Altus Group Limited · TSX:AIF
Altus — Q4 2025 Earnings Presentation
17 slides from Altus's earnings presentation, Feb 19, 2026
Slide 1: Q4 & FY 2025 Earnings Call & Webcast
Q4 & FY 2025 Earnings Call & Webcast TSX: AIF | February 19, 2026
Slide 2: Forward-looking information & statements
Forward-looking information & statements Certain information in this presentation may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-loo
Slide 3: Opening remarks
Opening remarks Mike Gordon Executive Chair & CEO 3
Slide 4: FY 2025 financial results
FY 2025 financial results Revenue Analytics Revenue Recurring Revenue* ✓ Steadily growing 1.7% CC 2.5% CC 4.2% CC revenue $502.9M $432.2M $409.8M Profit (loss) from Adjusted EBITDA* Adjusted EBITDA margin* ✓ Improved continuing operations 19.0% CC 310 bps CC operating 110.7% leverage $107.6M 21.4% -
Slide 5: FY 2025 strategic accomplishments
FY 2025 strategic accomplishments Strong foundation to accelerate client value and growth in 2026 Delivered client value Drove product innovation ✓ Majority of ARGUS Enterprise clients upgraded to ARGUS ✓ Launched Benchmark Manager add-on Intelligence ✓ Built Valuation Agent ✓ Strong retention metri
Slide 6: Path to value creation
Path to value creation Progress update: • Majority of ARGUS Enterprise client contracts upgraded to ARGUS Intelligence, including the big brokers Deliver on innovation roadmap • Bringing new AI capabilities (i.e. Valuation Agent) to market and drive assets to platform to in H2 2026 fuel better analy
Slide 7: Q4 2025 review
Q4 2025 review Pawan Chhabra Chief Financial Officer 7
Slide 8: Q4 2025 consolidated results
Q4 2025 consolidated results Solid finish to 2025 Continuing operations, C$M Q4 2025 % change change currency Revenues $131.9 3.6% Constant Currency Profit (Loss) from continuing operations $(5.2) 116.1% As Reported Basic EPS from continuing operations $(0.12) 117.1% As Reported Diluted EPS from con
Slide 9: Q4 2025 Analytics segment results
Q4 2025 Analytics segment results Steady revenue growth and margin expansion $120 45% As Reported CC 40% $100 Revenue $113.6M 5.5% 4.6% 35% Software $49.3M 7.2% 5.4% $80 30% VMS $48.8M 10.0% 9.8% 25% Data $11.1M (2.5%) (2.3%) $60 20% Services $4.4M (26.8%) (26.7%) $40 15% 10% Adjusted $44.0M 16.4% 1
Slide 10: Analytics segment operating metrics
Analytics segment operating metrics* Strong ARR growth and retention reflect a durable, high-quality revenue base Q4 2025 Recurring Revenue Software ARR VMS ARR 5.7% CC 10.6% 3.5% $107.7M $197.8M $166.9M Software NRR Software GRR VMS GLR* 106.8% 90.4% 95.8% Unchanged y/y 150 bps 10 bps * All metrics
Slide 11: P&L efficiency
P&L efficiency Q4 2025 results, progressing towards target model Cost of sales Gross profit Gross margin 0.7% 6.8% 160 bps $41.4M $90.5M 68.6% S&M expense R&D expense G&A expense $15.9M $11.4M $30.0M 12.1% of revenue 8.6% of revenue 22.8% of revenue 8.4% 3.8% 7.9% 11 All growth rates (% & bps) are p
Slide 12: Cash generation & balance sheet
Cash generation & balance sheet* Growing cash generation fuels balance sheet strength and capital returns Q4 2025 % change FY 2025 % change Net cash provided by operating activities $31.1M 25.8% $82.1 2.7% Free Cash Flow** $30.5M 23.9% $77.8M 7.4% Free Cash Flow per share** $0.70 32.1% $1.77 12.7% N
Slide 13: 2026 business outlook
2026 business outlook Sustaining topline growth and margin expansion On an Organic* basis, for consolidated continuing operations (excluding the Appraisals business): 2025 Results 2026 Guidance Implied Range** Q1 2026 Guidance Implied Range** As Reported CC growth rate As Reported CC growth rate As
Slide 14: Question period
Question period For additional inquiries please email: IR@altusgroup.com 14
Slide 15: Appendix
APPENDIX 15
Slide 16: Non-GAAP and other measures definitions
Non-GAAP and other measures definitions Altus Group uses certain non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary and other financial measures as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disc
Slide 17: Non-GAAP and other measures definitions
Non-GAAP and other measures definitions Capital Management Measures Free Cash Flow: Altus Group uses Free Cash Flow to understand how much of the cash generated from operating activities is available to repay borrowings and to reinvest in the Company. How it’s calculated: Net cash provided by (used