Answering the headline

Colliers International Group Inc. (TSX:CIGI) is worth watching because its latest reported quarter combined faster Revenue growth with a large acquisition. In the quarter ended 30 June 2026, revenue reached US$1,572.5 million, and the company closed the purchase of Ayesa Engineering late in the period. That deal lifted leverage, so the market question is now how well the enlarged Business converts growth into cash.

Colliers is a diversified professional services and Investment management group. Its ordinary shares are listed on the Toronto Stock Exchange and on Nasdaq under the same code, CIGI. All figures below are in US dollars and come from the company's own second-quarter release.

A business with three engines

Colliers reports three segments. Commercial Real Estate, the brokerage and advisory arm, generated second-quarter revenue of US$997.3 million, up 12 per cent, with adjusted EBITDA of US$105.9 million. Engineering, which designs and manages infrastructure and buildings projects, produced revenue of US$427.8 million, up 30 per cent, and adjusted EBITDA of US$52.1 million. Investment Management, the asset manager, recorded revenue of US$147.2 million and adjusted EBITDA of US$49.4 million, about 1 per cent lower than a year earlier.

Assets under management in that last segment stood at US$109.9 billion at 30 June 2026, up 6 per cent. The mix matters: the company says roughly 70 per cent of trailing twelve-month Earnings are of a resilient, recurring character, which is intended to cushion the more transaction-driven brokerage business.

What the numbers say

Consolidated adjusted EBITDA was US$205.3 million, up 14 per cent, and adjusted Earnings Per Share were US$1.83, up 6 per cent. Revenue growth of 17 per cent therefore outpaced per-share profit growth, which suggests that acquisitions, higher interest costs and share issuance absorbed part of the top-line gain. Internal revenue growth in local currency was 8 per cent, a useful gauge of how much expansion came from the existing business rather than purchases.

Statutory results were more modest. GAAP operating earnings of US$98.4 million were slightly below the US$99.2 million a year earlier, which the company attributed to higher Acquisition costs linked to Ayesa. GAAP Diluted Earnings per Share were US$0.56 against US$0.08 a year before. Trailing twelve-month free Cash Flow was US$365.6 million, equal to 106 per cent of adjusted net earnings.

Balance sheet, dividends and outlook

Acquisitions absorbed US$725.1 million of cash in the second quarter. Net Debt to pro forma adjusted EBITDA rose to 2.8 times at 30 June 2026, compared with 2.0 times at the end of 2025. Total debt, excluding Mortgage Warehouse facilities, was US$2,505.7 million. Management has reaffirmed a 2026 outlook of mid-teens growth in revenue, adjusted EBITDA and adjusted EPS, including Ayesa but excluding any further deals.

On dividends, the release shows common dividends paid of US$7.7 million in the first six months of 2026, against US$7.6 million a year earlier, and none in the second quarter. It does not state a per-share rate, so any older Yield figure should be treated as a stale reference rather than a current forecast. The payout is small relative to earnings, which leaves the company's Capital priorities firmly on acquisitions, integration and debt reduction.

Risks and upcoming milestones

The main risks are integration of a sizeable engineering acquisition, higher leverage, and sensitivity of brokerage and capital-markets revenue to interest rates, property sentiment and geopolitical conditions. The outlook itself is explicitly subject to macroeconomic uncertainty, and currency movements can alter reported results.

The next scheduled milestone is the third-quarter results announcement on 4 November 2026. That report should show the first full-quarter contribution from Ayesa, and whether Leverage begins to ease toward the company's historical range.