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Core Insights - Colliers has been named the World's Best Real Estate Adviser for the second consecutive year by Euromoney Global Real Estate Awards, reinforcing its status as a leading advisor in the industry [1][2] - The company received eight additional regional and national awards, highlighting its impact and performance in the commercial real estate market [2][4] Company Overview - Colliers operates as a global diversified professional services and investment management company, with three main platforms: Real Estate Services, Engineering, and Investment Management [3] - The company has a proven business model and an enterprising culture, delivering approximately 20% compound annual returns for shareholders over the past 30 years [3] - Colliers reported annual revenues of $5.5 billion and manages assets worth $108 billion, employing a team of 24,000 professionals [3]

Core Insights - The 2026 Global Investor Outlook by Colliers indicates a shift in investor behavior towards active capital deployment and diversification across sectors and regions, driven by improving market fundamentals and returning liquidity [1][2][3] Investment Strategies - Nearly 49% of investors prefer direct investments and separate accounts, with a growing interest in platform joint ventures and M&A, while private equity and secondary funds are increasingly targeting property-owning entities and operating businesses [2][3] - A significant 37% of investors are leaning towards core and core-plus strategies, despite only 9% of real estate funds being raised in these areas, highlighting a disconnect between investor appetite and fund orientation [2] Market Dynamics - Multi-regional strategies now account for nearly 30% of global fundraising, with North America’s share decreasing from 50% in 2024 to 40% in 2025 YTD, while Europe and Asia Pacific saw increases of 50% and 130% year-on-year, respectively [3] - Data centres have become the second-most popular asset type, representing 31% of global real estate funds raised from Q1 to Q3 2025, while offices are experiencing a global rebound [4][5] Sector Performance - Industrial, multifamily, and retail assets continue to attract capital, particularly in markets with strong fundamentals and limited supply, focusing on logistics hubs and urban residential growth corridors [6] - Investors are increasingly looking to reposition existing assets for value creation, with a focus on adaptive reuse in supply-constrained markets, particularly in APAC and Europe [7] Regional Insights - In the United States, pent-up capital and attractive valuations are driving renewed activity, especially in multifamily, industrial, and data centres [12] - Europe remains a key destination for global capital, with office and industrial sectors leading a rebound amid improving liquidity [12] - APAC is witnessing robust growth prospects, boosting demand for office, logistics, and emerging alternatives like data centres and student housing [12] - Canada’s appeal as a safe haven, along with supply constraints in multifamily and retail sectors, is enhancing investor confidence [12]

Core Insights - Colliers' 2026 Global Investor Outlook indicates a resurgence of investor confidence in global real estate markets, driven by improving market fundamentals, returning liquidity, and normalizing pricing expectations [1][2][3] Investment Trends - Nearly half of investors (49%) prefer direct investments and separate accounts, with a growing interest in platform joint ventures and M&A [2] - 37% of investors are leaning towards core and core-plus strategies, despite only 9% of real estate funds being raised targeting these areas, highlighting a disconnect between investor appetite and fund orientation [2][3] Market Dynamics - Multi-regional strategies now account for nearly 30% of global fundraising, with North America’s share dropping from 50% in 2024 to 40% in 2025, while Europe and Asia Pacific saw increases of 50% and 130% year-on-year, respectively [3] - Data centres represented 31% of global real estate funds raised from Q1 to Q3 2025, marking them as the second-most popular asset type, while offices are experiencing a global rebound [4] Sector Performance - Industrial, multifamily, and retail assets continue to attract capital, particularly in markets with strong fundamentals and constrained supply [6] - Investors are focusing on value creation through the repositioning of existing assets, with a notable trend towards adaptive reuse in supply-constrained markets [7] Regional Highlights - In the United States, pent-up capital and attractive valuations are driving renewed activity, especially in multifamily, industrial, and data centres [11] - Europe remains a key destination for global capital, with office and industrial sectors leading a recovery amid improving liquidity [11] - In the Asia Pacific region, robust growth prospects are enhancing demand for office, logistics, and emerging alternatives like data centres and student housing [11] - Canada is seeing a return of institutional capital, driven by safe-haven appeal and supply constraints in multifamily and retail sectors [11]

