Earnings release
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Page 1 of 13 News Release COMPANY CONTACTS: Jay S. Hennick Global Chairman & Chief Executive Officer Christian Mayer Chief Financial Officer & Chief Executive Officer, Commercial Real Estate (416) 960-9500 For Immediate Release Colliers Reports Second Quarter Results Double-digit revenue growth across all three platforms; 2026 outlook reaffirmed Second quarter operating highlights: Three months ended Six months ended June 30 June 30 (in millions of US$, except EPS) 2026 2025 2026 2025 Revenues $ 1,572.5 $ 1,347.6 $ 2,886.0 $ 2,488.8 Net Revenues (note 1) 1,386.3 1,185.9 2,536.4 2,179.6 Adjusted EBITDA (note 2) 205.3 180.2 330.1 296.3 Adjusted EPS (note 3) 1.83 1.72 2.74 2.59 GAAP operating earnings 98.4 99.2 133.4 130.8 GAAP diluted net earnings per share 0.56 0.08 0.09 0.00 TORONTO, Canada, July 30, 2026 – Colliers International Group Inc. (NASDAQ and TSX: CIGI) (“Colliers” or the “Company”) today announced financial results for the second quarter ended June 30, 2026. All amounts are in US dollars.
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Page 2 of 13 Second quarter consolidated revenues were $1.57 billion, up 17% (16% in local currency), net revenues were $1.39 billion, up 17% (16% in local currency) and Adjusted EBITDA (note 2) was $205.3 million, up 14% (13% in local currency) compared to the prior year quarter. Consolidated internal revenue growth measured in local currencies was 8% (note 5) versus the prior year quarter. Adjusted EPS (note 3) was $1.83, an increase of 6% over the prior year quarter. Adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts . GAAP operating earnings were $98.4 million compared to $99.2 million in the prior year quarter, with the current period impacted by higher acquisition costs primarily related to the Ayesa Engineering acquisition . The GAAP diluted net earnings per share was $0.56, compared to $0.08 in the prior year quarter. Second quarter GAAP diluted net earnings per share would have been approximately $0.01 lower excluding foreign exchange impacts. For the six months ended June 30, 2026 , revenues were $2.89 billion, up 16% (14% in local currency) , net revenues were $2.54 billion, up 16% (15% in local currency) and Adjusted EBITDA (note 2) was $330.1 million, up 11% (11% in local currency) versus the prior year. Consolidated internal revenue growth measured in local currenc y (note 5) was 8% versus the prior year. Adjusted EPS (note 3) was $2.74, up 6% from $2.59 in the prior year period. Adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts . The GAAP operating earnings were $133.4 million compared to $130.8 million in the prior year. The GAAP diluted net earnings per share was $0.09 compared with nil in the prior year period. The GAAP diluted net earnings per share would have been approximately $0.01 lower excluding foreign exchange impacts. On a trailing twelve -month basis, the Company generated approximately 70% of its earnings from resilient businesses (note 8). For the trailing twelve -month period, f ree cash flow (note 4) was $ 365.6 million, representing 106% of adjusted net earnings, reflecting the Company’s asset-light business model and strong cash generation profile. “Colliers delivered another strong quarter, with double -digit revenue growth across all three platforms, healthy internal growth and continued improvement in earnings quality,” said Jay S. Hennick, Global Chairman & CEO. “Our results increasingly reflect the strength of our broader, more diversified professional-services platform with greater durability and multiple avenues for growth.” “Engineering continues to demonstrate why it has become such an important differentiator for Colliers. The acquisition of Aye sa late in the quarter expanded our global capabilities and deepened our expertise across infrastructure, transportation, water, property and buildings. Engineering provides recurring and long -dated revenue growth, strong visibility and attractive secular tailwinds that complement both our commercial real estate and investment management businesses, creating new ways to serve clients across the full asset lifecycle.” “Investment Management also continues to add strength and differentiation to Colliers. Harrison Street has evolved into a diversified global asset management platform spanning real estate, credit, infrastructure and private wealth, reflecting deliberate investments and strategic choices that are expanding opportunities for investors and creating greater long -term value for shareholders.“
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Page 3 of 13 “Overall, our second quarter results reinforce our confidence in the future. We are benefiting from improving commercial real estate markets, strong secular growth in Engineering, continued expansion of Investment Management and the advantages of a diversified business model that differentiates Colliers from others,” Mr. Hennick concluded. About Colliers Colliers (NASDAQ, TSX: CIGI) is a global diversified professional services and investment management company operating through three industry leading businesses: Commercial Real Estate, Engineering, and Investment Management. With greater than a 30-year track record of consistent growth and strong recurring cash flows, we scale complementary, high-value businesses that provide essential services across the full asset lifecycle. Our unique partnership philosophy empowers exceptional leaders, preserves our entrepreneurial culture, and ensures meaningful inside ownership — driving strong alignment and sustained value creation for our shareholders. With $6 billion in annual revenues, 28,000 professionals, and $1 10 billion in assets under management, Colliers is committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com. Segmented Second Quarter Results Commercial Real Estate revenues for the second quarter totalled $997.3 million, up 12% (up 11% in local currency) versus the prior year quarter. Net revenues were $891.4 million, up 13% (up 12% in local currency). Capital Markets revenues were up 23% with strong growth across all geographies, led by the Americas and Asia Pacific . Leasing also generated strong growth across all geographies, up 23% led by the US on continued momentum in the industrial and office asset classes. Adjusted EBITDA was $105.9 million, up 14% (13% in local currency) versus the prior year quarter. The net