Colliers International Group Inc. (NASDAQ and TSX: CIGI) is a global diversified professional services and investment management company, operating through three principal segments: Real Estate Services, Engineering, and Investment Management. The company reported strong results for the fourth quarter and full year ended December 31, 2024, demonstrating robust growth supported by its diverse operations.

For the fourth quarter, Colliers recorded revenues of $1.50 billion, a 22% increase from $1.24 billion in the same period last year. Adjusted EBITDA rose by 14% to $225.3 million from $198.4 million in the prior year. Adjusted EPS was $2.26, up 13% compared to $2.00 in the fourth quarter of 2023. However, GAAP operating earnings were $121.4 million, down 8% from $132.6 million in the prior year.

Throughout 2024, total revenues reached $4.82 billion, a rise of 11% from $4.34 billion in 2023. Full-year adjusted EBITDA increased by 8% to $644.2 million, while adjusted EPS improved to $5.75 from $5.35. GAAP operating earnings surged significantly, up by 29% to $389.2 million, reflecting robust revenue growth and the reversal of contingent expenses related to a prior acquisition.

In terms of segment performance for the fourth quarter, Real Estate Services generated revenues of $943.5 million, a 12% increase, led by a 23% surge in Capital Markets activity. Engineering revenues jumped 61% to $421.4 million, primarily due to recent acquisitions and strong internal growth. Investment Management revenues increased by 6% to $136.6 million, although only 1% growth was seen when excluding performance fees.

For the full year, Real Estate Services grew revenues to $3.07 billion, up 8%, while Engineering also performed well with $1.24 billion in revenues, a 25% increase. Investment Management’s annual revenues were $512.6 million, reflecting a 5% rise. The overall internal revenue growth rate measured in local currency was 10% for the quarter and 6% for the year.

Margin dynamics showed mixed results; the adjusted EBITDA margin for the fourth quarter was 15.0%, compared to 16.1% in the prior year, while the full-year adjusted EBITDA margin slightly decreased from 13.7% to 13.4%. The company noted that the Engineering segment’s margin for Q4 was impacted by seasonality, leading to lower operating earnings of $8.0 million, while it had previously been $11.9 million.

Additionally, Colliers’ total assets under management (AUM) slightly increased to $98.9 billion by year-end, benefiting from new capital commitments totaling $3.8 billion raised throughout the year. The company’s balance sheet appeared strong, with a leverage ratio of 2.0x as of December 31, up from 2.2x the previous year, and over $1.2 billion of liquidity available under its revolving credit facility.

Looking ahead, the company anticipates revenue growth across all segments for 2025, with guidance indicating a consolidated high single-digit to low-teens revenue growth target, alongside adjusted EBITDA and EPS growth expectations. Local currency impacts from foreign exchange fluctuations are expected to pose headwinds, particularly for the Real Estate Services segment, which derives approximately half of its revenue from non-U.S. sources.