Colliers International Group (CIGI) Q1 2026 earnings summary

Executive summary

• Revenues grew 15% year-over-year to $1.31B, with net revenues up 16% to $1.15B and adjusted EBITDA up 8% to $124.8M; adjusted EPS rose 5% to $0.91, while GAAP diluted net loss per share was $0.47.

• Over 70% of earnings stem from stable segments: engineering, project management, investment management, property management, and mortgage servicing.

• Leadership team strengthened and financial flexibility enhanced with $400M long-term debt financing and credit facility extension to support the Ayesa Engineering acquisition.

• Performance met or exceeded expectations across all segments, with robust growth in Capital Markets and Leasing, and planned investments in Investment Management integration impacting Q1 margins.

• Free cash flow for the trailing twelve months was $246.7M.

Financial highlights

• Q1 consolidated revenues up 15% to $1.31B and net revenues up 16% to $1.15B year-over-year.

• Adjusted EBITDA rose 8% to $124.8M; adjusted EPS up 5% to $0.91, impacted by higher European tax rates.

• Commercial Real Estate segment net revenue up 16%; Capital Markets revenue surged 47%, Leasing up 9%.

• Engineering segment revenues up 23%, net revenues up 18%, driven by acquisitions and internal growth.

• Investment Management net revenues increased 8%; assets under management up 9% to $109.3B.

Outlook and guidance

• Maintaining full-year 2026 outlook for mid-teens growth in revenue, EBITDA, and EPS, including the impact of the Ayesa Engineering acquisition expected to close in late May.

• Fundraising target for 2026 remains $6B–$9B, with strong pipelines and momentum in resilient businesses.

• Commercial Real Estate: low teens revenue growth, modest AEBITDA margin improvement; Engineering: 25%+ revenue growth, margin expansion expected with Ayesa acquisition.

• Investment Management: low teens net revenue growth, AEBITDA margin to decline in H1 due to integration costs.

• Guidance is subject to macroeconomic, geopolitical, and other external risks.