net revenues – Year to date (US$ thousands) Six months ended Revenues $ 1,838,514 $ 764,652 $ 282,442 $ 363 $ 2,885,971 Subconsultant and other direct costs (210,856) (120,866) - - (331,722) Historical pass-through performance fees - - (17,851) - (17,851) Net revenues $ 1,627,658 $ 643,786 $ 264,591 $ 363 $ 2,536,398 Six months ended June 30, 2025 Revenues $ 1,634,153 $ 602,059 $ 252,336 $ 271 $ 2,488,819 Subconsultant and other direct costs (213,933) (79,813) - - (293,746) Historical pass-through performance fees - - (15,445) - (15,445) Net revenues $ 1,420,220 $ 522,246 $ 236,891 $ 271 $ 2,179,628 June 30, 2026 Commercial Real Estate 1 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. 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 16 Other Non - GAAP Measures