margin increased modestly on operating leverage from higher transactional revenues . The GAAP operating earnings were $83.0 million , relative to $71.9 million in the prior year quarter. Engineering revenues totalled $427.8 million, up 30% (30% in local currency) compared to the prior year quarter. Net revenues (excluding subconsultant and other pass -through costs) were $359.4 million , up 28% (27% in local currency) driven by a combination of recent acquisitions and solid internal growth. Adjusted EBITDA was $52.1 million, up 28% (27% in local currency) over the prior year quarter, with the net margin up slightly. The GAAP operating earnings were $20.7 million relative to $14.1 million in the prior year quarter. Investment Management revenues were $147.2 million , up 17% (17% in local currency) relative to the prior year quarter. Net revenues (excluding pass-through performance fees) were $135.3 million, up 15% (15% in local currency) driven by internal growth and the favourable impact of a recent acquisition . Adjusted EBITDA was $49.4 million , down 1% (1% in local currency) compared to the prior year quarter, reflecting continued investments in strengthening the global platform under the Harrison Street Asset Management brand, improving the ability to raise capital, serve investors and capitalize on opportunities across real assets, infrastructure and credit strategies. These investments are expected to continue in the second half of the year . GAAP operating
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Page 4 of 13 earnings were $20.2 million in the quarter versus $29.3 million in the prior year quarter. Total assets under management were $109.9 billion as of June 30, 2026, up 6% from June 30, 2025. Unallocated global corporate costs as reported in Adjusted EBITDA were $2.1 million, relative to a cost of $3.1 million in the prior year quarter. The corporate GAAP operating loss was $25.5 million compared to $16.2 million in the prior year quarter. 2026 Outlook The Company reaffirmed its outlook for 2026, which includes the impact of Ayesa. On a consolidated basis, the Company expects to generate mid-teens percentage growth in each of revenues, Adjusted EBITDA and Adjusted EPS for the full year. The outlook drivers by segment are also reaffirmed and are described in the accompanying earnings call presentation. The financial outlook is based on the Company’s best available information as of the date of this press release, and remains subject to change based on numerous macroeconomic, geopolitical, international trade, health, social and related factors. The outlo ok does not include any further acquisitions. Conference Call Colliers will be holding a conference call on Thursday, July 30, 2026 at 11:00 a.m. Eastern Time to discuss the quarter’s results. The call will be simultaneously web cast and can be accessed live or after the call at corporate.colliers.com in the Events section. Forward-looking Statements This press release includes or may include forward- looking statements. Forward- looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward- looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and consumer spending, particularly in regions where the business may be concentrated; commercial real estate and real asset values, vacancy rates a nd general conditions of financial liquidity for real estate transactions; trends in pricing and risk assumption for commercial real estate services; the effect of significant movements in capitalization rates across different asset types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect revenues and operating performance; competition in the markets served by the Company; the utilization of artificial intelligence (AI) and machine learning technologies, including associated impacts on the Company’s services, competitive environment, ability to hire/retain specialized talent, cybersecurity, and legal and governance risks; the ability to attract new clients and to retain clients and renew related con tracts; the ability to attract new capital commitments to Investment Management funds and retain existing capital under management; the ability to retain and incentivize employees; increases in wage and benefit costs; the effects of changes in interest rates on the cost of borrowing; unexpected increases in operating costs, such as insurance, workers’ compensation and health care; changes in the frequency or severity of insurance incidents relative to historical experience; the effects of changes in foreign exchange rates in relation to the US dollar on the Company’s Canadian dollar, Euro, Australian dollar and UK pound sterling denominated revenues
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Page 5 of 13 and expenses; the impact of pandemics on client demand for the Company’s services, the ability of the Company to deliver its services and the health and productivity of its employees; the impact of global climate change; the impact of political event s including elections, referenda, trade policy changes, immigration policy changes, hostilities, war and terrorism on the Company’s operations; the ability to identify and make acquisitions at reasonable prices and successfully integrate acquired operations ; the ability to execute on, and adapt to, information technology strategies and trends; the ability to comply with laws and regula tions, including real estate investment management and mortgage banking licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions; and changes in government laws and policies at the federal, state/provincial or local level that may adversely impact the business. Additional information and risk factors identified in the Company’s other periodic filings with Canadian and US securities regulators are adopted herein and a copy of which can be obtained at www.sedarplus.ca. Forward looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Summary unaudited financial information is provided in this press release. This press release should be read in conjunction w ith the Company's consolidated financial statements and MD&A to be made available on SEDAR+ at www.sedarplus.ca. This press release does not constitute an offer to sell or a solicitation of an offer to purchase an interest in any fund. Note: The Company rounds numbers in the tables below to thousands of US dollars, except per share amounts. Accordingly, some totals may not sum exactly to the corresponding amounts.
