Fourth Quarter 2025 Results February 13, 2026 REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT Colliers 2 Highlights (US $ millions, except per share amounts) | Three months ended | 2025 | 2024 | %Change | | | --- | --- | --- | --- | --- | | December 31 | | | USD | LC(1) | | Revenues | 1,606.5 | 1,501.6 | 7% | 5% | | Net Revenues | 1,428.1 | 1,312.8 | 9% | 7% | | Adjusted EBITDA | 245.1 | 225.3 | 9% | 6% | | Adjusted EBITDA Margin | 15.3% | 15.0% | | | | Net Margin | 17.2% | 17.2% | | | | Adjusted ...

分组1 - Colliers International reported quarterly earnings of $2.34 per share, missing the Zacks Consensus Estimate of $2.39 per share, but showing an increase from $2.26 per share a year ago, resulting in an earnings surprise of -2.09% [1] - The company posted revenues of $1.61 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.60% and increasing from $1.5 billion year-over-year [2] - Over the last four quarters, Colliers International has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] 分组2 - Colliers International shares have declined approximately 19.6% since the beginning of the year, contrasting with the S&P 500's decline of only 0.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.98 on revenues of $1.26 billion, and for the current fiscal year, it is $7.57 on revenues of $6.07 billion [7] - The Zacks Industry Rank indicates that the Real Estate - Operations sector is currently in the bottom 36% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Colliers Reports Fourth Quarter and Full Year 2025 Results Compounding growth with strong momentum entering 2026 EXHIBIT 99.1 Fourth quarter and full year operating highlights: | | Three months ended | | | | | Twelve months ended | | | --- | --- | --- | --- | --- | --- | --- | --- | | | December 31 | | | | | December 31 | | | (in millions of US$, except EPS) | 2025 | | | 2024 | 2025 | | 2024 | | Revenues | | $ 1,606.5 | $ | 1,501.6 $ | 5,558.5 | $ | 4,822.0 | | Net Revenues (note 1) | | 1,428.1 | | 1,312.8 ...

Core Insights - Colliers International Group Inc. reported strong financial results for the fourth quarter and full year ended December 31, 2025, with significant growth in revenues and adjusted earnings per share, indicating robust operational momentum entering 2026 [1][5][18] Financial Performance Highlights - Fourth quarter revenues reached $1.61 billion, a 7% increase year-over-year, while net revenues were $1.43 billion, up 9% [2][3] - For the full year, total revenues were $5.56 billion, reflecting a 15% increase, with net revenues at $4.87 billion, up 14% [3][4] - Adjusted EBITDA for the fourth quarter was $245.1 million, a 9% increase, and for the full year, it was $732.5 million, up 14% [2][3] - Adjusted EPS for the fourth quarter was $2.34, a 4% increase, and for the full year, it was $6.58, up 14% [2][3] Segment Performance - Commercial Real Estate segment revenues for the fourth quarter totaled $1.03 billion, up 9%, with net revenues also increasing by 9% [9] - Engineering segment revenues were $433.0 million for the fourth quarter, a 3% increase, while net revenues rose 10% [10] - Investment Management segment revenues reached $143.7 million, up 5%, with net revenues increasing by 7% [11] Strategic Initiatives - The company announced the acquisition of Ayesa Engineering, which is expected to enhance growth avenues and strengthen its service offerings [6] - Over the past five years, Colliers has doubled in size, achieving a compound annual growth rate of approximately 15% [6] Outlook for 2026 - The company anticipates continued solid annual internal growth in 2026, projecting mid-teens growth in revenues, Adjusted EBITDA, and Adjusted EPS [18][19]

Core Insights - Colliers International Group Inc. is a global leader in commercial real estate and investment management services, operating across multiple regions and offering a diverse range of services [1] Financial Performance - In Q3 2025, Colliers reported earnings of $1.64 per share, exceeding the Zacks Consensus Estimate of $1.58 and improving from $1.32 per share in the previous year [3][5] - The company's consensus price target has risen from $180.8 to $200, indicating growing optimism among analysts regarding its future performance [2][5] Analyst Outlook - Despite the positive earnings report, RBC Capital analyst Jimmy Shan has set a lower price target of $128, reflecting a more cautious outlook [2] - The trend in earnings estimate revisions does not indicate sustained strength in the near future, although an earnings beat is anticipated in the upcoming financial release [4][5]