Core Insights - Colliers has appointed Brian Rosen as President of the U.S. Northeast Region Brokerage, effective January 1, 2026, in addition to his current role as President and CEO of Colliers Canada [1][2] - This appointment highlights Colliers' strategy to accelerate growth in key markets, particularly in the U.S. Northeast, which is seen as a significant opportunity for expansion [2][4] - Rosen has a strong background and experience in both U.S. and Canadian markets, having joined Colliers in 2019 and successfully growing the Canadian business despite challenges [3][4] Company Overview - Colliers is a global diversified professional services and investment management company, operating through three main platforms: Real Estate Services, Engineering, and Investment Management [5] - The company has achieved approximately 20% compound annual returns for shareholders over the past 30 years, with annual revenues of $5.5 billion and $108 billion in assets under management [5] - Colliers employs a team of 24,000 professionals and maintains a culture focused on growth and value creation [5]

Financial Data and Key Metrics Changes - The company's Q3 revenues were $1.46 billion, representing a 23% year-over-year increase, driven by engineering and real estate services segments [6][9] - Adjusted EBITDA for the quarter was $191 million, a 24% increase from the previous year [6] - Overall internal growth for the quarter was 13% [6] Business Line Data and Key Metrics Changes - Engineering segment revenues increased by 36%, with internal growth of 6% [7] - Real estate services segment revenues rose by 13%, with capital markets up 21% and leasing revenues up 14% [6][7] - Outsourcing revenues increased by 8%, led by valuation and advisory practices [7] Market Data and Key Metrics Changes - Assets under management reached $108 billion, a 10% increase from the previous year [5] - The company raised $1 billion in new capital commitments during the quarter, with total year-to-date fundraising at $4.4 billion [8] Company Strategy and Development Direction - The company is focused on unifying operations under the Harrison Street Asset Management brand, which is expected to strengthen the business and deliver value to shareholders [4][5] - The engineering sector is seen as a significant growth area, with plans to double revenue and profitability in the coming years [25][94] - The company is actively pursuing acquisitions in various segments, particularly in engineering, to capitalize on growth opportunities in fragmented markets [25][94] Management's Comments on Operating Environment and Future Outlook - Management anticipates an increase in business activity as interest rates stabilize and investor confidence builds [4] - The capital markets recovery is described as gradual, with expectations for continued growth in Q4 and beyond [41][46] - Management remains confident in meeting full-year guidance despite slight expected declines in investment management margins due to integration costs [9][40] Other Important Information - The company has $9 billion in dry powder available for deployment, which is expected to drive future growth [5][86] - The integration of IAM under the Harrison Street platform has received positive client feedback, indicating a successful transition [33] Q&A Session Summary Question: Inquiry about engineering margins and service mix - Management noted that engineering margins were slightly impacted by service mix, with a net margin decrease of 20 to 30 basis points [14][15] Question: Discussion on investment management margins and future outlook - Management indicated that integration costs would impact margins for the next two to three quarters, but they are focused on long-term growth [16][18] Question: Organic growth in engineering - Year-to-date organic growth in engineering is around 8%, with expectations to maintain mid-high single-digit growth for the year [22][23] Question: Capital markets activity and pipeline - The capital markets pipeline is solid, with expectations to exceed last year's performance in Q4 [41][42] Question: Construction activity and market conditions - Management indicated that construction activity is currently soft, particularly in condominiums, but there is ongoing activity in data centers and related infrastructure [61] Question: Performance of recent acquisitions - The integration of Triovest and Asterisk is ongoing, with positive early results noted for both acquisitions [96][98]

