Company-wide revenue and EBITDA growth
Q4 revenue of $1,600,000,000, up 5% year over year (local currency); Q4 adjusted EBITDA of $245,000,000, up 6% YoY, in line with revenue growth.
Commercial Real Estate momentum
Q4 Commercial Real Estate segment net revenue up 7% with capital markets +13%, leasing +3%, outsourcing +8%; segment net margin improved to 15.8% (+50 basis points YoY) driven by operating leverage.
Engineering growth and strategic M&A (Ayesa)
Engineering segment net revenue up 8% in Q4 led by recent acquisitions; announced acquisition of Ayesa for ~$700,000,000 USD equivalent (expected to rank Colliers Engineering among top 30 global engineering firms) — Ayesa to add ~0.7 turns of leverage pro forma and ~7 months of EBITDA to 2026 guidance.
Strong investment management fundraising and AUM
Investment management raised $2,100,000,000 in Q4 and $5,300,000,000 for the full year; year-end AUM $108,000,000,000 (flat vs Sept 30) and flagship fund outperformed ODCE by ~100 basis points in 2025.
Positive 2026 outlook across segments
Guidance calls for low-teens top-line growth in Commercial Real Estate (capital markets expected high-teens), engineering total top-line growth of >25% including acquisitions (mid single-digit organic), investment management net revenue in low-teens; overall expecting mid-teens growth in key operating metrics for 2026.
Leverage reduction and available financing
Corporate leverage declined to 2.0x as of Dec 31 (seasonal cash flow benefit); revolving credit facility has >$1,100,000,000 available capacity and Ayesa financing expected at an attractive ~4% Euro-denominated rate.
Strategic positioning on AI and data
Management frames AI as a productivity and margin enabler (not a disruptor), highlighting an exclusive partnership with Google Cloud, increased IT investment, and expected efficiency gains that can improve margins and professional productivity over a multi-year rollout.