A construction recovery could help Colliers International Group through its Engineering business, which works on buildings, infrastructure, transportation, water and environmental projects. But that is a potential tailwind, not proof that Colliers’ earnings will rise because of construction—or that its shares are attractively priced. The company’s 2025 Engineering growth also included acquisitions, and its other businesses have different, sometimes cyclical, drivers.
How a construction recovery could reach Colliers
“Construction rebound” can mean several things: more permits or starts, more projects awarded, or greater demand for engineering and project-management services. Those indicators do not translate automatically into Colliers revenue. The potential link is that more building and infrastructure work may create demand for planning, consulting, design and project management—the kinds of services offered by Colliers’ Engineering platform.
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Colliers groups its operations into three platforms: Commercial Real Estate, Engineering and Investment Management. Engineering serves property and building, infrastructure and transportation, water, and environmental markets. That breadth means its exposure is not limited to new building construction: infrastructure and environmental assignments can have different customers and cycles from private-sector building work. Colliers’ investor overview describes the platform structure and service lines.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →The company materials do not quantify how changes in construction starts, project awards, backlog or staff utilization affect Engineering revenue or profit. The construction-to-earnings connection should therefore be treated as an investment thesis to test, not a measured sensitivity or a forecast.
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What Colliers’ results show—and what they do not
For the year ended December 31, 2025, Colliers reported higher revenue and adjusted earnings. All figures below are US dollars. The comparison is from the company’s February 13, 2026 full-year release.
| Measure | 2025 | 2024 |
|---|---|---|
| Revenue | $5.56 billion | $4.82 billion |
| Adjusted EBITDA | $732.5 million | $644.2 million |
| Adjusted diluted EPS | $6.58 | $5.75 |
| GAAP diluted EPS | $2.02 | $3.22 |
Revenue grew 15% and adjusted EPS grew 14% in fiscal 2025, according to Colliers. Adjusted and GAAP earnings tell different stories: GAAP diluted EPS fell year over year, while adjusted EPS rose. Colliers said the prior year’s GAAP operating earnings benefited from a reversal of contingent-consideration expense tied to an acquisition. Investors should keep the accounting basis visible rather than treating adjusted EPS as interchangeable with GAAP EPS.
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Engineering’s growth needs an acquisition-adjusted reading
Colliers reported 2025 Commercial Real Estate revenue of $3.29 billion, up 7%, and Engineering revenue of $1.73 billion, up 40%. The company attributed Engineering’s increase to recent acquisitions as well as solid internal growth. The 40% headline is therefore not a standalone measure of organic growth, nor evidence that a broad construction rebound drove the increase. The February 13, 2026 release does not isolate how much of Engineering growth came from construction activity.
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In its February 13, 2026 full-year release, management forecast mid-teens growth in consolidated revenue, adjusted EBITDA and adjusted EPS for 2026. The outlook incorporated the expected contribution of the Ayesa Engineering acquisition. Colliers said the forecast could change with macroeconomic, geopolitical, international trade and other conditions.
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The company’s May 5, 2026 Q1 release said the outlook remained unchanged at that date. That is dated guidance, not a realized result; it should not be read as confirmation that the forecast was achieved or that construction demand was the cause. The July 30, 2026 Q2 release supplied cash-flow and assets-under-management figures, but the materials summarized here do not establish a subsequent change to the full-year outlook.
How to test whether the thesis is strengthening
A useful assessment separates evidence of demand from evidence that demand is improving Colliers’ economics. Look for these indicators in future company disclosures:
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- Organic versus acquired Engineering growth: Compare internal growth with contributions from acquisitions. A headline increase dominated by acquired revenue says less about a construction-cycle acceleration.
- Project mix and demand: Check whether building work, infrastructure, transportation, water or environmental projects are driving activity. These markets need not move together.
- Backlog, awards and utilization: If disclosed, these may help show whether demand is turning into future work and billable capacity. The materials summarized here do not quantify Colliers’ construction sensitivity through these measures.
- Margins and cash conversion: Revenue growth matters more to earnings quality when it is accompanied by durable margins and cash generation. Acquisition costs, project mix and working-capital needs can affect the result.
- Acquisition integration and financing: Consider whether acquired businesses are integrating as expected and how their contribution relates to financing needs and balance-sheet risk.
- Commercial Real Estate conditions: Leasing, advisory and capital-markets activity can be cyclical too. Strong Engineering demand may coexist with softness in transaction-sensitive services.
Cash flow and investment management add context
Colliers’ July 30, 2026 Q2 release reported trailing-twelve-month free cash flow of $365.6 million, equal to 106% of adjusted net earnings. It also reported $109.9 billion in assets under management as of June 30, 2026. These are company-reported measures for the stated periods; neither guarantees future cash generation or investment-management performance.
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Does stronger construction make CIGI shares attractive?
Not on the evidence presented here alone. Operating growth, a possible Engineering tailwind and strong reported cash conversion are relevant to the business case, but a share-price decision also depends on what investors are paying for normalized earnings and cash flow. The company materials summarized here do not establish a current share price, valuation multiple, debt-adjusted valuation, normalized-earnings estimate or peer comparison. Without those inputs, growth rates cannot support a conclusion that CIGI is undervalued or a buy.
The practical distinction is between a potentially improving business outlook and an attractive investment at a particular price. A construction recovery would strengthen the thesis most clearly if future disclosures showed organic Engineering growth tied to demand, sound margins and cash conversion, while acquisition integration and the other platforms remained resilient. Until then, it is one factor to monitor—not a complete investment case.
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