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Page 6 of 13 Colliers International Group Inc. Condensed Consolidated Statements of Earnings (in thousands of US$, except per share amounts) Three months Six months ended June 30 ended June 30 (unaudited) 2026 2025 2026 2025 Revenues $ 1,572,499 $ 1,347,649 $ 2,885,971 $ 2,488,819 Cost of revenues 937,394 798,064 1,726,929 1,486,554 Selling, general and administrative expenses 436,752 372,657 841,800 720,950 Depreciation 20,964 18,703 41,265 37,350 Amortization of intangible assets 50,760 42,983 98,459 87,738 Acquisition-related items (1) 27,387 16,059 42,740 25,440 Loss on disposal of operations 800 - 1,331 - Operating earnings 98,442 99,183 133,447 130,787 Interest expense, net 26,417 15,515 49,285 38,063 Equity earnings from non-consolidated investments (4,164) (3,318) (11,435) (7,052) Other (income) expense 135 (2,229) 503 (3,069) Earnings before income tax 76,054 89,215 95,094 102,845 Income tax 26,838 25,244 35,099 29,956 Net earnings 49,216 63,971 59,995 72,889 Non-controlling interest share of earnings 16,094 16,238 20,385 21,967 Non-controlling interest redemption increment 4,613 43,724 35,131 51,172 Net earnings (loss) attributable to Company $ 28,509 $ 4,009 $ 4,479 $ (250) Net earnings (loss) per common share Basic $ 0.56 $ 0.08 $ 0.09 $ 0.00 Diluted $ 0.56 $ 0.08 $ 0.09 $ 0.00 Adjusted EPS (2) $ 1.83 $ 1.72 $ 2.74 $ 2.59 Weighted average common shares (thousands) Basic 51,104 50,667 51,104 50,641 Diluted 51,158 50,891 51,232 50,641 Notes to Condensed Consolidated Statements of Earnings (1) Acquisition-related items include contingent acquisition consideration fair value adjustments , contingent acquisition consideration-related compensation expense and transaction costs. (2) See definition and reconciliation below.
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Page 7 of 13 Colliers International Group Inc. Condensed Consolidated Balance Sheets (in thousands of US$) June 30, December 31, June 30, (unaudited) 2026 2025 2025 Assets Cash and cash equivalents $ 265,191 $ 207,902 $ 183,343 Restricted cash (1) 53,751 48,981 51,054 Accounts receivable and contract assets 1,128,633 990,329 936,872 Mortgage warehouse receivables (2) 189,341 140,095 104,588 Prepaids and other assets 411,184 378,453 369,005 Warehouse fund assets 62,817 56,050 81,057 Current assets 2,110,917 1,821,810 1,725,919 Other non-current assets 282,550 249,040 232,551 Warehouse fund assets 97,908 73,785 186,602 Fixed assets 267,414 251,462 239,044 Operating lease right-of-use assets 528,502 443,404 408,419 Deferred tax assets, net 97,206 93,857 94,792 Goodwill and intangible assets 4,565,663 3,855,109 3,573,278 Total assets $ 7,950,160 $ 6,788,467 $ 6,460,605 Liabilities and shareholders' equity Accounts payable and accrued liabilities $ 1,270,050 $ 1,267,118 $ 1,075,674 Other current liabilities 133,790 112,963 97,287 Long-term debt - current 19,162 8,119 16,841 Mortgage warehouse credit facilities (2) 181,126 133,259 97,103 Operating lease liabilities - current 102,930 99,696 98,651 Liabilities related to warehouse fund assets 62,290 33,679 84,478 Current liabilities 1,769,348 1,654,834 1,470,034 Long-term debt - non-current 2,486,537 1,625,392 1,723,433 Operating lease liabilities - non-current 522,202 419,198 385,860 Other liabilities 104,046 129,776 143,627 Deferred tax liabilities, net 159,299 90,996 78,937 Liabilities related to warehouse fund assets 52,515 48,782 114,934 Redeemable non-controlling interests 1,311,530 1,285,046 1,157,773 Shareholders' equity 1,544,683 1,534,443 1,386,007 Total liabilities and equity $ 7,950,160 $ 6,788,467 $ 6,460,605 Supplemental balance sheet information Total debt (3) $ 2,505,699 $ 1,633,511 $ 1,740,274 Total debt, net of cash and cash equivalents (3) 2,240,508 1,425,609 1,556,931 Net debt / pro forma adjusted EBITDA ratio (4) 2.8 2.0 2.3 Notes to Condensed Consolidated Balance Sheets (1) Restricted cash consists primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business. (2) Mortgage warehouse receivables represent mortgage loans receivable, the majority of which are offset by borrowings under mortgage warehouse credit facilities which fund loans that financial institutions have committed to purchase. (3) Excluding mortgage warehouse credit facilities. (4) Net debt for financial leverage ratio excludes restricted cash and mortgage warehouse credit facilities, in accordance with debt agreements.
