Colliers International Group (CIGIN) Q3 2026 Earnings Report
MX:CIGIN Q3 2026 EPS Results
- Actual EPS
- MXN 36.71
- Consensus EPS
- MXN 36.67
- Beat/Miss
- Beat by +MXN 0.04
- One Year Ago EPS
- MXN 30.85
MX:CIGIN Q3 2026 Revenue Results
- Actual Revenue
- MXN 30.71B
- Expected Revenue
- MXN 31.67B
- Beat/Miss
- Missed by -MXN 954.40M
- YoY Revenue Growth
- +14.14%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- Before Open
- Conference Call
- Wednesday, November 4, 2026
Colliers International Group's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive, supported by strong third-quarter revenue, EBITDA, and EPS growth; growth across all three segments; record acquisition activity; strong engineering backlog; continued fundraising and asset realizations; improved leverage; and substantial free cash flow. The principal challenges were a more cautious outlook, slower capital markets activity caused by geopolitical and interest rate volatility, delayed investment management fee revenue, and temporarily lower investment management margins. Overall, the breadth of operational progress and strategic momentum significantly outweighed the stated challenges.
For full-year 2026, Colliers now expects “low-teens growth in each of our key metrics compared to mid-teens growth previously,” with “margin expectations for each segment” unchanged; investment management fundraising is expected to finish the year within the “range of $6 billion to $9 billion,” margins are expected to “stabilize in the 40% range through 2027,” and the company expects to sell “over $5 billion” of assets in 2026 and finish the year at or under 2.5x leverage. Fourth-quarter capital markets revenue “will still grow, it just will not grow as much as we expected,” engineering organic growth was 4% in the third quarter, is “trending in the mid single digits,” and is expected to continue in the coming quarters, while acquisitions made during 2026 are expected to add “about 5% revenue and about 7% to our EBITDA in 2027” as they annualize.
- Strong Third-Quarter Consolidated ResultsThird-quarter consolidated revenue was $1.6 billion, up 12%, while net revenue increased 13% to $1.4 billion. Internal revenue growth was 2% and internal net revenue growth was 4%. Adjusted EBITDA increased 14% to $219 million, and adjusted EPS rose 20% to $1.97.
- Commercial Real Estate Revenue and Margin GrowthCommercial real estate net revenue increased 6%. Capital markets revenue rose 9%, led by the Americas and EMEA, while leasing revenue increased 6%. Segment margin improved to 11.3% from 10.9% in the prior year, reflecting operating leverage from higher transactional revenues.
- Engineering Segment Growth and BacklogEngineering net revenue increased 37%, driven primarily by recent acquisitions, including the first full quarter of Ayesa, as well as solid internal growth. Net margin increased 30 basis points to 17.3%. Engineering demand continues to benefit from infrastructure, defense projects, and technical consulting services, with backlog at just over 12 months as of September 30, up from June 30.
- Engineering Organic Growth and Canadian Defense WorkEngineering organic growth on a net revenue basis was 4% in the third quarter, described as trending in the mid-single digits and expected to continue in the coming quarters. Colliers was awarded a multiyear contract to modernize the supporting facilities for air operations at Bagotville CFB in Canada, supporting NORAD.
- Investment Management Revenue and Fundraising MomentumInvestment management net revenue increased 8%. Harrison Street raised $5.3 billion in new capital commitments through the end of October, including $800 million in October alone, and expects to finish the year within the previously discussed $6 billion to $9 billion range.
- Asset Realizations and Investor ReturnsHarrison Street sold $1.8 billion of assets during the quarter at compelling valuations, with proceeds returned to investors. Colliers expects to sell over $5 billion of assets in 2026 and highlighted its demonstrated ability to generate realized gains and return capital to investors.
- Assets Under Management and Investor Base ExpansionAssets under management were $110.5 billion at September 30, up 2% from a year ago, driven by new capital raised net of realizations. Management said the number of net new investors across its funds was up approximately 20%, supported by the integration of Harrison Street's four pillars and a consolidated global fundraising group.
