Colliers is a global diversified professional services and investment management company operating through three industry-leading businesses - Commercial Real Estate, Engineering, and Investment Management - and the question for the next twelve months is whether the company can convert the Ayesa Engineering acquisition, the Harrison Street Asset Management evolution, and the 14% Adjusted EBITDA growth into the kind of diversified professional-services operating leverage the company has been telegraphing. The Q2 2026 print was the cleanest test of that thesis, and the cleanest signal is that "engineering continues to demonstrate why it has become such an important differentiator for Colliers" and that "the acquisition of Ayesa late in the quarter expanded our global capabilities and deepened our expertise across infrastructure, transportation, water, property and buildings." The strategic tension is the 17% reported revenue growth against the 8% internal local-currency revenue growth, and the forward question is whether the Engineering business can keep compounding at the multi-year growth rate the company has been telegraphing.
The 8% internal local-currency revenue growth is the cleanest read on the underlying momentum, and the operating leverage is the proof. The Q2 2026 consolidated revenues of $1.57 billion grew 17% (16% in local currency), the net revenues of $1.39 billion grew 17% (16% in local currency), the Adjusted EBITDA of $205.3 million grew 14% (13% in local currency), and the Adjusted EPS of $1.83 grew 6% over the prior-year quarter.
The 2026 outlook was reaffirmed, with double-digit revenue growth across all three platforms and continued improvement in earnings quality. The forward question is whether the Engineering business can keep compounding at the multi-year growth rate, and whether the Harrison Street Asset Management evolution can deliver the strategic differentiation the company has been telegraphing.