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Page 8 of 13 Colliers International Group Inc. Condensed Consolidated Statements of Cash Flows (in thousands of US$) Three months ended Six months ended June 30 June 30 (unaudited) 2026 2025 2026 2025 Cash provided by (used in) Operating activities Net earnings $ 49,216 $ 63,971 $ 59,995 $ 72,889 Items not affecting cash: Depreciation and amortization 71,724 61,686 139,724 125,088 Gains attributable to mortgage servicing rights (13,873) (10,455) (25,189) (14,494) Gains attributable to the fair value of loan premiums and origination fees (8,405) (6,676) (19,195) (11,245) Deferred income tax (4,813) (5,366) (10,385) (14,550) Other 36,833 17,744 70,306 37,093 130,682 120,904 215,256 194,781 Increase in accounts receivable, prepaid expenses and other assets (137,427) (139,954) (213,936) (109,680) Increase (decrease) in accounts payable, accrued expenses and other liabilities 85,813 11,456 81,162 (26,936) Increase (decrease) in accrued compensation 34,012 51,518 (186,841) (100,959) Contingent acquisition consideration paid (6,257) (5,680) (9,227) (7,948) Mortgage origination activities, net 10,460 7,980 17,756 11,465 Sales to (purchases of) AR Facility, net 22,378 (1,661) 48,065 (636) Net cash provided by (used in) operating activities 139,661 44,563 (47,765) (39,913) Investing activities Acquisition of businesses, net of cash acquired (725,065) (50,218) (770,107) (59,703) Purchases of fixed assets (31,306) (16,428) (49,602) (31,082) Purchases of warehouse fund assets (19,000) (110,921) (31,475) (121,734) Proceeds from disposal of warehouse fund assets - 62,914 - 62,914 Cash collections on AR Facility deferred purchase price 66,927 35,556 118,242 83,977 Other investing activities (13,963) (22,469) (42,355) (45,764) Net cash used in investing activities (722,407) (101,566) (775,297) (111,392) Financing activities Increase in long-term debt, net 675,817 118,878 940,532 260,786 Sales (purchases) of non-controlling interests, net 10,283 (11,916) (10,103) (17,219) Dividends paid to common shareholders - - (7,665) (7,592) Distributions paid to non-controlling interests (30,282) (37,015) (41,404) (45,473) Other financing activities (4,157) (6,263) (7,959) (7,440) Net cash provided by financing activities 651,661 63,684 873,401 183,062 Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,432 (13,545) 11,720 (15,341) Net change in cash and cash equivalents and restricted cash 70,347 (6,864) 62,059 16,416 Cash and cash equivalents and restricted cash, beginning of period 248,595 241,261 256,883 217,981 Cash and cash equivalents and restricted cash, end of period $ 318,942 $ 234,397 $ 318,942 $ 234,397
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Page 9 of 13 Colliers International Group Inc. Segmented Results (in thousands of US dollars) Commercial Investment (unaudited) Real Estate Engineering Management Corporate Total Three months ended June 30 2026 Revenues $ 997,343 $ 427,805 $ 147,176 $ 175 $ 1,572,499 Net Revenues 891,402 359,444 135,325 175 1,386,346 Adjusted EBITDA 105,934 52,141 49,368 (2,105) 205,338 Operating earnings (loss) 83,016 20,719 20,227 (25,520) 98,442 2025(1) Revenues $ 893,177 $ 328,189 $ 126,134 $ 149 $ 1,347,649 Net Revenues 786,233 281,828 117,734 149 1,185,944 Adjusted EBITDA 92,730 40,604 49,989 (3,114) 180,209 Operating earnings (loss) 71,929 14,128 29,287 (16,161) 99,183 Commercial Investment Real Estate Engineering Management Corporate Total Six months ended June 30 2026 Revenues $ 1,838,514 $ 764,652 $ 282,442 $ 363 $ 2,885,971 Net Revenues 1,627,658 643,786 264,591 363 2,536,398 Adjusted EBITDA 152,115 79,031 99,918 (924) 330,140 Operating earnings (loss) 99,465 23,180 35,626 (24,824) 133,447 2025(1) Revenues $ 1,634,153 $ 602,059 $ 252,336 $ 271 $ 2,488,819 Net Revenues 1,420,220 522,246 236,891 271 2,179,628 Adjusted EBITDA 131,717 64,720 105,085 (5,269) 296,253 Operating earnings (loss) 85,777 10,832 62,194 (28,016) 130,787 (1) Prior year results have been recast effective Q1 2026 to reflect local project management operations now being reported under the Commercial Real Estate segment, having previously been reported under the Engineering segment.
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Page 10 of 13 Non-GAAP Measures 1. Reconciliation of revenues to net revenues Net revenues are defined as revenues excluding subconsultant and other reimbursable direct costs in Commercial Real Estate and Engineering segments as well as historical pass -through performance fees in Investment Management segment to better reflect the operating performance of the business. Commercial Investment Real Estate Engineering Management Corporate Total Three months ended June 30 2026 Revenues $ 997,343 $ 427,805 $ 147,176 $ 175 $ 1,572,499 Subconsultant and other direct costs (105,941) (68,361) - - (174,302) Historical pass-through performance fees - - (11,851) - (11,851) Net Revenues $ 891,402 $ 359,444 $ 135,325 $ 175 $ 1,386,346 2025 Revenues $ 893,177 $ 328,189 $ 126,134 $ 149 $ 1,347,649 Subconsultant and other direct costs (106,944) (46,361) - - (153,305) Historical pass-through performance fees - - (8,400) - (8,400) Net Revenues $ 786,233 $ 281,828 $ 117,734 $ 149 $ 1,185,944 Commercial Investment Real Estate Engineering Management Corporate Total Six months ended June 30 2026 Revenues $ 1,838,514 $ 764,652 $ 282,442 $ 363 $ 2,885,971 Subconsultant and other direct costs (210,856) (120,866) - - (331,722) Historical pass-through performance fees - - (17,851) - (17,851) Net Revenues $ 1,627,658 $ 643,786 $ 264,591 $ 363 $ 2,536,398 2025 Revenues $ 1,634,153 $ 602,059 $ 252,336 $ 271 $ 2,488,819 Subconsultant and other direct costs (213,933) (79,813) - - (293,746) Historical pass-through performance fees - - (15,445) - (15,445) Net Revenues $ 1,420,220 $ 522,246 $ 236,891 $ 271 $ 2,179,628 2. Reconciliation of net earnings to Adjusted