- Resilient Earnings BaseApproximately 70% of Colliers' earnings are repeat or recurring, which management described as a high-quality earnings base intended to continue growing. Management said the recurring and repeat earnings mix is stronger than it was in 2023 and should provide resilience if another capital markets shock occurs.
- Strategic Acquisition ActivityManagement described 2026 as a record year for acquisitions, adding approximately $80 million of annualized EBITDA and retaining almost $1 billion of dry powder for new opportunities.
- Ayesa Engineering AcquisitionAyesa Engineering, which closed in May, added more than 3,300 professionals across 23 countries and strengthened Colliers' global engineering platform in transportation, water, energy, and infrastructure.
- Obsidian Engineering AgreementColliers agreed to acquire Calgary-based Obsidian Engineering, whose 400 professionals have delivered more than 3,500 complex energy infrastructure and data center projects, including Alberta's largest data center development. Management said the transaction had not yet closed and would further strengthen Colliers' position in Canada's energy sector.
- Vicinity Energy TransactionThrough Harrison Street funds, Colliers agreed to acquire a controlling interest in Vicinity Energy, the largest energy provider in the United States. The transaction is valued at $2.9 billion and serves more than 1,000 hospitals, universities, and other buildings across 12 cities under long-term contracts.
- Improved Leverage and Strong Free Cash FlowThe leverage ratio improved to 2.7x in the third quarter. Management expects to continue deleveraging in the fourth quarter and finish the year at or under 2.5x. Trailing-twelve-month free cash flow was $428 million, representing 118% of adjusted net earnings.
- Data Center Platform CapabilitiesManagement highlighted Colliers' integrated data center capabilities across its platforms: real estate professionals secure sites, engineers design, deliver, and manage facilities, and Harrison Street provides capital. Harrison Street has been in the data center business for seven years and has approximately $6 billion to $7 billion invested in data centers.
- Infrastructure Investment DemandManagement reported very strong investor demand for infrastructure and expects infrastructure's share of total assets under management to increase this year. It also reported renewed interest in traditional needs-based, demographically focused strategies involving seniors, students, 3P partnerships, and health care facilities.
- Expected 2027 Acquisition ContributionManagement said acquisitions completed during 2026 are expected to contribute approximately 5% of revenue and 7% of EBITDA in 2027 as they annualize, all else being equal.
- Long-Term Employee and Management OwnershipApproximately 1,500 operators hold significant equity in the businesses they run, and senior leadership together with operators collectively owns more than one-third of the company.
- Long-Term Shareholder ReturnManagement stated that Colliers' shares have compounded at approximately 20% per year for more than three decades, or approximately 17% at the current share price.
MX:CIGIN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | 50.20- | 42.6 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 36.6736.71 | 30.85 | 19.00% (+5.86) | |
| Jul 30, 2026 | 2026 (Q2) | 33.4634.25 | 31.75 | 7.86% (+2.50) | |
| May 05, 2026 | 2026 (Q1) | 17.1116.55 | 16.02 | 3.25% (+0.52) | |
| Feb 13, 2026 | 2025 (Q4) | 44.6742.60 | 43.23 | -1.45% (-0.63) | |
| Nov 10, 2025 | 2025 (Q3) | 29.4030.85 | 24.42 | 26.30% (+6.42) | |
| Aug 06, 2025 | 2025 (Q2) | 27.2431.75 | 25.13 | 26.35% (+6.62) | |
| May 06, 2025 | 2025 (Q1) | 16.0816.02 | 14.1 | 13.64% (+1.92) | |
| Feb 06, 2025 | 2024 (Q4) | 45.4343.23 | 35.96 | 20.20% (+7.26) | |
| Nov 05, 2024 | 2024 (Q3) | 27.4424.42 | 21.91 | 11.46% (+2.51) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