Financial Data and Key Metrics Changes - Third-quarter revenues were $1.46 billion, representing a 23% year-over-year increase, driven by engineering and real estate services segments [6][4] - Adjusted EBITDA for the quarter was $191 million, a 24% increase from the previous year [6] - Overall internal growth for the quarter was 13% [6] Business Line Data and Key Metrics Changes - Engineering segment revenues increased by 36%, with internal growth of 6% [7] - Real estate services segment revenues rose by 13%, with capital markets up 21% and leasing revenues up 14% [6][7] - Outsourcing revenues increased by 8%, led by valuation and advisory practices [7] Market Data and Key Metrics Changes - Assets under management reached $108 billion, a 10% increase from the previous year [5] - Capital markets showed strong growth, particularly in the U.K., Japan, and Canada [6] - Debt finance activity was robust, especially in U.S. multifamily originations [6] Company Strategy and Development Direction - The company is focused on unifying operations under the Harrison Street Asset Management brand to strengthen its business and deliver value to shareholders [4] - The engineering sector is seen as a significant growth opportunity, with plans to double revenue and profitability in the coming years [25][94] - The company is actively pursuing acquisitions in fragmented markets to enhance its service offerings [25][94] Management's Comments on Operating Environment and Future Outlook - Management anticipates a gradual recovery in capital markets as interest rates stabilize and investor confidence builds [4] - The company expects to meet its full-year outlook despite slight adjustments in investment management due to integration costs [9] - Management remains optimistic about the future, citing strong backlogs and a solid pipeline across geographic markets [7][9] Other Important Information - The company raised $1 billion in new capital commitments during the third quarter, with an additional $1.2 billion raised since quarter-end [8] - The leverage ratio was 2.3 times as of September 30, with expectations to decline to just under two times by year-end [9] Q&A Session Summary Question: Inquiry about engineering margins and service mix - Management noted that engineering margins were slightly impacted by service mix, with a decline of 20 to 30 basis points due to low-margin pass-through costs [14][15] Question: Discussion on investment management margins and future outlook - Management indicated that integration costs would impact margins for the next two to three quarters, but they are focused on long-term growth [16][18] Question: Organic growth in engineering - Year-to-date organic growth in engineering is around 8%, with expectations for continued growth in infrastructure-oriented markets [22][23] Question: Capital markets activity and pipeline - Management expressed confidence in the capital markets pipeline for the fourth quarter, expecting to exceed last year's performance [41][42] Question: Leasing activity and geographic performance - Leasing was led by the U.S., with strong performance in industrial and office sectors, and management expects continued growth [34][35] Question: Data centers as a growth opportunity - Management highlighted their comprehensive capabilities in the data center sector, emphasizing their full-cycle involvement beyond traditional real estate services [56][57] Question: Construction activity outlook - Management noted that construction activity is currently soft, particularly in condominiums, but there is ongoing activity in data centers and multifamily projects [61] Question: Operating leverage and capacity - Management confirmed a 22% operating leverage on incremental revenue in Q3, with expectations for continued leverage as revenues increase [65][66] Question: Future growth in engineering and acquisitions - Management sees significant growth potential in the engineering sector across various regions, particularly in the U.S. and Europe [92][94]

Financial Data and Key Metrics Changes - The company reported Q3 revenues of $1.46 billion, a 23% increase year over year, driven by growth in engineering and real estate services segments [7][10] - Adjusted EBITDA for the quarter was $191 million, reflecting a 24% increase from the previous year [7] - Assets under management reached $108 billion, a 10% increase from the previous year [6][10] Business Line Data and Key Metrics Changes - Engineering segment revenues increased by 36%, with internal growth of 6% and significant contributions from acquisitions [9] - Real estate services segment revenues rose by 13%, with capital markets up 21% and leasing revenues increasing by 14% [8][9] - Outsourcing revenues grew by 8%, led by valuation and advisory practices [9] Market Data and Key Metrics Changes - Strong sales growth was noted in the U.K., Japan, and Canada, particularly in capital markets and leasing [8] - Debt finance activity was robust, especially in U.S. multifamily originations [8] Company Strategy and Development Direction - The company is focused on unifying operations under the Harrison Street Asset Management brand, which is expected to strengthen the business and enhance shareholder value [5][10] - The engineering sector is seen as a significant growth opportunity, with plans to double revenue and profitability in the coming years [29][101] - The company maintains a decentralized operating model that allows for flexibility and responsiveness to market opportunities [5][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year guidance despite slight expected declines in investment management margins due to integration costs [10][41] - The capital markets recovery is viewed as a multi-year process, with expectations for continued growth in Q4 and beyond [48][50] - Management highlighted the importance of long-term value creation over short-term margin pressures [41][42] Other Important Information - The company raised $1 billion in new capital commitments during the quarter, with total year-to-date fundraising reaching $4.4 billion [10] - The leverage ratio was reported at 2.3 times, with expectations to decline to just under two times by year-end [11] Q&A Session Summary Question: Inquiry about engineering margins and service mix - Management noted that engineering margins were slightly impacted by service mix, with a net margin decrease of 20 to 30 basis points [16][18] Question: Discussion on investment management business and future margins - Management indicated that integration costs would impact margins for the next two to three quarters, but they remain focused on long-term growth [20][21] Question: Organic growth in engineering - Year-to-date organic growth in engineering was reported at around 8%, with expectations for continued growth in the mid-high single-digit range [24][25] Question: Capital markets activity and fourth-quarter outlook - Management expressed confidence in exceeding last year's capital markets performance, with a solid pipeline for Q4 [43][46] Question: Leasing activity and geographical performance - Strong leasing activity was noted in the U.S., particularly in industrial and office sectors, with expectations for continued growth [37][38] Question: Feedback on integration of investment management - Client feedback on the integration process has been positive, with increased capital allocations from investors [34][36] Question: Construction activity outlook - Management indicated that construction activity is currently soft, particularly in condominiums, but there is ongoing activity in data centers and related infrastructure [66][67] Question: Future growth potential in engineering across regions - Management highlighted significant growth opportunities in the U.S., Canada, Australia, and Europe, emphasizing the fragmented nature of the engineering market [100][101]