EBITDA Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other income; (iii) interest expense; (iv) loss on disposal of operations; (v) depreciation and amortization, including amortization of mortgage servicing rights (“MSRs”); (vi) gains attributable to MSRs; (vii) acquisition -related items (including contingent acquisition consideration fair value adjustments, contingent acquisition consideration -related compensation expense and transaction costs); (viii) restructuring, optimization and integration costs and (ix) stock -based compensation expense, including related to the CEO’s performance -based l ong-term incentive plan (“LTIP”). We use Adjusted EBITDA to evaluate our own operating performance and our ability to service debt, as well as an integral part of our planning and reporting systems. Additionally, we use this measure in conjunction with dis counted cash flow models to determine the Company’s overall enterprise valuation and to evaluate acquisition targets. We present Adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance because of the low capital intensity of the Company’s service operations. We believe this measure is a financial metric
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Page 11 of 13 used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance of the consolidated Company under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our metho d of calculating Adjusted EBITDA may differ from other issuers and accordingly, this meas ure may not be comparable to measures used by other issuers. A reconciliation of net earnings to Adjusted EBITDA appears below. Three months ended Six months ended June 30 June 30 (in thousands of US$) 2026 2025 2026 2025 Net earnings $ 49,216 $ 63,971 $ 59,995 $ 72,889 Income tax 26,838 25,244 35,099 29,956 Other income, including equity earnings from non-consolidated investments (4,029) (5,547) (10,932) (10,121) Interest expense, net 26,417 15,515 49,285 38,063 Operating earnings 98,442 99,183 133,447 130,787 Loss on disposal of operations 800 - 1,331 - Depreciation and amortization 71,724 61,686 139,724 125,088 Gains attributable to MSRs (13,873) (10,455) (25,189) (14,494) Equity earnings from non-consolidated investments 4,164 3,318 11,435 7,052 Acquisition-related items 27,387 16,059 42,740 25,440 Restructuring, optimization and integration costs 7,356 1,265 16,139 6,575 Stock-based compensation expense 9,338 9,153 10,513 15,805 Adjusted EBITDA $ 205,338 $ 180,209 $ 330,140 $ 296,253 3. Reconciliation of net earnings and diluted net earnings per common share to adjusted net earnings and Adjusted EPS Adjusted EPS is defined as diluted net earnings per share adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) loss on disposal of operations; (iii) amortization expense related to intangible assets recognized in connection with acquisitions and MSRs; (iv) gains attributable to MSRs; (v) acquisition-related items; (vi) restructuring, optimization and integration costs and (vii) stock-based compensation expense, including related to the CEO’s LTIP. We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share from operations, as determined in accordance with GAAP. Our method of calculating this non -GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings per share to Adjusted EPS appears below. Three months ended Six months ended June 30 June 30 (in thousands of US$) 2026 2025 2026 2025 Net earnings $ 49,216 $ 63,971 $ 59,995 $ 72,889 Non-controlling interest share of earnings (16,094) (16,238) (20,385) (21,967) Loss on disposal of operations 800 - 1,331 - Amortization of intangible assets 50,760 42,983 98,459 87,738 Gains attributable to MSRs (13,873) (10,455) (25,189) (14,494) Acquisition-related items 27,387 16,059 42,740 25,440 Restructuring, optimization and integration costs 7,356 1,265 16,139 6,575 Stock-based compensation expense 9,338 9,153 10,513 15,805 Income tax on adjustments (12,941) (12,210) (25,496) (25,692) Non-controlling interest on adjustments (8,336) (7,008) (17,587) (14,634) Adjusted net earnings $ 93,613 $ 87,520 $ 140,520 $ 131,660
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Page 12 of 13 Three months ended Six months ended June 30 June 30 (in US$) 2026 2025 2026 2025 Diluted net earnings per common share $ 0.56 $ 0.08 $ 0.09 $ - Non-controlling interest redemption increment 0.09 0.86 0.69 1.01 Loss on disposal of operations, net of tax 0.02 - 0.02 - Amortization expense, net of tax 0.61 0.53 1.17 1.09 Gains attributable to MSRs, net of tax (0.16) (0.12) (0.28) (0.16) Acquisition-related items, net of tax 0.43 0.21 0.61 0.32 Restructuring, optimization and integration costs, net of tax 0.12 0.02 0.24 0.09 Stock-based compensation expense, net of tax 0.16 0.14 0.20 0.24 Adjusted EPS $ 1.83 $ 1.72 $ 2.74 $ 2.59 Diluted weighted average shares for Adjusted EPS (thousands) 51,158 50,891 51,232 50,900 4. Reconciliation of net cash flow from operations to free cash flow Free cash flow is defined as net cash flow from operating activities plus contingent acquisition consideration paid, less pur chases of fixed assets, plus cash collections on AR Facility deferred purchase price less distributions to non-controlling interests. We use free cash flow as a measure to evaluate and monitor operating performance as well as our ability to service debt, fund acquisitions and pay dividends to shareholders. We present free cash flow as a s upplemental measure because we believe this measure is a financial metric used by many investors to compare valuation and liquidity measures across companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating free cash flow may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net cash flow from operating activities to free cash flow appears below. Three months ended Six months ended June 30 June 30 (in thousands of US$) 2026 2025 2026 2025 Net cash provided by (used in) operating activities $ 139,661 $ 44,563 $ (47,765) $ (39,913) Contingent acquisition consideration paid 6,257 5,680 9,227 7,948 Purchases of fixed assets (31,306) (16,428) (49,602) (31,082) Cash collections on AR Facility deferred purchase price 66,927 35,556 118,242 83,977 Distributions paid to non-controlling interests (30,282) (37,015) (41,404) (45,473) Free cash flow $ 151,257 $ 32,356 $ (11,302) $ (24,543) Trailing twelve months (in thousands of US$) June 30, 2026 2025 Annual free cash flow $ 352,326 Add: Free cash flow for six months ended June 30, 2026 (11,302) Less: Free cash flow for six months ended June 30, 2025 24,543 Trailing twelve months ended June 30, 2026 free cash flow $ 365,567
