Colliers International Group Inc. · TSX:CIGI
Colliers International — Q2 2025 Earnings Presentation
17 slides from Colliers International's earnings presentation, Jul 31, 2025
Slide 1: 2025 Second Quarter Results
REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT 2025 Results Quarter Second July 31, 2025
Slide 2: Highlights
Colliers 2 Highlights (US $ millions, except per share amounts) Three months ended %Change 2025 2024 June 30 USD LC (1) Revenues 1,347.6 1,139.4 18% 17% • Diversified business model fuels outperformance Net Revenues 1,185.9 1,018.0 16% 16% Adjusted EBITDA 180.2 155.6 16% 15% Adjusted EBITDA Margin 1
Slide 3: A Different Kind of Company
Colliers 3 A Different Kind of Company Global diversification with 70%+ recurring earnings TTM Q2 2025 Revenue TTM Q2 2025 AEBITDA by Segment by Segment 23% 31% Real Estate Services 64% 71% Engineering Recurring Recurring 47% Investment Management 10% 59% 30% Please refer to Appendix
Slide 4: Consolidated Revenues
Colliers 4 Consolidated Revenues Second Quarter 2025 1,347.6 Investment 126.1 Management 1,139.4 126.1 % Change over Q2 2024 USD LC Engineering 436.0 261.3 Investment Management 0% 0% Engineering 67% 65% Real Estate Services 4% 4% Total 18% 17% Real Estate 785.4 751.9 Services Q2 2025 Q2 2024 Local
Slide 5: Real Estate Services
Colliers 5 Real Estate Services Second Quarter 2025 Revenues AEBITDA Subconsultant 785.4 751.9 • Growth led by Capital Markets, particularly in the US and other direct 54.6 costs 55.0 and Western Europe, as well as debt finance Outsourcing 243.8 225.5 • Leasing declined modestly globally due to tari
Slide 6: Engineering
Colliers 6 Engineering Second Quarter 2025 Revenues AEBITDA • Favourable impact of recent acquisitions and strong 436.0 Subconsultant 8% internal net service revenue growth and other direct 98.7 costs • Continued infrastructure, urbanization, and energy 46.3 261.3 transition tailwinds 66.4 337.3 • M
Slide 7: Investment Management
Colliers 7 Investment Management Second Quarter 2025 • Management fee revenue decline due to catch-up Revenues AEBITDA fees recognized in prior year quarter 126.1 126.1 • Net margin up, mainly due to cost control Pass-through performance 0.0 8.4 fees • AUM of $103.3 billion, up 3% from $100.3 billio
Slide 8: Capitalization & Capital Allocation
Colliers 8 Capitalization & Capital Allocation (US $ millions) June 30, 2025 December 31, 2024 June 30, 2024 Cash $ 183.3 $ 176.3 $ 162.6 Total Debt 1,740.3 1,508.5 1,363.9 Net Debt $ 1,556.9 $ 1,332.2 $ 1,201.2 • Leverage ratio of 2.3x Redeemable non-controlling 1,157.8 1,152.6 1,105.0 interests Sh
Slide 9: Updated and Increased 2025 Outlook
Colliers 9 Updated and Increased 2025 Outlook PRIOR UPDATED Real Estate Mid single-digit revenue growth with modest High single-digit revenue growth with modest Services increase in AEBITDA margin increase in AEBITDA margin Approximately 30% revenue growth including 30 - 35% revenue growth with incr
Slide 10: Appendix
Colliers 10 Appendix
Slide 11: Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 11 Reconciliation of GAAP earnings to adjusted EBITDA Three months ended Six months ended (US$ thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net earnings $ 63,971 $ 71,927 $ 72,889 $ 86,063 Income tax 25,244 24,377 29,956 34,347 Other income, including equity earnings f
Slide 12: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Colliers 12 Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Six months ended (US$ thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net earnings $ 63,971 $ 71,927 $ 72,889 $ 86,063 Non-controlling interest share of earnings
Slide 13: Reconciliation of net cash flow from operations to free cash flow
Colliers 13 Reconciliation of net cash flow from operations to free cash flow Three months ended Six months ended (US$ thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net cash provided by (used in) operating activities $ 44,563 $ 141,189 $ (39,913) $ 3,574 Contingent acquisition c
Slide 14: Trailing twelve months free cash flow
Colliers 14 Trailing twelve months free cash flow Trailing Twelve Months Ended (US$ thousands) June 30, 2025 2024 Annual free cash flow $ 330,244 Add: Free cash flow for six months ended June 30, 2025 (24,543) Less: Free cash flow for six months ended June 30, 2024 2,720 Trailing twelve months ended
Slide 15: Reconciliation of revenues to net revenues – Quarterly
Colliers 15 Reconciliation of revenues to net revenues – Quarterly Real Estate Investment (US$ thousands) Services Engineering Management Corporate Consolidated Three months ended June 30, 2025 Revenues $ 785,389 $ 435,977 $ 126,134 $ 149 $ 1,347,649 Subconsultant and other direct costs (54,588) (98
Slide 16: Reconciliation of revenues to net revenues – Year to date
Colliers 16 Reconciliation of revenues to net revenues – Year to date Real Estate Investment (US$ thousands) Services Engineering Management Corporate Consolidated Six months ended June 30, 2025 Revenues $ 1,422,361 $ 813,851 $ 252,336 $ 271 $ 2,488,819 Subconsultant and other direct costs (103,327)
Slide 17: Other Non-GAAP Measures
Colliers 17 Other Non-GAAP Measures Local currency revenue and adjusted EBITDA growth rate Fee paying assets under management and internal revenue growth rate measures We use the term fee paying assets under management (“FPAUM”) to represent only the Percentage revenue and adjusted EBITDA variances
Colliers International Group — Q2 2025 Earnings Presentation on 6ix