Colliers International Group Inc. · TSX:CIGI
Colliers International — Q1 2026 Earnings Presentation
15 slides from Colliers International's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Results
COMMERCIAL REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT 2026 Results Quarter May 5, 2026 First
Slide 2: Highlights
Colliers 2 Highlights (US $ millions, except per share amounts) Three months ended %Change • Solid start to 2026; performance met our expectations 2026 2025 March 31 USD LC (1) across all segments Revenues 1,313.5 1,141.2 15% 12% Net Revenues 1,150.1 993.7 16% 12% Adjusted EBITDA 124.8 116.0 8% 8% •
Slide 3: High value, resilient growth engines
Colliers 3 High value, resilient growth engines Global diversification with 70%+ resilient earnings TTM Q1 2026 Revenue TTM Q1 2026 AEBITDA by Segment by Segment 21% 25% Commercial Real Estate 63% 70% Engineering Resilient Resilient 51% 66% Investment Management 9% 28% Please refer to Appendix
Slide 4: First Quarter Consolidated Revenues
Colliers 4 First Quarter Consolidated Revenues (US$ millions) 1,313.5 Revenues Investment 135.3 % Change over Q1 2025 USD LC 1,141.2 Management 126.2 Investment Management 7% 6% 336.8 Engineering Engineering 23% 18% 273.9 Commercial Real Estate 14% 11% Total 15% 12% Net Revenues Commercial Real 841.
Slide 5: Commercial Real Estate
Colliers 5 Commercial Real Estate First Quarter, US$ millions Revenues AEBITDA • Robust growth in Capital Markets, led by the US and 841.2 EMEA Subconsultant and 104.9 741.0 other direct costs 107.0 • Solid growth in Leasing, largely driven by the US on Outsourcing 266.0 continued strength in indust
Slide 6: Engineering
Colliers 6 Engineering First Quarter, US$ millions Revenues AEBITDA 336.8 Subconsultant and other direct costs 52.5 273.9 33.5 • Significant revenue growth delivered through a combination of acquisitions and internal growth Engineering 284.3 • Net margin down slightly on lower utilization in 240.4 c
Slide 7: Investment Management
Colliers 7 Investment Management First Quarter, US$ millions Revenues AEBITDA 135.3 Pass-through 126.2 • Favourable impact of a recent acquisition performance fees 6.0 7.0 • Net margin impacted by planned investment in global fundraising and ongoing integration efforts to unify the platform under th
Slide 8: Capitalization & Capital Allocation
Colliers 8 Capitalization & Capital Allocation (US$ millions) March 31, 2026 December 31, 2025 March 31, 2025 Cash $ 201.6 $ 207.9 $ 186.3 • Raised C$550 million (approximately US$400 million) of 4.73% senior notes due 2033, with Total Debt 1,872.9 1,633.5 1,666.8 proceeds applied to reduce borrowin
Slide 9: 2026 Full Year Outlook Remains Unchanged
Colliers 9 2026 Full Year Outlook Remains Unchanged Commercial Real Low teens revenue and net revenue growth on stronger Capital Markets and Leasing activity Estate Net AEBITDA margin expected to be up modestly 25%+ revenue and net revenue growth on solid internal growth and acquisitions, including
Slide 10: Appendix
Colliers 10 Appendix Reconciliation of non-GAAP Measures
Slide 11: Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 11 Reconciliation of GAAP earnings to adjusted EBITDA Three months ended (US$ thousands) March 31, 2026 March 31, 2025 Net earnings $ 10,779 $ 8,918 Income tax 8,261 4,712 Other income, including equity earnings from non-consolidated investments (6,903) (4,574) Interest expense, net 22,868
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 (US$ thousands) March 31, 2026 March 31, 2025 Net earnings $ 10,779 $ 8,918 Non-controlling interest share of earnings (4,291) (5,729) Loss on disposal of operations 531 - Amortiza
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, 2026 March 31, 2025 Net cash provided by operating activities $ (187,426) $ (84,476) Contingent acquisition consideration paid 2,970 2,268 Purchase of fixed assets (18,296) (14,
Slide 14: Reconciliation of revenues to net revenues – Quarterly
Colliers 14 Reconciliation of revenues to net revenues – Quarterly Commercial Real Investment (US$ thousands) Estate Engineering Management Corporate Consolidated Three months ended March 31, 2026 Revenues $ 841,171 $ 336,847 $ 135,266 $ 188 $ 1,313,472 Subconsultant and other direct costs (104,915)
Slide 15: Other Non-GAAP Measures
Colliers 15 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 — Q1 2026 Earnings Presentation on 6ix