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    Daryl Young • Stifel

    Daryl Young's questions to Colliers International Group Inc (CIGI) leadership

    Daryl Young's questions to Colliers International Group Inc (CIGI) leadership • Q2 2025

    Question

    Daryl Young questioned the strategic focus on Europe for the Investment Management segment, highlighted by recent acquisitions, and asked about other capabilities the company is looking to add to the platform.

    Answer

    CEO Jay Hennick described Europe as a "white space" for growth, noting the RoundShield acquisition adds valuable credit and vertically integrated student housing capabilities. He stated that while traditional private equity is not a near-term target, they are actively looking to expand capabilities in areas like credit and mid-market infrastructure to generate superior investor returns.

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    Daryl Young's questions to Colliers International Group Inc (CIGI) leadership • Q1 2025

    Question

    Daryl Young asked if the Engineering platform is becoming more centralized than Colliers' historical model and whether this is driving strong results. He also questioned the lighter margins in Real Estate Services and sought details on net hires for talent acquisition.

    Answer

    Chairman and CEO Jay Hennick clarified that the investment model remains decentralized, but operations are centralized country-by-country, creating synergies and enhancing the brand's stature. He highlighted significant growth potential in the segment. CFO Christian Mayer explained that the company targets a 4-5% net annual growth rate in producers for Real Estate Services, focusing on both recruiting and increasing productivity.

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    Daryl Young's questions to Colliers International Group Inc (CIGI) leadership • Q4 2024

    Question

    Daryl Young asked about the recent MG2 architectural design acquisition, inquiring if it was a tuck-in to augment engineering services or a potential new platform. He also asked about the competitive differentiators for Colliers' mid-tier Investment Management platform in a fundraising environment dominated by super-majors.

    Answer

    CEO Jay Hennick clarified that the MG2 acquisition augments existing Engineering services, particularly in project management for logistics, and fits the vision of a widening, multidisciplinary professional services segment. Regarding Investment Management, Mr. Hennick highlighted their mid-market focus and the significant competitive advantage they expect to gain by unifying disparate fundraising efforts under one streamlined brand, which will better position them against larger players.

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    Daryl Young's questions to Colliers International Group Inc (CIGI) leadership • Q2 2024

    Question

    Daryl Young inquired about the cross-border potential of the Englobe acquisition, particularly leveraging its capabilities in the U.S., and the strategy for organically growing the engineering platform from its new scale.

    Answer

    Chairman and CEO Jay Hennick highlighted the opportunity to merge Englobe with Colliers' leading Canadian project management business and noted significant U.S.-Canada cross-border potential. CFO Christian Mayer added that a significant pipeline of Canadian tuck-in acquisition opportunities for Englobe is already being actively pursued to build further scale and add practice areas.

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    Daryl Young's questions to FirstService Corp (FSV) leadership

    Daryl Young's questions to FirstService Corp (FSV) leadership • Q2 2025

    Question

    Daryl Young of Stifel Financial inquired about the home improvement segment's market positioning with high-income versus low-income consumers and asked if the recent volatility in the roofing business was an expected characteristic or a result of the current unique economic environment.

    Answer

    CEO D. Scott Patterson confirmed that California Closets, a key brand, caters to a broad spectrum but its strength with more affluent customers has helped increase the average job size and support results in the current environment. Regarding roofing, he stated that the current slowdown is macro-driven and not indicative of inherent volatility, emphasizing that the long-term demand drivers for the business remain very compelling and that activity is beginning to pick up.

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    Daryl Young's questions to FirstService Corp (FSV) leadership • Q1 2025

    Question

    Daryl Young questioned if the quarter's top-line miss and margin beat signaled a strategic shift toward margin focus, asked about potential pricing pressure in the residential business during a downturn, and requested the organic growth rate excluding FX impacts.

    Answer

    Executive D. Patterson clarified there is no strategic shift, attributing the top-line result to timing-related project delays and a ~$10 million FX impact, while margin improvement is an ongoing effort. He stated that significant pricing pressure in the residential segment has been present for 18 months and is not expected to escalate. Executive Jeremy Rakusin added that the $10 million FX impact represented about a 1% headwind to consolidated revenue growth.

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    Daryl Young's questions to FirstService Corp (FSV) leadership • Q4 2024

    Question

    Daryl Young from Stifel asked how evolving insurance market dynamics are affecting growth plans for the residential and restoration businesses and if there is potential upside to the 2025 margin guidance.

    Answer

    D. Patterson (executive) explained that rising insurance costs are leading to more self-insured properties, creating an opportunity for the Paul Davis brand to target homeowners directly. Jeremy Rakusin (executive) acknowledged potential for modest margin upside but advised against over-speculation, stating it's too early to count on a strong home improvement recovery and that recent gains are already factored into the outlook.

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    Daryl Young's questions to FirstService Corp (FSV) leadership • Q3 2024

    Question

    Daryl Young asked if increased competition from private equity-backed firms is impacting organic growth. He also questioned if current residential headwinds could lead to long-term competitive rationalization and whether recent labor productivity gains in home improvement are sustainable.

    Answer

    D. Patterson (executive) stated that competition is not impacting their organic growth opportunities, as their focus remains on customer service. He added that he does not foresee competitive rationalization in the residential segment, noting the resilience of smaller management companies. Jeremy Rakusin (executive) confirmed that the labor productivity gains in home improvement are 'sustainable,' resulting from improved processes like reconfiguring teams and reducing overtime, not from temporarily 'running lean.'

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