History

The primary record for Colliers in this corpus runs from a March 2015 Form 40-F registration statement filed by FirstService Corporation, the predecessor whose separation created Colliers International Group Inc. [1], through the second-quarter 2026 results release of July 2026 [2]. Continuous coverage — transcripts, audited statements, results releases and decks together — begins with the third-quarter 2021 call and is dense from there.

Four breaks organise that record. In April 2021 the company bought out the arrangement that had paid its founder a share of value creation since 2004, and set a date for ending its dual-class structure. In late 2021 it announced a five-year plan built around doubling profitability and shifting the earnings mix toward recurring work. In 2022 it spent more on acquisitions in a single year than in the prior two combined, then in 2023 met a transaction downturn that cut Adjusted EPS by roughly a quarter and stopped share repurchases for three consecutive years. From 2024 onward it rebuilt through engineering, funding the largest of those deals with equity and, in 2026, with a step-up in leverage. Across the same span the reporting segments were redrawn three times.

Who runs and controls the company today sits in People; the named-rival and market-share record sits in Competition. This tab holds the dated record of what was said, what was bought, and what arrived.

The arc in dates

Revenue as presented by the company, USD millions, from the investor presentation dated August 2026 [3]. The 2022 to 2025 figures agree with the pinned company facts.

Adjusted EBITDA as defined by the company, USD millions, same source [3]. The measure excludes nine categories of item, and the list of nine was itself restated in FY2025 [4].

Dated beats, oldest first. Sources in order: 2015 registration statement [1]; FY2021 annual report on the incentive settlement [5] and on 2021 acquisitions [6]; the Q3 2021 call for the plan [7]; FY2022 annual report on disposals [8], acquisitions [9] [10] and repurchases [11]; FY2023 annual report on the notes [12], the unused bid [13] and segments [14]; the February 2024 prospectus supplement [15]; FY2024 annual report on Englobe [16] [17] and segments [18]; FY2025 annual report on 2025 deals [19] [20], segments [4] and subsequent events [21]; the Q1 2026 release on the realignment [22]; and the August 2026 deck on leverage [23].

What was promised and what arrived

Colliers gives annual consolidated guidance on three measures — revenue growth, Adjusted EBITDA growth and Adjusted EPS growth — sets it on the fourth-quarter call in February, and revises it during the year. The measurement basis is the same in every case: full-year growth against the prior full year, on company-defined Adjusted EBITDA and Adjusted EPS, with local-currency growth disclosed separately. The company does not publish a year-end reconciliation of outcome against guidance.

Amounts in USD millions except per-share figures. Guidance from the Q4 2021 call [24], the Q4 2022 call [25], the Q3 2023 call [26], and the results releases for Q4 2023 [27], Q3 2024 [28], Q4 2024 [29], Q2 2025 [30], Q3 2025 [31], Q4 2025 [32] and Q2 2026 [2]. Outcomes from the FY2025 results release [33], the Q2 2026 release [34], the FY2023 outcome line carried in the Q4 2023 release [27] and the August 2026 deck series [3]. Growth percentages against prior year are computed from those reported levels.

Two rows repay a second look. In FY2024 the February guidance for Adjusted EPS was plus 10 to 20 percent and the year delivered plus 7.5 percent; the number landed inside the range only because the range was lowered twice, in August for the Englobe contribution and again in November. In FY2025 the raised August guidance called for mid-teens Adjusted EBITDA growth and mid to high-teens Adjusted EPS growth, and the reported outcome was 13.7 percent and 14.4 percent.

Revisions themselves carry the reasons the company gave at the time.

Revision log with the reason given in the same document. Sources: Q1 2023 call [35]; Q3 2023 call [26] and release [36]; Q2 2024 release [37]; Q3 2024 release [28]; Q1 2025 release [38]; Q2 2025 release [30]; Q2 2026 release [2]. The FY2024 outlook was first maintained in May 2024 before the August revision [39].

The five-year plan

On November 2, 2021 the company set a five-year target in two parts. Jay Hennick, Global Chairman and Chief Executive Officer, told the third-quarter call: "Over the next five years, we will strive to double our profitability and generate more than 60% of our Adjusted EBITDA from recurring services." [7]

Three months later, on the fourth-quarter 2021 call, the same plan was described with a different second number: "The goal was to double our profitability and generate more than 65% of our EBITDA from recurring revenue streams over the coming five years." [40] The threshold moved from 60 to 65 percent, and the measure from Adjusted EBITDA to EBITDA, without the change being flagged.

Enterprise 2025 is named in four calls in this corpus and appears for the last time on the second-quarter 2023 call, as a plan the company "continued to make progress toward" [41]. No call, release, annual report or deck in the corpus scores the plan against its two stated targets at the end of the five years.

The record nonetheless allows the arithmetic. Adjusted EBITDA was 361 million in 2020 and 732 million in 2025, a factor of 2.03; Adjusted EPS over the same span went from 4.18 to 6.58, a factor of 1.57 [3]. Which of those measures "profitability" referred to is not specified in the launch remarks.

The mix target moved with its vocabulary. In November 2021 the claim was "more than 50% of our revenues coming from higher-value recurring revenue streams" [7]. In February 2023: "Earnings from high-value recurring revenues now make up about 58% of our pro forma EBITDA." [42] By February 2026 the word had changed: "Today, more than 70% of our earnings come from these resilient businesses, approaching 75% once recent acquisitions are included." [43] The deck defines the replacement measure precisely — the share of Adjusted EBITDA from Engineering, Outsourcing and Investment Management, on a trailing twelve-month basis incorporating the expected full-year impact of acquisitions [44] — but it is not the measure named at launch, and the corpus contains no bridge between the two.

