Colliers International Group Inc. · TSX:CIGI
Colliers International — Q1 2025 Earnings Presentation
15 slides from Colliers International's earnings presentation, May 6, 2025
Slide 1: 2025 First Quarter Results
REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT 2025 Results Quarter May 6, 2025 First
Slide 2: Highlights
Colliers 2 Highlights (US $ millions, except per share amounts) • Strong growth led by Engineering segment Three months ended %Change 2025 2024 March 31 USD LC (1) • Full year outlook remains unchanged Revenue 1,141.2 1,002.0 14% 16% Adjusted EBITDA 116.0 108.7 7% 7% • AUM exceeds $100 billion for t
Slide 3: A Different Kind of Company
Colliers 3 A Different Kind of Company Global diversification with 70%+ recurring earnings TTM Q1 2025 Revenue TTM Q1 2025 AEBITDA by Segment by Segment 21% 31% Real Estate Services 63% 72% Engineering Recurring Recurring 48% Investment Management 10% 59% 31% Please refer to Appendix
Slide 4: Consolidated Revenues
Colliers 4 Consolidated Revenues First Quarter 2025 1,141.2 Investment Management 126.2 1,002.0 122.5 Engineering % Change over Q1 2024 USD LC 377.9 238.1 Investment Management 3% 3% Engineering 59% 61% Real Estate Services -1% 1% Real Estate Total 14% 16% Services 637.0 641.3 Q1 2025 Q1 2024 Local
Slide 5: Real Estate Services
Colliers 5 Real Estate Services First Quarter 2025 Revenues AEBITDA 641.3 • Growth led by Capital Markets with all asset classes Subconsultant 637.0 and geographies up and other direct 48.7 48.8 costs Outsourcing 212.1 210.6 • Leasing declined modestly against a strong prior year comparative 44.4 39
Slide 6: Engineering
Colliers 6 Engineering First Quarter 2025 Revenues AEBITDA 377.9 Subconsultant • Favourable impact of recent acquisitions and strong and other direct 91.7 internal growth costs 238.1 • Continued infrastructure, urbanization, and energy 59.4 transition tailwinds 24.0 Engineering 286.2 6.4% 13.1 178.6
Slide 7: Investment Management
Colliers 7 Investment Management First Quarter 2025 Revenues AEBITDA Pass-through 126.2 122.5 • Revenues flat, as expected, with fundraising on track performance 7.0 3.0 fees • AEBITDA margin benefitted from lower incentive compensation partly offset by higher headcount 55.1 52.9 119.2 119.5 Investm
Slide 8: Capitalization & Capital Allocation
Colliers 8 Capitalization & Capital Allocation (US $ millions) March 31, 2025 December 31, 2024 March 31, 2024 Cash $ 186.3 $ 176.3 $ 165.3 Total Debt 1,666.8 1,508.5 1,350.4 Net Debt $ 1,480.5 $ 1,332.2 $ 1,185.1 • Leverage ratio of 2.2x Redeemable non-controlling 1,156.7 1,152.6 1,060.2 interests
Slide 9: 2025 Outlook Remains Unchanged
Colliers 9 2025 Outlook Remains Unchanged Real Estate Mid single-digit revenue growth with modest increase in AEBITDA margin Services Approximately 30% revenue growth including completed acquisitions, with Engineering increase in AEBITDA margin Mid-single digit revenue growth given launch of new fun
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 (US$ thousands) March 31, 2025 March 31, 2024 Net earnings $ 8,918 $ 14,136 Income tax 4,712 9,970 Other income, including equity earnings from non-consolidated investments (4,574) (651) Interest expense, net 22,548 19
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 (US$ thousands) March 31, 2025 March 31, 2024 Net earnings $ 8,918 $ 14,136 Non-controlling interest share of earnings (5,729) (8,921) Amortization of intangible assets 44,755 35,0
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 (US$ thousands) March 31, 2025 March 31, 2024 Net cash used in operating activities $ (84,476) $ (137,615) Contingent acquisition consideration paid 2,268 2,738 Purchase of fixed assets (14,654) (16,873)
Slide 14: Reconciliation of revenues to net service revenues
Colliers 14 Reconciliation of revenues to net service revenues Real Estate Investment (US$ thousands) Services Engineering Management Corporate Consolidated Three months ended March 31, 2025 Revenues $ 636,972 $ 377,874 $ 126,202 $ 122 $ 1,141,170 Subconsultant and other direct costs (48,739) (91,70
Slide 15: Other Non-GAAP Measures
Colliers 15 Other Non-GAAP Measures Local currency revenue and adjusted EBITDA growth rate Recurring revenue percentage and internal revenue growth rate measures Recurring revenue percentage is computed on a trailing twelve-month basis and Percentage revenue and adjusted EBITDA variances presented o
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