Group 1: Company Overview - Colliers International (CIGI) shares increased by 4.2% to close at $139.72, supported by strong trading volume, contrasting with an 8.3% loss over the past four weeks [1] - The company is expected to report quarterly earnings of $2.39 per share, reflecting a year-over-year increase of 5.8%, with revenues projected at $1.6 billion, up 6.4% from the previous year [2] Group 2: Earnings Estimates and Trends - The consensus EPS estimate for Colliers International has been revised 2.2% lower in the last 30 days, indicating a negative trend in earnings estimate revisions, which typically does not lead to price appreciation [3] - Trends in earnings estimate revisions are strongly correlated with near-term stock price movements, suggesting that the recent stock price increase may not sustain without positive revisions [2][3] Group 3: Industry Context - Colliers International is part of the Zacks Real Estate - Operations industry, which includes other companies like TPG RE Finance Trust (TRTX), which saw a 0.7% increase to $8.95 but has returned -1% over the past month [4] - TPG RE Finance Trust's consensus EPS estimate has decreased by 1.9% to $0.27, representing a significant year-over-year increase of 170%, but it currently holds a Zacks Rank of 5 (Strong Sell) [5]

Core Viewpoint - Colliers International (NASDAQ:CIGI) is recognized as one of the top real estate services stocks to buy, with a recent upgrade from Raymond James analyst Frederic Bastien indicating significant upside potential for the stock [1]. Group 1: Analyst Ratings and Price Targets - Raymond James analyst Frederic Bastien upgraded Colliers International from Strong Buy to Outperform, raising the price target from $195 to $200, suggesting an upside of over 49% [1]. - Citizens analyst Mitch Germain maintained a Market Perform rating, highlighting the company's growth strategy in the engineering sector as a distinguishing factor from peers [3]. Group 2: Strategic Acquisitions and Financial Impact - The $700 million acquisition of Ayesa Engineering is expected to enhance Colliers' engineering and project management capabilities, with an anticipated 5% accretive impact on adjusted EPS [2]. - This acquisition strengthens the company's presence in key sectors such as transportation, water, buildings, and energy [2]. Group 3: Company Overview - Colliers International provides commercial real estate services structured around three platforms: Real Estate Services, Engineering, and Investment Management, offering a range of solutions including sales, debt finance, and property valuations [4].

Core Insights - Colliers has acquired Ramos Consulting Services, enhancing its capabilities in the U.S. public transportation sector [1][2] - The acquisition allows Ramos CS's leadership to continue managing the transit business in California while becoming significant shareholders in Colliers Engineering [1][3] Company Overview - Colliers is a global diversified professional services and investment management company with $5.5 billion in annual revenues and $108 billion in assets under management [4] - The company operates through three main platforms: Real Estate Services, Engineering, and Investment Management, and has a proven business model that delivers approximately 20% compound annual returns for shareholders [4] Ramos Consulting Services - Founded in 2008, Ramos CS has supported over $20 billion in capital programs across transit, transportation, and public works in California [2] - The firm employs 50 professionals and is recognized as a trusted advisor to public transportation agencies [2] Strategic Implications - The acquisition is expected to strengthen Colliers' infrastructure capabilities and allow for the undertaking of larger, more complex projects [3] - Both companies express alignment in their commitment to technical excellence, culture, and client service, indicating a strong potential for collaboration [3]

Core Viewpoint - Colliers has announced a definitive agreement to acquire Ayesa Engineering, enhancing its global engineering capabilities and market presence in the high-growth engineering and project management sector [1][5]. Group 1: Acquisition Details - Colliers will acquire Ayesa Engineering for approximately US$700 million in cash, with the transaction expected to close in the second quarter of 2026 [4]. - Ayesa Engineering generated approximately US$370 million in gross revenues in 2025, showcasing its significant market presence [3]. Group 2: Strategic Implications - The acquisition solidifies Colliers' Engineering segment as a formidable global player, expanding operations to 23 countries with nearly 14,000 professionals [2]. - Ayesa Engineering's existing leadership will retain significant equity and continue operating the business, ensuring continuity and leveraging their expertise [2][5]. Group 3: Company Profiles - Ayesa Engineering, founded in 1966, employs over 3,200 professionals across 21 countries, providing multidisciplinary engineering design and project management services [3][8]. - Colliers operates through three platforms: Real Estate Services, Engineering, and Investment Management, with annual revenues of $5.5 billion and a team of 24,000 professionals [7].

Core Insights - Colliers has announced the acquisition of Tetranex Solutions Inc., enhancing its Canadian engineering platform, Englobe Corporation, and establishing a foothold in the energy sector [1][3] Company Overview - Colliers is a global diversified professional services and investment management company with $5.5 billion in annual revenues and $108 billion in assets under management [4] - The company operates through three main platforms: Real Estate Services, Engineering, and Investment Management, and has a workforce of 24,000 professionals [4] Acquisition Details - Tetranex, founded in 2010, employs 200 professionals specializing in electrical, instrumentation and controls (EI&C), automation, and engineering services primarily for the oil and gas, agri-food, and industrial sectors [2] - The terms of the acquisition were not disclosed, but Tetranex's senior team will become shareholders of Englobe and will play a significant role in its leadership [1] Strategic Implications - The acquisition aligns with Englobe's growth ambitions and aims to capitalize on long-term demand in the energy sector, particularly for electricity [3] - Tetranex's integration into Englobe is expected to enhance client offerings and accelerate growth through a collaborative environment [3]