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Page 13 of 13 5. Local currency revenue and Adjusted EBITDA growth rate and internal revenue growth rate measures Percentage revenue and Adjusted EBITDA variances presented on a local currency basis are calculated by translating the curren t period results of our non -US dollar denominated operations to US dollars using the foreign currency exchange rates from the periods against which the current period results are being compared. Internal growth, presented as percentage revenue variance, is calculated assuming no impact from acquired entities in the current and prior periods. Revenue from acquired entities, including any foreign exchange impacts, are treated as acquisition growth until the respective anniversaries of the acquisitions. We believe that these revenue growth rate methodologies provide a framework for assessing the Company’s performance and operations excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers. 6. Assets under management We use the term assets under management (“AUM”) as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the projected gross cost of development assets of the funds, partnerships and accounts to which we provide management and advisory services, including capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our definition of AUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers. 7. Fee paying assets under management We use the term fee paying assets under management (“FPAUM”) to represent only the AUM on which the Company is entitled to receive management fees. We believe this measure is useful in providing additional insight into the capital base upon which t he Company earns management fees. Our definition of FPAUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers. 8. Adjusted EBITDA from resilient revenue percentage Adjusted EBITDA from resilient revenue percentage is computed on a trailing twelve -month basis and represents the proportion of Adjusted EBITDA (note 2) that is derived from Engineering, Outsourcing and Investment Management service lines. All these service lines represent medium to long -term duration revenue streams that are either contractual or repeatable in nature. Adjusted EBITDA for this purpose is calculated in the same manner as for our debt agreement covenant calculation purposes, incorporating the expected full year impact of business acquisitions and dispositions.
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Second Quarter 2026 Results June 30, 2026 COMMERCIAL REAL ESTATE | ENGINEERING | INVESTMENT MANAGEMENT
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2Colliers (US $ millions, except per share amounts) Highlights • Double-digit revenue growth in Q2 2026 across all three platforms • Results on track to deliver outlook for 2026 • Ayesa Engineering acquisition closed late in the second quarter, rounds out global engineering footprint and brings scale across Europe, Latin America, the Middle East, and Australia USD LC(1) Revenues 1,572.5 1,347.6 17% 16% Net Revenues 1,386.3 1,185.9 17% 16% Adjusted EBITDA 205.3 180.2 14% 13% Adjusted EBITDA Margin 13.1% 13.4% Net Margin 14.8% 15.2% Adjusted EPS 1.83 1.72 6% GAAP Operating Earnings 98.4 99.2 -1% GAAP Operating Earnings Margin 6.3% 7.4% GAAP diluted EPS 0.56 0.08 USD LC(1) Revenues 2,886.0 2,488.8 16% 14% Net Revenues 2,536.4 2,179.6 16% 15% Adjusted EBITDA 330.1 296.3 11% 11% Adjusted EBITDA Margin 11.4% 11.9% Net Margin 13.0% 13.6% Adjusted EPS 2.74 2.59 6% GAAP Operating Earnings 133.4 130.8 2% GAAP Operating Earnings Margin 4.6% 5.3% GAAP diluted EPS 0.09 0.00 Three months ended June 30 2026 2025 %Change Six months ended June 30 2026 2025 % Change (1) Local currency
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27% 48%25% 70% Resilient TTM Q2 2026 AEBITDA by Segment 30% 61%9% TTM Q2 2026 Revenue by Segment 64% Resilient Colliers Commercial Real Estate Engineering Investment Management Global diversification with 70% resilient earnings High Value, Resilient Growth Engines Please refer to Appendix 3
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4Colliers Second Quarter Consolidated Revenues Engineering Investment Management Commercial Real Estate % Change over Q2 2025 USD LC Investment Management 17% 17% Engineering 30% 30% Commercial Real Estate 12% 11% Total 15% 12% 997.3 893.2 427.8 328.2 147.2 126.1 1,572.5 1,347.6 Q2 2026 Q2 2025 (US$ millions) Local currency internal growth: 8% Revenues % Change over Q2 2025 USD LC Investment Management 15% 15% Engineering 28% 27% Commercial Real Estate 13% 12% Total 16% 12% Net Revenues
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261.9 213.6 335.2 273.5 294.4 299.2 105.9 106.9 997.3 893.2 Q2 2026 Q2 2025 5Colliers Second quarter, US$ millions Commercial Real Estate • Strong growth in Capital Markets, led by the Americas and Asia Pacific • Strong growth in Leasing across geographies, led by the US on continued momentum in industrial and office asset classes • Outsourcing growth tempered by reduction in local project management activity in Europe and Asia • AEBITDA margin up modestly on operating leverage from higher transactional revenues 105.9 92.7 Q2 2026 Q2 2025 11.9% Net margin 11.8% Net margin USD LC Revenue Growth 12% 11% Net Revenue Growth 13% 12% AEBITDA Growth 14% 13% Revenues AEBITDA Outsourcing Leasing Capital Markets Subconsultant and other direct costs GAAP Operating Earnings: Q2 2026 $83.0M at 8.3% margin; Q2 2025 $71.9M at 8.1% margin
