Colliers International Group Inc.

Colliers International Group Inc. Annual Report Summary (Fiscal Year Ended December 31, 2025)

Colliers International Group Inc. (NASDAQ: CIGI), a leading diversified professional services and investment management company specializing in real estate, delivered robust performance in the fiscal year ended December 31, 2025. This summary highlights key operational achievements and financial results from its latest Form 40-F filing.

Business Overview: Colliers International offers a comprehensive suite of services to real estate occupiers, owners, and investors globally. These include brokerage, property management, project management, valuation, and advisory services, complemented by a growing investment management platform. The company operates worldwide, utilizing its extensive professional network to deliver integrated solutions for diverse property types and client requirements.

Financial Performance: Colliers achieved robust financial performance in fiscal year 2025, showing strong growth across its key segments.

• Revenue: Total revenue grew 12% to C$5.5 billion in 2025, up from C$4.9 billion in 2024. Strong demand in recurring revenue streams, particularly property and project management, and strategic acquisitions primarily drove this growth.
• Net Income: Net income attributable to shareholders increased 15% to C$320 million (C$7.50 per diluted share) in 2025, compared to C$278 million (C$6.60 per diluted share) in the prior year. Effective cost management and higher-margin service offerings contributed to this improvement.
• Segment Performance: The Investment Management segment expanded significantly, with assets under management (AUM) growing 18% to C$90 billion and substantially contributing to recurring revenue. Brokerage services also saw healthy growth, especially in industrial and multi-family sectors, despite some market challenges in commercial office leasing.

Risk Factors: Colliers' operations face various risks and uncertainties that could materially affect its business, financial condition, and results. These include, but are not limited to, risks related to general economic conditions, real estate market fluctuations, interest rate changes, competition, cybersecurity threats, acquisition integration, foreign currency exchange rate fluctuations, and regulatory changes. The full 40-F filing provides a comprehensive discussion of these and other risks.

Management Discussion (MD&A Highlights): Colliers' management identified strategic growth initiatives and operational effectiveness as primary performance drivers. The company strategically expanded in 2025, integrating 11 new companies through targeted acquisitions. These acquisitions aimed to enhance specialized service offerings and broaden geographic reach, particularly in high-growth alternative asset classes and technology-driven advisory services. While these new additions represented a modest 1.7% of total assets and 2.3% of total revenues for 2025, Colliers expects them to contribute more significantly to future growth and market share. Management also emphasized effective cost management and the successful integration of acquired businesses, which contributed to improved profitability. Throughout the year, the company demonstrated a strong commitment to governance and financial integrity, with both the CEO and CFO confirming the effectiveness of Colliers' disclosure controls and procedures and internal controls over financial reporting.

Financial Health (Debt, Cash, Liquidity): Colliers maintains a disciplined approach to capital management. As of December 31, 2025, the company reported a strong liquidity position, underpinned by cash and cash equivalents and available capacity under its revolving credit facilities. Colliers' financial strategy focuses on maintaining a flexible capital structure that supports organic growth and strategic acquisitions. Management continuously monitors its debt covenants and liquidity needs, ensuring operational flexibility and financial stability.

Future Outlook (Guidance, Strategy): Looking ahead, Colliers International aims to capitalize on evolving real estate market dynamics by leveraging its diversified service platform and global presence. Its key strategic priorities include:

• Expand Recurring Revenue Streams: Invest in property management, project management, and investment management to build a more resilient revenue base.
• Drive Digital Transformation: Enhance technology platforms to deliver innovative client solutions and improve operational efficiency.
• Pursue Strategic Acquisitions: Seek disciplined, value-accretive acquisitions that align with growth objectives in key markets and specialized service lines.
• Develop Talent: Invest in its global talent pool to maintain its competitive edge and deliver exceptional client service.

Colliers anticipates these strategic initiatives, coupled with an expected stabilization in global real estate markets, will drive continued growth in 2026. The company particularly focuses on sectors benefiting from demographic shifts and technological advancements. Colliers remains well-positioned to navigate market complexities and deliver long-term value to its shareholders.

Competitive Position: Colliers International operates in a highly competitive global real estate services and investment management industry. The company leverages its global brand, diversified service offerings, extensive professional network, and strong client relationships to maintain its competitive edge. Its strategic focus on recurring revenue streams, technology investments, and disciplined acquisition strategy differentiates it from competitors and helps capture market share in key growth sectors. Colliers competes with other global real estate service providers, regional firms, and specialized investment managers.