Slide 1: Interim Financial Report First Quarter Fiscal Year 2026
Constellation Software Inc. INTERIM FINANCIAL REPORT First Quarter Fiscal Year 2026 For the three month period ended March 31, 2026 (UNAUDITED)
Slide 2: Management's Discussion and Analysis
CONSTELLATION SOFTWARE INC. MANAGEMENT’S DISCUSSION AND ANALYSIS (“MD&A”) The following discussion and analysis should be read in conjunction with the Unaudited Condensed Consolidated Interim Financial Statements for the three month period ended March 31, 2026, which we prepared in accordance with I
Slide 3: Overview
FCFA2S is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities. See “Results of Operations —Free cas
Slide 4: Results of Operations
Results of Operations (In millions of dollars, except percentages and per share amounts) Unaudited Three months ended Period-Over-Period March 31, Change 2026 2025 $ % Revenue 3,181 2,654 527 20% Expenses 2,420 2,001 419 21% Amortization of intangible assets 326 272 54 20% Foreign exchange (gain) lo
Slide 5: Comparison of the first quarter ended March 31, 2026 and 2025: Revenue
Comparison of the first quarter ended March 31, 2026 and 2025 Revenue: Total revenue for the quarter ended March 31, 2026 was $3,181 million, an increase of 20%, or $527 million, compared to $2,654 million for the comparable period in 2025. The increase is primarily attributable to growth from acqui
Slide 6: Organic growth adjusted for foreign exchange and expenses
The following table shows the same information adjusting for the impact of foreign exchange movements. Quarter Ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 2024 2024 2024 2024 2025 2025 2025 2025 2026 Licenses -9% -22% -20% -19% -7% -9% 17% -22% -13% Professional ser
Slide 7: Staff expenses
Three months ended Period-Over- March 31, Period Change 2026 2025 $ % ($ in millions, except percentages) Professional services 311 292 19 6% Maintenance 345 293 52 18% Research and development 459 389 71 18% Sales and marketing 210 167 43 26% General and administrative 361 271 90 33% 1,687 1,412 27
Slide 8: Other expenses and contingent consideration
Three months ended Period-Over-Period March 31, Change 2026 2025 $ % ($ in millions, except percentages) Occupancy 19 17 2 14% Advertising and promotion 47 37 10 27% Recruitment and training 11 10 2 16% Bad debt expense 4 1 3 241% R&D tax credits (14) (10) (3) 32% Contingent consideration 4 7 (3) -4
Slide 9: Amortization and foreign exchange
attributable to an increase in the carrying amount of our intangible asset balance over the twelve-month period ended March 31, 2026 as a result of acquisitions completed during this twelve-month period. Foreign exchange – Most of our businesses are organized geographically so many of our expenses a
Slide 10: IRGA liability revaluation
by their respective share prices at the end of each reporting period, offset by an increase related to the organic growth in Topicus’ trailing twelve month maintenance and other recurring revenue and net profits. The valuation of CSI’s obligations under the IRGA is also impacted by the change in the
Slide 11: Finance and other income; equity investee Asseco
12,318,863 treasury shares representing 14.84% of Asseco’s share capital and subsequent to this date, applied the equity method of accounting to the investment in Asseco. Finance and other income for the three months ended March 31, 2025 includes a $29 million settlement payment related to the fair
Slide 12: Income taxes
anticipated relative profitability of our operations in those various jurisdictions, as well as different tax rates that apply and our ability to utilize tax losses and other credits. For the quarter ended March 31, 2026, income tax expense increased $5 million to $93 million compared to $89 million
Slide 13: Quarterly Results
Three months ended March 31, 2026 2025 ($ in millions) Net cash flows from operating activities 897 827 Adjusted for: Interest paid on lease obligations (4) (4) Interest paid on debt (61) (62) Debt transaction costs (1) (0) Payments of lease obligations (38) (31) IRGA / TSS membership liability reva
Slide 14: Spin-Outs
Spin-Outs Topicus.com Inc. Constellation (TSX:CSU) and Topicus (TSXV:TOI) announced on January 5, 2021 that Constellation, acting through its Total Specific Solutions (“TSS”) operating group and its subsidiary TPCS Holding B.V., completed the purchase of 100% of the shares of Topicus.com B.V., a Net
Slide 15: Statement of Income
Statement of Income (Excluding intercompany activity) For the three months ended March 31, 2026 Constellation Software Inc. (excluding Topicus (Unaudited) & Lumine) Topicus Lumine Consolidated Revenue 2,466 507 208 3,181 Expenses 1,893 377 150 2,420 Amortization of intangible assets 243 52 31 326 Fo
Slide 16: Acquisition of business segment from Allscripts Healthcare Solutions
Acquisition of business segment from Allscripts Healthcare Solutions On May 2, 2022, Constellation, through its wholly-owned subsidiary, N. Harris Computer Corporation, completed the purchase from Allscripts Healthcare Solutions (“Allscripts”) of Allscripts’ Hospitals and Large Physician Practices b
