Englobe Synergy
Q: How will Englobe drive growth?
A: Management is excited about Englobe, a fully Canadian platform that will combine with Colliers’ project management capabilities to create one of the top players in Canada—with added cross-border and tuck‑in opportunities boosting growth in North America and beyond.

Capital Markets Pipeline
Q: What’s the outlook for capital markets activity?
A: They noted a growing pipeline with more meetings driving recovery, expecting gradual improvements in Q3 and Q4 and normalization by 2025.

Interest Expense Impact
Q: How will financing affect interest expense?
A: Management highlighted that financing the Englobe acquisition with $480 million via a revolver will increase interest expense over the remainder of the year, though they expect this to moderate as cash flows strengthen.

Investment Mgmt. Margin
Q: Why did investment management margins soften?
A: Higher spending on staff, legal fees, and new fund setups has compressed margins temporarily, but revenue growth should reverse this trend soon.

Loan Origination Growth
Q: How is the loan origination business performing?
A: The loan origination segment nearly doubled year-over-year, generating just over $100 million in revenue, though margins are lower, indicating substantial future upside as market conditions improve.

Fundraising Dynamics
Q: What’s the status of investment management fundraising?
A: Despite strong investor re‑ups fueling robust pipelines, management cautioned that year‑end numbers may come in slightly below forecasts without affecting overall profitability.

Outsourcing Trends
Q: What’s behind the advisory slowdown?
A: Flat valuation revenues, due to subdued capital markets activity, have weighed on performance, though a mid‑ to high‑single‑digit organic growth is expected for the full year.

Pro Forma Reporting
Q: Will pro forma historicals be provided?
A: Yes, management confirmed that detailed pro forma historicals will be included starting in Q3 to help investors assess segment margin profiles.

Leasing Growth Quality
Q: Is the 13% leasing growth sustainable?
A: Management sees the 13% growth as a sign of genuine market recovery rather than just a catch‑up from delayed tenant decisions.

Leasing Revenue Outlook
Q: What’s expected for leasing revenue later this year?
A: Leasing revenue should continue at its steady pace, driven by GDP growth and inherent market resilience.

Industrial Leasing Strength
Q: How did industrial leasing perform?
A: Industrial leasing grew by 11% globally, with strong momentum in both the Americas and Europe, reflecting broad market strength.

Market Normalization
Q: What defines normal in capital markets?
A: Management projects normalization to the 10‑year average in investment volumes, leveraging recent expertise and market enhancements.

Monthly Market Improvement
Q: Was June’s performance notably better?
A: Yes, June showed slight improvement over April and May, supporting a view of a gradual market rebound.

Potential Company Split
Q: Is a corporate split being considered?
A: While management is exploring all options to unlock share value, there is no immediate plan to split the company until stronger momentum is achieved.