Financial Performance Highlights - Revenues for the third quarter of 2025 reached $14631 million, a 24% increase compared to $11791 million in the third quarter of 2024[2] - Net Revenues for the third quarter of 2025 were $12589 million, up 19% from $10580 million in the same period of 2024[2] - Adjusted EBITDA for Q3 2025 was $1911 million, a 24% increase year-over-year from $1546 million[2] - Adjusted EPS for Q3 2025 increased by 24% to $164, compared to $132 in Q3 2024[2] - GAAP Operating Earnings for Q3 2025 decreased by 5% to $1047 million, compared to $1097 million in Q3 2024[2] - For the nine months ended September 30, 2025, GAAP diluted EPS decreased by 52% to $082, compared to $173 in the same period of 2024[2] Segment Performance - Engineering revenue increased by 54% to $4881 million in Q3 2025, driven by strategic acquisitions and organic performance[8, 9] - Real Estate Services revenue increased by 14% to $8386 million in Q3 2025, driven by transaction activity[8, 9] - Investment Management revenue increased by 7% to $1363 million in Q3 2025, supported by higher fee-paying assets under management[8, 9] Capitalization and Liquidity - The company's leverage ratio is 23x[20, 21] - The company has $950 million of available liquidity under revolving credit facility[21]

Core Insights - Colliers International (CIGI) reported a revenue of $1.46 billion for the quarter ended September 2025, marking a year-over-year increase of 24.1% and exceeding the Zacks Consensus Estimate by 7.75% [1] - The earnings per share (EPS) for the same period was $1.64, up from $1.32 a year ago, representing a surprise of 3.8% over the consensus EPS estimate of $1.58 [1] Revenue Performance - Corporate revenues were reported at $0.18 million, surpassing the average estimate of $0.1 million [4] - Real Estate Services generated revenues of $838.57 million, exceeding the estimated $814.9 million [4] - Engineering revenues reached $488.06 million, compared to the average estimate of $423.28 million [4] - Investment Management revenues were $136.29 million, slightly above the average estimate of $134 million [4] Adjusted EBITDA Analysis - Adjusted EBITDA for Real Estate Services was $88.04 million, exceeding the average estimate of $78.23 million [4] - Corporate Adjusted EBITDA was reported at -$4.09 million, better than the average estimate of -$8.41 million [4] - Adjusted EBITDA for Investment Management was $53.58 million, below the average estimate of $57.75 million [4] - Engineering Adjusted EBITDA was $53.58 million, slightly below the average estimate of $53.68 million [4] Stock Performance - Shares of Colliers International have returned +4.1% over the past month, outperforming the Zacks S&P 500 composite's +2.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]