Colliers International Group Inc. · TSX:CIGI
Colliers International — Q3 2026 Earnings Presentation
17 slides from Colliers International's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results September 30, 2026 COMMERCIAL REAL ESTATE | ENGINEERING | INVESTMENT MANAGEMENT
Slide 2: Highlights
2 Colliers (US$ millions, except per share amounts) Highlights • Solid revenue growth in Q3 2026 across all three segments • Significant year - over - year Engineering growth driven by recent acquisitions and solid internal growth • Trailing twelve - month free cash flow of $427.6 million, represent
Slide 3: Global diversification with 70% resilient earnings
27% 48% 25% 70% Resilient TTM Q3 2026 AEBITDA by Segment 30% 61% 9% TTM Q3 2026 Revenue by Segment 64% Resilient Colliers Commercial Real Estate Engineering Investment Management Global diversification with 70% resilient earnings High Value, Resilient Growth Engines Please refer to Appendix 3
Slide 4: Third Quarter Consolidated Revenues
4 Colliers Third Quarter Consolidated Revenues Engineering Investment Management Commercial Real Estate % Change over Q3 2025 USD LC Investment Management 6% 7% Engineering 33% 33% Commercial Real Estate 5% 5% Total 12% 12% 994.8 951.3 497.6 375.4 145.0 136.3 1,637.6 1,463.1 Q3 2026 Q3 2025 (US$ mil
Slide 5: Commercial Real Estate
249.6 228.0 323.1 305.0 304.3 295.3 117.8 123.0 994.8 951.3 Q3 2026 Q3 2025 5 Colliers Third quarter, US$ millions Commercial Real Estate • Growth in Capital Markets, led by the Americas and EMEA, with some slowing late in the quarter as market interest rate volatility increased • Leasing generated
Slide 6: Engineering
6 Colliers Third quarter, US$ millions Engineering • Significant net revenue growth driven by recent acquisitions and solid internal growth • Continued tailwinds driving demand for critical infrastructure, defense projects and technical consulting services • Net AEBITDA margin up 30 bps 415.1 303.8
Slide 7: Investment Management
7 Colliers Third quarter, US$ millions Investment Management • Solid internal revenue growth • Net margin reflects continued investments in people, new capabilities and integration under the global Harrison Street Asset Management brand • New capital commitments raised of $4.5 billion YTD September
Slide 8: Capitalization & Capital Allocation
8 Colliers (US$ millions) Capitalization & Capital Allocation • Almost $1 billion of total available liquidity, consisting of cash on hand and undrawn capacity on revolving credit facility • Anticipating capital expenditures of $100 - $110 million in 2026, representing ~2% of trailing twelve - month
Slide 9: Revised 2026 Full Year Outlook
Colliers 9 Revised 2026 Full Year Outlook The financial outlook is based on the Company’s best available information as of the date of this presentation, and remains s ubj ect to change based on numerous macroeconomic, geopolitical, international trade, health, social and related factors. The outloo
Slide 10: Appendix: Reconciliation of Non-GAAP Measures
Appendix Colliers 10 Reconciliation of non - GAAP Measures
Slide 11: Reconciliation of net earnings to Adjusted EBITDA
Colliers 11 (US$ thousands) Net earnings $ 51,151 $ 65,134 $ 111,146 $ 138,023 Income tax 35,961 19,120 71,060 49,076 Other income, including equity earnings from non-consolidated investments (4,228) (2,270) (15,160) (12,391) Interest expense, net 17,872 22,700 67,157 60,763 Operating earnings 100,7
Slide 12: Reconciliation of net earnings to adjusted net earnings and Adjusted EPS
Colliers 12 (US$ thousands) Net earnings $ 51,151 $ 65,134 $ 111,146 $ 138,023 Non-controlling interest share of earnings (13,447) (14,526) (33,832) (36,493) Loss on disposal of operations 403 406 1,734 406 Amortization of intangible assets 57,475 44,773 155,934 132,511 Gains attributable to MSRs (7
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 (US$ thousands) Net cash provided by operating activities $ 151,051 $ 113,360 $ 103,286 $ 73,447 Contingent acquisition consideration paid 13,340 (896) 22,567 7,052 Purchase of fixed assets (34,010) (16,774) (83,612) (47,8
Slide 14: Trailing twelve months free cash flow
Colliers 14 Trailing twelve months free cash flow (US$ thousands) 2025 Annual free cash flow $ 352,326 Add: Free cash flow for nine months ended September 30, 2026 165,967 Less: Free cash flow for three months ended September 30, 2025 (90,649) Trailing twelve months ended September 30, 2026 free cas
Slide 15: Reconciliation of revenues to net revenues – Quarterly
Colliers 15 Reconciliation of revenues to net revenues – Quarterly (US$ thousands) Three months ended September 30, 2026 Revenues $ 994,789 $ 497,639 $ 145,033 $ 182 $ 1,637,643 Subconsultant and other direct costs (117,768) (82,529) - - (200,297) Historical pass-through performance fees - - (8,866)
Slide 16: Reconciliation of revenues to net revenues – Year to date
Colliers 16 Reconciliation of revenues to net revenues – Year to date (US$ thousands) Nine months ended Revenues $ 2,833,305 $ 1,262,291 $ 427,475 $ 543 $ 4,523,614 Subconsultant and other direct costs (328,624) (203,395) - - (532,019) Historical pass-through performance fees - - (26,717) - (26,717)
Slide 17: Local currency and internal growth rate measures
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 u
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