CIGI · Colliers International Group Inc.

Colliers delivered a strong Q1 2026 start with consolidated revenues reaching $1.31 billion, a 15% increase (12% in local currency) driven by solid momentum across all service lines, including 7% internal revenue growth in local currencies. Net revenues rose 16% to $1.15 billion, reflecting robust performance in Commercial Real Estate (up 14% to $841.2 million, with Capital Markets up 47% and Leasing up 11%) and Engineering (up 23% to $336.8 million from acquisitions and internal growth). Investment Management revenues grew 7% to $135.3 million, supported by a recent acquisition, though Adjusted EBITDA margins were pressured by planned investments in fundraising and integration under the HSAM brand. Adjusted EBITDA increased 8% to $124.8 million, with approximately 70% of earnings from resilient businesses like Engineering, Project Management, and Investment Management. CEO Jay S. Hennick highlighted the durability of the diversified platform amid an uneven environment, noting improvements in Commercial Real Estate transaction activity and leadership enhancements. Balance sheet remains solid with leverage at 2.3x, bolstered by $400 million in new 4.73% senior notes due 2033 used to reduce revolver borrowings, providing $1.5 billion in liquidity. Total AUM reached $109.3 billion, up 9%. The full-year 2026 outlook remains unchanged, incorporating the pending Ayesa Engineering acquisition closing in late May, projecting mid-teens growth in revenues, net revenues, Adjusted EBITDA, and Adjusted EPS at the consolidated level, with segment-specific drivers intact and no further M&A assumed. Free cash flow for the trailing twelve months was slightly below target due to Q1 working capital movements.