Colliers International Group Inc. · TSX:CIGI
Colliers International — Q3 2025 Earnings Presentation
17 slides from Colliers International's earnings presentation, Nov 4, 2025
Slide 1: 2025 Results
REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT 2025 Results November 4, 2025 Quarter Third
Slide 2: Highlights
Colliers 2 Highlights (US $ millions, except per share amounts) Three months ended %Change 2025 2024 September 30 USD LC (1) Revenues 1,463.1 1,179.1 24% 23% Net Revenues 1,258.9 1,058.0 19% 18% • Solid momentum across all segments Adjusted EBITDA 191.1 154.6 24% 24% Adjusted EBITDA Margin 13.1% 13.
Slide 3: A Different Kind of Company
Colliers 3 A Different Kind of Company Global diversification with 70%+ recurring earnings TTM Q3 2025 Revenue TTM Q3 2025 AEBITDA by Segment by Segment 22% 32% Real Estate Services 63% 72% Engineering Recurring Recurring 48% Investment Management 10% 58% 30% Please refer to Appendix
Slide 4: Consolidated Revenues
Colliers 4 Consolidated Revenues (US$ millions) 1,463.1 Investment Management 136.3 1,179.1 Engineering 127.4 488.1 % Change over Q3 2024 USD LC 316.6 Investment Management 7% 6% Engineering 54% 53% Real Estate Services 14% 13% Total 24% 23% Real Estate 838.6 Services 734.9 Q3 2025 Q3 2024 Local cur
Slide 5: Real Estate Services
Colliers 5 Real Estate Services (US$ millions) Revenues AEBITDA Subconsultant 838.6 • Robust growth in Capital Markets across all and other direct 59.8 734.9 geographies and asset classes costs 54.1 Outsourcing 245.8 • Solid growth in Leasing driven by industrial, office 226.4 and specialty assets,
Slide 6: Engineering
Colliers 6 Engineering (US$ millions) Revenues AEBITDA 488.1 Subconsultant 134.8 • Favourable impact of recent acquisitions and strong and other direct 6% internal net revenue growth costs 316.6 59.2 53.6 • Continued infrastructure, urbanization, and energy transition tailwinds 39.8 353.2 Engineerin
Slide 7: Investment Management
Colliers 7 Investment Management (US$ millions) Revenues AEBITDA • Favourable impact of an acquisition and higher fee- paying assets under management 136.3 Pass-through 127.4 9.7 performance 7.8 • Net margin impacted by investments in unifying the fees platform and integrating certain functions to l
Slide 8: Capitalization & Capital Allocation
Colliers 8 Capitalization & Capital Allocation (US$ millions) September 30, 2025 December 31, 2024 September 30, 2024 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 • Leverage ratio of 2.3x Redeemable non-controlling 1,275.2 1,152.6 1,122.1 int
Slide 9: Maintaining 2025 Outlook
Colliers 9 Maintaining 2025 Outlook PRIOR DRIVERS UPDATED DRIVERS Real Estate High single-digit revenue growth with modest High single-digit revenue growth with better than Services increase in AEBITDA margin previously anticipated AEBITDA margin expansion 30 - 35% revenue growth with increase in AE
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 Nine months ended (US$ thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net earnings $ 65,134 $ 69,377 $ 138,023 $ 155,440 Income tax 19,120 21,131 49,076 55,478 Other income, incl
Slide 12: Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share
Colliers 12 Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Nine months ended (US$ thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net earnings $ 65,134 $ 69,377 $ 138,023 $ 155,440 Non-controlling int
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 Nine months ended (US$ thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net cash provided by operating activities $ 113,360 $ 107,128 $ 73,447 $ 110,702 Contingent a
Slide 14: Trailing twelve months free cash flow
Colliers 14 Trailing twelve months free cash flow Trailing Twelve Months Ended (US$ thousands) 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
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 September 30, 2025 Revenues $ 838,565 $ 488,062 $ 136,288 $ 183 $ 1,463,098 Subconsultant and other direct costs (59,776
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 Nine months ended September 30, 2025 Revenues $ 2,260,926 $ 1,301,913 $ 388,624 $ 454 $ 3,951,917 Subconsultant and other direct costs (
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 — Q3 2025 Earnings Presentation on 6ix