Canada's Colliers misses Q3 revenue estimates, cuts outlook

Overview

• Canada's real estate services firm's Q3 revenue rose 12% yr/yr but missed analyst expectations

• Adjusted EPS for Q3 increased 20% and beat analyst expectations

• Company cut 2026 outlook to low teens growth due to geopolitical and rate uncertainty

Outlook

• Colliers revises 2026 outlook to low teens growth for revenue, adjusted EBITDA and adjusted EPS vs mid teens growth earlier

• Company cites geopolitical uncertainty and interest rate volatility as factors in revised outlook

• 2026 outlook excludes impact of any further acquisitions

Result Drivers

• ENGINEERING SEGMENT - Engineering revenues rose 33% yr/yr, driven by recent acquisitions and solid internal growth

• CAPITAL MARKETS - Capital Markets revenues increased 9%, led by Americas and EMEA, though transactions slowed late in the qtr as interest rate volatility increased

• INVESTMENT MANAGEMENT - Investment Management revenues rose 6% yr/yr, supported by internal revenue growth, but Adjusted EBITDA declined due to continued investments in people, new capabilities and integration

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the real estate services peer group is "buy"

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)