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Here are 1-3 brief analogies to describe Colliers International (CIGI):

• Like the Accenture of commercial real estate.
• Like a Goldman Sachs for commercial property transactions and investments.

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• Real Estate Transaction Services: Facilitates the buying, selling, and financing of commercial properties, including debt and equity capital raising.
• Agency Services: Represents landlords and tenants in lease negotiations and property acquisition or disposition.
• Advisory & Consulting Services: Offers strategic advice on corporate real estate, workplace solutions, property valuation, and market research.
• Engineering Design Services: Provides design and consulting for property, infrastructure, transportation, environmental, and telecommunications projects.
• Property & Facilities Management: Manages daily operations, maintenance, accounting, and administration for commercial properties.
• Project & Development Management: Oversees and manages real estate development and construction projects from planning to delivery.
• Real Estate Investment Management: Delivers asset management, advisory, and transaction services for real estate investment portfolios.

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Colliers International (CIGI) primarily provides commercial real estate professional and investment management services to other companies and institutions. Based on the company description, its major customers are broadly categorized as:

• Corporate Clients: These include businesses and corporations across a multitude of industries that require real estate services for their operational needs. This encompasses services such as landlord and tenant representation, corporate and workplace solutions, valuation and advisory services, property marketing, and ongoing property and project management for their commercial real estate portfolios.
• Institutional Investors: This category comprises large organizations like pension funds, sovereign wealth funds, insurance companies, and various investment funds that are active in the commercial real estate market. They utilize Colliers' investment management services, including asset management advisory and administration, transaction services, and incentive programs to manage their real estate investments.
• Property Owners and Developers: These are entities that own, develop, or manage commercial properties. They engage Colliers for a range of services including sales brokerage, debt origination and placement, equity capital raising, acquisition advisory, property management, and comprehensive project management services, alongside engineering design for their properties and developments.

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Jay S. Hennick Global Chairman & CEO

Jay S. Hennick is the Global Chairman and CEO of Colliers International, which he co-founded and is the controlling shareholder of. He founded FirstService Corporation in 1989, serving as its CEO until 2015, when he led its separation into two publicly traded companies: Colliers International Group Inc. and FirstService Corporation. Hennick began his entrepreneurial journey in 1972 at the age of 17, starting a commercial swimming pool management business that later became the foundation of FirstService. He is also the Chairman of Hennick & Company, a private family investment firm that holds stakes in companies like Haventree Bank and BV Realty. He was recognized as Canada's Entrepreneur of the Year in 1998 and Canada's CEO of the Year in 2001.

Christian Mayer Global Chief Financial Officer & CEO of Commercial Real Estate

Christian Mayer was appointed Global Chief Financial Officer & CEO of Commercial Real Estate for Colliers International Group Inc. effective March 5, 2026. In this role, he oversees the Commercial Real Estate segment and leads the company's enterprise-wide financial strategy. Prior to this, Mayer served as Senior Vice President, Finance & Treasurer | Global for Colliers, where he managed the firm's external reporting, treasury, tax functions, and aspects of operations, governance, and investor relations. He holds a bachelor's degree in business administration.

Elias Mulamoottil Global Chief Investment Officer & CEO of Engineering

Elias Mulamoottil was named Global Chief Investment Officer & CEO of Engineering for Colliers International Group Inc., effective March 5, 2026. He is responsible for driving growth across Colliers' global Engineering platform and overseeing the company's investment team and program, including strategic and emerging tech investments. Mulamoottil previously served as Senior Vice President, Strategy & Corporate Development for FirstService, where he was involved in executing the company's acquisition strategy and formulating its corporate strategy. Before joining FirstService, he was a partner at a Toronto-based financial advisory and asset management firm, where he focused on mergers, acquisitions, divestitures, and financing transactions. Mulamoottil began his career at Deloitte & Touche.

