Colliers Announces Normal Course Issuer Bid

• Most Recent News (May 13, 2026): Colliers International Group Inc. received TSX acceptance for a Normal Course Issuer Bid (NCIB).
• Program Details: Repurchase up to 4,300,000 Subordinate Voting Shares (~10% of public float) between May 15, 2026 and May 14, 2027.
• Daily Limit: TSX purchases limited to 22,078 shares daily (excluding block purchases). Nasdaq limit capped at 5% of outstanding shares over 12 months.
• Share Capital: As of May 12, 2026, there were 49,778,127 Subordinate Voting Shares and 1,325,694 multiple voting shares outstanding.
• ASPP: Automatic Share Purchase Plan entered with BMO Nesbit Burns Inc. effective May 15, 2026 to facilitate purchases during regulatory blackout periods.
• Contextual News (May 5, 2026): Q1 2026 results showed consolidated revenues up 15% to $1.31 billion and Adjusted EBITDA up 8% to $124.8 million. Acquisition of Ayesa Engineering expected to close later in Q2 2026.
• Contextual News (May 12, 2026): Partnership with Frankfurt-Short-Bruza Associates P.C. (FSB) to establish a national aviation practice within U.S. Engineering division.

• NCIB Significance: The buyback program is substantial (~$560 million potential spend at current prices), representing 10% of the float. This signals management confidence in valuation after a significant price decline, but it is a standard capital allocation tool for companies with strong cash flow ($246.7M TTM FCF).
• Market Reaction Context: The stock has declined approximately 45% from its October 2025 peak ($236.32) to the current price ($130.85), despite Q1 earnings beating expectations (Revenue +15%). This divergence suggests market concerns regarding the pending $700 million Ayesa acquisition or broader CRE/Engineering sector headwinds outweighing operational performance.
• Acquisition Risk: The NCIB coincides with a major cash outflow event ($700M for Ayesa). While management has secured financing, the combination of buybacks and large acquisitions increases leverage risk if integration issues arise.
• Routine Nature: NCIBs are typically announced annually or when excess capital is available. Given the company's history of financings (Feb 2026 credit facility extension) and earnings consistency, this is expected behavior rather than a surprise catalyst. It supports the stock floor but does not fundamentally alter the growth trajectory immediately.
• Conclusion: The news is positive for shareholder value at current depressed levels but lacks the "genuinely new" unexpected element required for a Material - Positive rating given the market has already priced in significant downside risk.

• Company: Colliers International Group Inc. (CIGI).
• Business Model: Diversified professional services platform operating in Commercial Real Estate, Engineering & Design, and Investment Management.
• Flagship Projects/Segments:
  • Commercial Real Estate: Largest segment ($841.2M revenue Q1 2026), driven by Capital Markets (up 47%).
  • Engineering: High growth segment ($336.8M revenue Q1 2026, up 23%), expanding via acquisitions (Ayesa, FSB, Ramos CS).
  • Investment Management: $109.3 Billion AUM (up 9% YoY), though EBITDA down 8%.
• Strategic Focus: Aggressive M&A strategy to expand global footprint and service capabilities, particularly in Engineering (targeting top 30 engineering firms globally).