Colliers Reports Fourth Quarter and Full Year 2025 Results

Executive Summary

• Colliers International Group Inc. reported Q4 2025 revenue of $1.61 bn (+7% YoY) and full‑year 2025 revenue of $5.56 bn (+15% YoY).
• Adjusted EBITDA rose to $245 m in Q4 (up 9%) and $732 m for the year (up 14%). Adjusted EPS increased to $2.34 in Q4 and $6.58 annually.
• GAAP operating earnings were $135.5 m in Q4 (up 12% YoY) but declined to $371 m for the full year versus $389 m prior year, reflecting a reversal of contingent consideration expense in 2024.

Key Details

• Quarterly Highlights (Q4 2025):
• Revenues: $1,606.5 m (+7% YoY, +5% in local currency)
• Net revenues: $1,428.1 m (+9% YoY, +7% LCU)
• Adjusted EBITDA: $245.1 m (+9% YoY, +6% LCU)
• Adjusted EPS: $2.34 (↑4% YoY; would be $0.06 lower excluding FX)
• GAAP operating earnings: $135.5 m vs. $121.4 m prior year quarter

• GAAP diluted EPS: $1.19 vs. $1.47 prior year quarter

• Full‑Year Highlights (2025):

• Revenues: $5,558.5 m (+15% YoY, +15% LCU)
• Net revenues: $4,866.5 m (+14% YoY, +13% LCU)
• Adjusted EBITDA: $732.5 m (+14% YoY, +13% LCU)
• Adjusted EPS: $6.58 (↑14% YoY; would be $0.06 lower excluding FX)
• GAAP operating earnings: $371.0 m vs. $389.2 m prior year (prior year benefited from reversal of contingent consideration expense)

• GAAP diluted EPS: $2.02 vs. $3.22 prior year

• Segment Performance – Q4 2025:

• Commercial Real Estate: Revenue $1.03 bn (+9% YoY), Adjusted EBITDA $152.8 m (+12%). GAAP operating earnings $109.8 m.
• Engineering: Revenue $433.0 m (+3%), Adjusted EBITDA $40.8 m (+7%). GAAP operating earnings $11.6 m.

• Investment Management: Revenue $143.7 m (+5%), Adjusted EBITDA $56.2 m (+3%). GAAP operating earnings $36.0 m.

• Segment Performance – Full Year 2025:

• Commercial Real Estate: Revenue $3.29 bn (+7% YoY), Adjusted EBITDA $366.9 m (+10%). GAAP operating earnings $259.4 m.
• Engineering: Revenue $1.73 bn (+40% YoY), Adjusted EBITDA $164.7 m (+50%). GAAP operating earnings $52.7 m.

• Investment Management: Revenue $532.3 m (+4% YoY), Adjusted EBITDA $214.8 m (+1%). GAAP operating earnings $134.2 m (down from prior year due to reversal of contingent consideration expense).

• Financial Position (12‑mo ending Dec 31 2025):

• Cash & cash equivalents: $207.9 m (up from $176.3 m)
• Total assets: $6.79 bn vs. $6.10 bn prior year

• Total debt (net of cash): $1.43 bn, net‑debt/Adj‑EBITDA ≈ 2.0×

• Outlook 2026:

• Management expects mid‑teens growth in revenue, Adjusted EBITDA and Adjusted EPS for the year.

• Anticipated closing of Ayesa Engineering acquisition in Q2 2026; no additional acquisitions assumed beyond that.

• Conference Call: Friday, Feb 13 2026 at 11:00 a.m. ET (web‑cast available).

Notable Quotes

• “2025 was an exceptional year for Colliers… Fourth quarter results met our plan and were up nicely over the prior year.” – Jay S. Hennick, Chairman & CEO
• “We are acquiring Ayesa Engineering… expanding our avenues for growth and cross‑selling engineering capabilities.” – Jay S. Hennick

Materiality: Material – Positive (significant revenue and earnings growth, guidance indicating continued strong performance).