Chris McLernon Chief Executive Officer, Real Estate Services | Global

Chris McLernon serves as the Chief Executive Officer, Real Estate Services | Global, responsible for client relationships, operational excellence, and overall growth within Colliers' real estate services across 62 countries. He oversees the company's Capital Markets, Leasing, and Outsourcing & Advisory businesses globally. McLernon joined Colliers in 1987 as an office leasing advisor in Toronto. Prior to his current role, he was the CEO for Europe, Middle East and Africa (EMEA), where he significantly grew revenues and oversaw more than 30 acquisitions. He is scheduled to retire at the end of April after nearly 40 years with the company.

Becky Finley Chief Brand and People Officer

Becky Finley holds the title of Chief Brand and People Officer at Colliers International Group Inc.

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1. Economic Uncertainties and Cyclicality of Real Estate Markets: Colliers International's business is significantly exposed to the inherent cyclicality of commercial real estate markets. Fluctuations in economic conditions, such as interest rate volatility, global trade uncertainty, and overall market sentiment, can directly impact demand for real estate services, including sales brokerage, leasing, and capital markets activities. Despite having a diversified revenue base with a significant portion of recurring revenue, a substantial part of its top line still comes from transaction-based and cyclical streams, making it vulnerable to downturns.
2. Financial Leverage and Acquisition-Related Risks: The company has an acquisition-led growth strategy, which is associated with a notable debt-to-EBITDA ratio and an unfavorable credit profile. Heavy reliance on credit to fund these acquisitions amplifies both leverage risks and the inherent execution and integration risks of new businesses, especially if the acquired entities do not perform as expected or if earnings growth does not keep pace with increasing debt obligations.
3. Intense Competition and Pressure on Profitability: Colliers operates in a highly competitive global market, contending with major players like CBRE and JLL, as well as numerous regional and local firms. This intense competition can exert pressure on service fees, margins, and market share. Challenges in profitability and potential inefficiencies in capital allocation, indicated by some financial health metrics, further underscore the impact of this competitive landscape on the company's financial performance.

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The clear emerging threat for Colliers International is the accelerating adoption of artificial intelligence (AI) and automation technologies within the commercial real estate sector. These technologies have the potential to significantly disrupt traditional service delivery models by streamlining or automating various functions that Colliers currently provides, such as market research, property valuation, lease administration, predictive maintenance in property management, and even aspects of transaction matching and due diligence. This could lead to a commoditization of certain professional services, reduce the demand for human intermediaries in some areas, or necessitate substantial investments in technology to remain competitive, similar to how digital streaming platforms challenged traditional media distribution.

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Colliers International operates within substantial addressable markets across its diverse range of commercial real estate and investment management services. The market sizes for its main products and services vary by segment and region.

Commercial Real Estate Brokerage and Management Services

The global commercial real estate brokerage and management market was valued at approximately USD 276.2 billion in 2024. This market is projected to grow to USD 476.4 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 5.93% during this period. The brokerage segment holds the largest share within this market. North America is identified as a significant contributor to the revenue in this market.

Facilities Management Services

Globally, the facilities management services market was valued at USD 1.75 trillion in 2024. It is projected to reach USD 2.33 trillion by 2033, growing at a CAGR of 3.3%. North America held the largest revenue share in this market, accounting for 34.6% in 2024. The Asia-Pacific region held 41.10% of the market in 2025.

Engineering Services

The global engineering services market size was estimated at USD 3,419.59 billion in 2024. This market is projected to reach USD 4,722.7 billion by 2030, with a CAGR of 5.7% from 2025 to 2030. Asia Pacific held the largest revenue share in the engineering services market, accounting for nearly 37% in 2024. North America holds a significant 25.77% of the global market share for engineering design services.

Property Management Services

The global property management market was valued at USD 26.49 billion in 2024 and is projected to grow to USD 50.87 billion by 2032, exhibiting a CAGR of 8.50% from 2025 to 2032. In 2024, North America dominated the global market with a 43% revenue share. The Asia Pacific region is anticipated to be the fastest-growing market for property management services during the forecast period of 2025-2032.

Real Estate Investment Management Services

The global real estate investment management market, in terms of services, was valued at USD 33.61 billion in 2025 and is expected to reach USD 47.16 billion by 2034, growing at a CAGR of 3.84%. Furthermore, the total global Assets Under Management (AUM) for non-listed real estate investment managers was approximately US$3.8 trillion in 2024. Real estate managers in North America, Europe, and Asia-Pacific collectively dominate this AUM.