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6Colliers Second quarter, US$ millions Engineering • Significant revenue growth delivered through a combination of acquisitions and internal growth • Continued tailwinds driving demand for critical infrastructure and technical consulting services 359.4 281.8 68.4 46.4 427.8 328.2 Q2 2026 Q2 2025 GAAP Operating Earnings: Q2 2026 $20.7M at 4.8% margin; Q2 2025 $14.1M at 4.3% margin 52.1 40.6 Q2 2026 Q2 2025 14.5% Net margin 14.4% Net margin USD LC Revenue Growth 30% 30% Net Revenue Growth 28% 27% AEBITDA Growth 28% 27% Revenues AEBITDA Engineering Subconsultant and other direct costs
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7Colliers Second quarter, US$ millions Investment Management • Strong internal growth and favourable impact of a recent acquisition • Net margin impacted by continued investments in strengthening the global platform under the Harrison Street Asset Management brand – improving ability to raise capital, serve investors and capitalize on opportunities across real assets, infrastructure and credit strategies • AUM of $109.9 billion, up 6% from June 30, 2025 • FPAUM of $54.6 billion, up 6% from June 30, 2025 135.3 117.7 11.9 8.4 147.2 126.1 Q2 2026 Q2 2025 GAAP Operating Earnings: Q2 2026 $20.2M at 13.7% margin; Q2 2025 $29.3M at 23.2% margin 49.4 50.0 Q2 2026 Q2 2025 36.5% Net margin 42.5% Net margin USD LC Revenue Growth 17% 17% Net Revenue Growth 15% 15% AEBITDA Growth -1% -1% Management fees Pass-through performance fees Revenues AEBITDA
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8Colliers (US$ millions) Capitalization & Capital Allocation • Net leverage of 2.8x post closing of Ayesa acquisition; expected to de-lever through the balance of the year • $900 million of total available liquidity • Anticipating capital expenditures of $90-$100 million in 2026, representing ~2% of trailing twelve- month revenues Cash $ 265.2 $ 207.9 $ 183.3 Total Debt 2,505.7 1,633.5 1,740.3 Net Debt $ 2,240.5 $ 1,425.6 $ 1,556.9 Redeemable non-controlling interests 1,311.5 1,285.0 1,157.8 Shareholders' equity 1,544.7 1,534.4 1,386.0 Total capitalization $ 5,096.7 $ 4,245.0 $ 4,100.7 Net debt / pro forma adjusted EBITDA - Leverage Ratio (1) 2.8x 2.0x 2.3x Capital Expenditures $ 49.6 $ 31.1 Acquisition Spend (2) $ 816.4 $ 111.0 Six months ended June 30, 2026 June 30, 2025 June 30, 2026 December 31, 2025 June 30, 2025 (1) Net debt for financial leverage ratio excludes restricted cash and warehouse credit facilities, in accordance with debt agreements (2) Includes business acquisitions, contingent acquisition consideration and purchases of non-controlling interests in subsidiaries
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Colliers 9 2026 Full Year Outlook Reaffirmed The financial outlook is based on the Company’s best available information as of the date of this presentation, and remains subject to change based on numerous macroeconomic, geopolitical, international trade, health, social and related factors. The outlook includes the impact of Ayesa, which closed late in the second quarter. The outlook does not include any further acquisitions. Commercial Real Estate Engineering Investment Management Consolidated Mid-teens revenue and net revenue growth Mid-teens AEBITDA growth Mid-teens AEPS growth Low teens revenue and net revenue growth on stronger Capital Markets and Leasing activity Net AEBITDA margin expected to be up modestly 25%+ revenue and net revenue growth on solid internal growth and acquisitions, including Ayesa Net AEBITDA margin expected to increase given higher-margin Ayesa as well as operating leverage Low teens net revenue growth on stronger fundraising and annualization of recent acquisition Net AEBITDA margin expected to decline, reflecting costs to integrate the platform
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Appendix Colliers 10 Reconciliation of non-GAAP Measures
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Colliers 11 (US$ thousands) Net earnings $ 49,216 $ 63,971 $ 59,995 $ 72,889 Income tax 26,838 25,244 35,099 29,956 Other income, including equity earnings from non-consolidated investments (4,029) (5,547) (10,932) (10,121) Interest expense, net 26,417 15,515 49,285 38,063 Operating earnings 98,442 99,183 133,447 130,787 Loss on disposal of business operations 800 - 1,331 - Depreciation and amortization 71,724 61,686 139,724 125,088 Gains attributable to MSRs (13,873) (10,455) (25,189) (14,494) Equity earnings from non-consolidated investments 4,164 3,318 11,435 7,052 Acquisition-related items 27,387 16,059 42,740 25,440 Restructuring, optimization and integration costs 7,356 1,264 16,139 6,575 Stock-based compensation expense 9,338 9,154 10,513 15,805 Adjusted EBITDA $ 205,338 $ 180,209 $ 330,140 $ 296,253 Three months ended Six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Reconciliation of GAAP earnings to adjusted EBITDA