Capital allocation

Total purchase consideration per the acquisitions note in each annual report, USD millions, rounded: FY2021 [6], FY2022 [10], FY2023 [45], FY2024 [17], FY2025 [20]. The 2026 bar is announced rather than completed consideration: four Engineering deals at 39.8 million plus Ayesa at approximately 700 million [21]. The pinned company facts record cash acquisitions of zero for FY2022 through FY2025, which the filed notes contradict.

Capital-allocation ledger, USD millions unless stated. Acquisition detail and consideration from the acquisitions notes cited above and the FY2022 narrative [9], FY2024 narrative [16] and FY2025 narrative [19]. Disposals [8]; repurchases [11]; the unused 2023 bid [13]; convertible notes [12]; share issuance [46] and its pricing [15]; dividends and distributions for 2021 [57], for 2022 and 2023 [47] and for 2024 and 2025 [48]; the Ayesa objective as stated on the Q4 2025 call [43]; leverage [23]. Disclosed outcome per deal — return on the consideration paid — is not published for any acquisition in this record.

Three features of that ledger are worth stating plainly, because the chapters will want them.

The single repurchase episode is 2022. Colliers bought 1,426,713 Subordinate Voting Shares for 165.7 million and has not repurchased since; the FY2023 cash-flow statement carries the line at nil against the prior year's 165.7 million [47], and the FY2025 statement carries no repurchase line at all for 2024 or 2025 [48]. A bid for up to 4,000,000 shares announced on July 17, 2023 ran to its July 19, 2024 expiry without a share being bought [13].

Distributions to non-controlling interests exceed common dividends in every year of the record, by a factor of roughly five in 2023 and roughly 4.7 in 2025 [47] [48]. The partnership model that puts operating leaders into the equity of the businesses they run is visible in the cash-flow statement as a standing claim ahead of the common dividend.

Equity has been a funding source rather than a return channel. The April 2021 incentive settlement issued 3,572,858 shares, the June 2023 note redemption converted into 4,015,720 shares, and the February 2024 offering added 2,479,500 more; diluted shares outstanding went from 43.92 million in FY2022 to 51.08 million in FY2025. The February 2024 offering priced 2,479,500 shares at USD 121.00 for gross proceeds of USD 300.0 million [15].

Leverage at the dates the company disclosed it. September 2023 from the Q3 2023 call [26]; 2025 and 2026 points and the balance-sheet amounts from the August 2026 deck [23]. The covenant ceiling was temporarily raised from 3.5x to 4.0x for up to four quarters after any acquisition above 200 million, effective with the February 20, 2026 amendment [21].

Definitions that moved

Definition changes and their effect. Segments: FY2023 [14], FY2024 [18], FY2025 [4], Q1 2026 [22]. Adjusted EBITDA exclusions: the same FY2024 and FY2025 notes. Target language: Q3 2021 [7], Q4 2021 [40], deck definitions [44]. Net revenues: FY2025 results release [33] and the deck reconciliation [49]. Free cash flow: deck [50], against the pinned company facts.

How the explanation changed

Two threads in this record are told more than once, and the telling moves.

The cause of the transaction downturn. In November 2022 the softness was attributed to external conditions and framed as contained: capital markets had "been impacted by higher interest rates, availability of capital and geopolitical uncertainties" [55], while diversification was "demonstrating that the Colliers diversified services model is more balanced and more resilient than ever" [56]. In May 2023 the cause was new and specific: "Since then, a significant banking crisis has occurred, availability of credit has tightened further, and the level of uncertainty around asset valuations has increased, causing us to revise our outlook for the year." [35] By February 2024, Chris McLernon, Chief Executive Officer of Real Estate Services, framed it as duration rather than event: "we've had 18 months of a really challenging period for capital markets." [51] The recovery date moved with it. February 2023 expected "a return to year-over-year growth in the second half" of 2023 [25]; November 2023 expected the seasonally strongest fourth quarter to be down year over year [36]; February 2024 expected challenging conditions in the first half of 2024 "followed by year-over-year growth in the second half" [27]. Each account is defensible on its own date; read in sequence they describe a recovery that kept being one half-year away.

Investment Management fundraising. In November 2024 the shortfall was explicit: capital markets revenue was "exceeding our expectations", while "fundraising fell below expectations, reflecting a trend seen across the industry" [52]. That shortfall was the stated reason for cutting the 2024 Adjusted EBITDA and Adjusted EPS ranges in the same month [28]. Three months later the same year's total was characterised differently: "We raised $1.3 billion of new capital commitments during the quarter, bringing full-year fundraising to $3.8 billion, as we expected." [53] The 2025 total drew the same construction — 5.3 billion for the full year, "in line with our expectations" — alongside a 2026 target of 6 to 9 billion [54]. The corpus does not contain a published fundraising target for 2024 against which the 3.8 billion can be checked, which is why the November and February descriptions cannot be reconciled from the record alone.

What the record does not contain

The Colliers annual reports in this corpus are the Form 40-F financial statements only. They carry the notes — acquisitions, capital stock, segments, subsequent events — but not an Item 1 business description, risk factors or management's discussion and analysis. Those sit in the separately filed Annual Information Form and the accompanying management discussion document, neither of which is ingested here. Narrative about strategy therefore comes from calls, releases and decks rather than from the annual filing.

Four further gaps bear on the layers above. No document scores Enterprise 2025 against its two stated targets. No acquisition in the record carries a disclosed return against the consideration paid, and no document in the corpus states a required return threshold for acquisitions. The 2024 Investment Management fundraising target is absent, so the "as we expected" characterisation cannot be tested. And the pinned company facts record cash acquisitions of zero for FY2022 through FY2025 and no buyback entry after FY2023, both of which the filed statements contradict; the figures used here are the filed ones.