Construction Project Management Services

The global construction project management market is projected to grow from USD 3,165.19 million in 2021 to USD 10,457.4 million by 2033, at a robust CAGR of 10.472%. North America is projected to hold approximately 36.35% of the global market share in 2025. The Asia Pacific region is the fastest-growing market and is projected to capture 29.05% of the global market by 2025.

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Here are 3-5 expected drivers of future revenue growth for Colliers International (symbol: CIGI) over the next 2-3 years:

1. Expansion of High-Value, Recurring Outsourcing & Advisory Services: Colliers anticipates continued mid to high single-digit revenue growth in its Outsourcing & Advisory segment, which includes services such as engineering, project management, property management, and valuation. This segment has consistently delivered robust revenue increases and is expected to provide growth, balance, and stability to the company's platform.
2. Strategic Acquisitions, Particularly in the Engineering Segment: Colliers has a stated strategy of pursuing strategic acquisitions to build scale, expertise, and expand its service lines. A significant example is the acquisition of Ayesa Engineering, a multidiscipline engineering firm, which is expected to close in late Q2 2026. This acquisition is projected to elevate Colliers' engineering arm into the global top tier and contribute significantly to revenue, with total top-line growth in Engineering projected to be over 25% for 2026, including acquisitions. Other regional acquisitions, such as Colliers Philadelphia, also strengthen market presence.
3. Growth in Investment Management Through Accelerated Fundraising and New Product Introductions: The company plans to accelerate its fundraising efforts in key regions like the Middle East and Asia and introduce new investment products. The Investment Management segment is predicted to achieve mid to high single-digit revenue growth for the remainder of the current year and low teens net revenue growth for 2026, driven by strengthened capital formation capabilities.
4. Strategic Investments in Talent, Platform Enhancement, and Distribution Capabilities: Colliers is committed to making strategic investments in its personnel, enhancing its operational platform, and investing heavily in distribution capabilities. The company also intends to increase recruitment, particularly within the US market, to encourage growth and reinforce its market position.
5. Recovery and Stabilization in Capital Markets and Leasing Activity: Despite facing headwinds from interest rate volatility, the company has observed a rebound in Capital Markets, particularly in the US. Leasing activity has also shown modest global growth, with several markets experiencing increased office sector activity as occupiers make longer-term lease commitments. This stabilization and gradual recovery in transactional businesses are expected to contribute to future revenue growth.

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Share Repurchases

• Colliers International received approval for a new share repurchase initiative, effective from May 2025 to May 2026, authorizing the buyback of up to 4,300,000 Subordinate Voting Shares, representing approximately 10% of the public float as of April 30, 2025.
• The company had a previous buyback program that expired in July 2024, under which no shares were purchased.
• As of December 31, 2025, no shares had been repurchased under the program announced in May 2025.

Share Issuance

• Colliers Group reported a net total equity issued of $0.332 billion in 2024, following a net issuance of $0.042 billion in 2023.
• In 2022, the company had a net total equity repurchased of $0.149 billion.
• The number of shares outstanding for Colliers International increased from 42.96 million in 2022 to 50.85 million in 2025.

Outbound Investments

• Colliers entered into a definitive agreement to acquire Ayesa Engineering for approximately US$700 million in cash, with the closing expected in the second quarter of 2026, significantly expanding its Engineering segment globally.
• In March 2026, Colliers acquired Progedil, a leading residential asset advisor in Rome, to enhance its capabilities in residential, development, and urban regeneration in Italy.
• In April 2022, Colliers completed the acquisitions of Colliers Italy and Antirion SGR S.p.A., one of Italy's largest real estate investment management firms.

Capital Expenditures

• Capital expenditures totaled $78.7 million in 2025 and $65.1 million in 2024.
• The company anticipates capital expenditures to be between $90 million and $100 million in 2026.
• For the years 2021, 2022, and 2023, capital expenditures were approximately $138 million, $70 million, and $85 million respectively.