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Colliers 12 (US$ thousands) Net earnings $ 49,216 $ 63,971 $ 59,995 $ 72,889 Non-controlling interest share of earnings (16,094) (16,238) (20,385) (21,967) Loss on disposal of operations 800 - 1,331 - Amortization of intangible assets 50,760 42,983 98,459 87,738 Gains attributable to MSRs (13,873) (10,455) (25,189) (14,494) Acquisition-related items 27,387 16,059 42,740 25,440 Restructuring, optimization and integration costs 7,356 1,265 16,139 6,575 Stock-based compensation expense 9,338 9,153 10,513 15,805 Income tax on adjustments (12,941) (12,210) (25,496) (25,692) Non-controlling interest on adjustments (8,336) (7,008) (17,587) (14,634) Adjusted net earnings $ 93,613 $ 87,520 $ 140,520 $ 131,660 (US$) Diluted net earnings per common share $ 0.56 $ 0.08 $ 0.09 $ 0.00 Non-controlling interest redemption increment 0.09 0.86 0.69 1.01 Loss on disposal of operations, net of tax 0.02 - 0.02 - Amortization expense, net of tax 0.61 0.53 1.17 1.09 Gains attributable to MSRs, net of tax (0.16) (0.12) (0.28) (0.16) Acquisition-related items, net of tax 0.43 0.21 0.61 0.32 Restructuring, optimization and integration costs, net of tax 0.12 0.02 0.24 0.09 Stock-based compensation expense, net of tax 0.16 0.14 0.20 0.24 Adjusted EPS $ 1.83 $ 1.72 $ 2.74 $ 2.59 Diluted weighted average shares for Adjusted EPS (thousands) 51,158 50,891 51,232 50,900 Three months ended Six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Three months ended Six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share
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Colliers 13 Reconciliation of net cash flow from operations to free cash flow (US$ thousands) Net cash provided by operating activities $ 139,661 $ 44,563 $ (47,765) $ (39,913) Contingent acquisition consideration paid 6,257 5,680 9,227 7,948 Purchase of fixed assets (31,306) (16,428) (49,602) (31,082) Cash collections on AR Facility deferred purchase price 66,927 35,556 118,242 83,977 Distributions paid to non-controlling interests (30,282) (37,015) (41,404) (45,473) Free cash flow $ 151,257 $ 32,356 $ (11,302) $ (24,543) Three months ended Six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
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Colliers 14 Reconciliation of revenues to net revenues – Quarterly (US$ thousands) Three months ended June 30, 2026 Revenues $ 997,343 $ 427,805 $ 147,176 $ 175 $ 1,572,499 Subconsultant and other direct costs (105,941) (68,361) - - (174,302) Historical pass-through performance fees - - (11,851) - (11,851) Net revenues $ 891,402 $ 359,444 $ 135,325 $ 175 $ 1,386,346 Three months ended June 30, 2025 Revenues $ 893,177 $ 328,189 $ 126,134 $ 149 $ 1,347,649 Subconsultant and other direct costs (106,944) (46,361) - - (153,305) Historical pass-through performance fees - - (8,400) - (8,400) Net revenues $ 786,233 $ 281,828 $ 117,734 $ 149 $ 1,185,944 Commercial Real Estate Investment ManagementEngineering Corporate Consolidated
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Colliers 15 Reconciliation of revenues to net revenues – Year to date (US$ thousands) Six months ended Revenues $ 1,838,514 $ 764,652 $ 282,442 $ 363 $ 2,885,971 Subconsultant and other direct costs (210,856) (120,866) - - (331,722) Historical pass-through performance fees - - (17,851) - (17,851) Net revenues $ 1,627,658 $ 643,786 $ 264,591 $ 363 $ 2,536,398 Six months ended June 30, 2025 Revenues $ 1,634,153 $ 602,059 $ 252,336 $ 271 $ 2,488,819 Subconsultant and other direct costs (213,933) (79,813) - - (293,746) Historical pass-through performance fees - - (15,445) - (15,445) Net revenues $ 1,420,220 $ 522,246 $ 236,891 $ 271 $ 2,179,628 June 30, 2026 Commercial Real Estate Investment ManagementEngineering Corporate Consolidated
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Local currency revenue and adjusted EBITDA growth rate and internal revenue growth rate measures Percentage revenue and adjusted EBITDA variances presented on a local currency basis are calculated by translating the current period results of our non-US dollar denominated operations to US dollars using the foreign currency exchange rates from the periods against which the current period results are being compared. Percentage revenue variances presented on an internal growth basis are calculated assuming no impact from acquired entities in the current and prior periods. Revenue from acquired entities, including any foreign exchange impacts, are treated as acquisition growth until the respective anniversaries of the acquisitions. We believe that these revenue growth rate methodologies provide a framework for assessing the Company’s performance and operations excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers. Assets under management We use the term assets under management (“AUM”) as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the projected gross cost of development assets of the funds, partnerships and accounts to which we provide management and advisory services, including capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our definition of AUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers. Fee paying assets under management We use the term fee paying assets under management (“FPAUM”) to represent only the AUM on which the Company is entitled to receive management fees. We believe this measure is useful in providing additional insight into the capital base upon which the Company earns management fees. Our definition of FPAUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers. Resilient revenue percentage Resilient revenue percentage is computed on a trailing twelve-month basis and represents the proportion that is derived from Engineering, Outsourcing and Investment Management service lines. All these service lines represent medium to long-term duration revenue streams that are either contractual or repeatable in nature. Revenue for this purpose incorporates the expected full year impact of acquisitions and dispositions. Adjusted EBITDA from resilient revenue percentage Adjusted EBITDA from Resilient revenue percentage is computed on a trailing twelve- month basis and represents the proportion of Adjusted EBITDA that is derived from Engineering, Outsourcing and Investment Management service lines. All these service lines represent medium to long-term duration revenue streams that are either contractual or repeatable in nature. Adjusted EBITDA for this purpose is calculated in the same manner as calculated for our debt agreement covenant calculation purposes, incorporating the expected full year impact of business acquisitions and dispositions. Colliers 16 Other Non-GAAP Measures