Slide 17: Liquidity
Foreign Exchange Adjusted Organic Revenue Growth (Excluding intercompany activity) For the three months ended March 31, 2026 Constellation Software Inc. (excluding Altera) Altera Consolidated Licenses -14% 92% -13% Professional services -2% -27% -5% Hardware and other -7% -81% -7% Maintenance and ot
Slide 18: Net Changes in Cash Flows
Net Changes in Cash Flows ($ in millions) Three months Three months ended March 31, ended March 31, 2026 2025 Net cash provided by operating activities 897 827 Net cash from (used in) financing activities (236) (91) Cash used in the acquisition of businesses (766) (110) Cash obtained with acquired b
Slide 19: Capital Resources and Commitments
Capital Resources and Commitments Debt with recourse to CSI comprises the following ($ in millions): CSI Facility Senior Notes Debentures Term Loan Total Principal outstanding at December 31, 2025 (and, except for debentures, equal to fair value) $ - $ 1,000 $ 356 $ 86 1,441 Deduct: Unamortized tran
Slide 20: Guarantees
Guarantees One of CSI’s subsidiaries has entered into a $86 million (£65 million) term debt facility with a financial institution for which CSI has guaranteed the debt. The facility bears a fixed rate of interest. The term loan contains events of default that, if not remedied, allow the loan note ho
Slide 21: IRGA purchase rights
At any time after December 31, 2023, CSI has the right, at its option, to buy all of the Topicus Coop Units and shares of Topicus held by certain members of the Joday Group (excluding Joday) at a cash price per Topicus Coop Unit (or share of Topicus, as applicable) determined in accordance with the
Slide 22: Other commitments
Topicus Revolving Debt Promissory Credit Facility Facilities Note Total Principal outstanding at March 31, 2026 (and equal to fair value) $ 104 $ 1,925 $ 500 $ 2,529 Deduct: Carrying value of transaction costs included in debt balance (2) (18) - (20) Carrying value at March 31, 2026 101 1,908 500 2,
Slide 23: Financial assets and liabilities at fair value
is subject to market interest rates. The carrying value of the IRGA liability and the term loan with recourse to CSI approximates fair value. Financial assets and financial liabilities measured at fair value as at March 31, 2026 and December 31, 2025 in the Unaudited Condensed Consolidated Interim F
Slide 24: Off-Balance Sheet Arrangements
Three Months Ended March 31, 2026 Currencies % of Revenue % of Expenses USD 47% 42% EUR 22% 21% GBP 9% 9% CAD 5% 8% AUD 5% 4% BRL 3% 3% CHF 1% 2% SEK 1% 1% Others 9% 10% Total 100% 100% Due to rounding, certain totals may not foot. Off-Balance Sheet Arrangements As a general practice, we have not en
Slide 25: Internal controls over financial reporting
Internal controls over financial reporting: The President and Chief Financial Officer have designed or caused it to be designed under their supervision internal controls over financial reporting (“ICFR”) to provide reasonable assurance regarding the reliability of financial reporting and the prepara
Slide 26: Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Financial Statements (In U.S. dollars) CONSTELLATION SOFTWARE INC. For the three months ended March 31, 2026 and 2025 Unaudited
Slide 27: Condensed Consolidated Interim Statements of Financial Position
CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Financial Position (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited March 31, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 3,010 $
Slide 28: Condensed Consolidated Interim Statements of Income
CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Income (loss) (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2026 2025 Revenue License $ 91 $ 96 Professional services 546 487 Ha
Slide 29: Condensed Consolidated Interim Statements of Comprehensive Income
CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Comprehensive Income (loss) (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2026 2025 Net income (loss) $ 400 $ 174 Items that are
Slide 30: Statement of Changes in Equity 2026
CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statement of Changes in Equity (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2026 Equity Attributable to Common Shareholders of CSI Capital Ac
Slide 31: Statement of Changes in Equity 2025
CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statement of Changes in Equity (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2025 Equity Attributable to Common Shareholders of CSI Capital Ac
Slide 32: Condensed Consolidated Interim Statements of Cash Flows
CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Cash Flows (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2026 2025 Cash flows from (used in) operating activities: Net income (l
Slide 33: Notes to the condensed consolidated interim financial statements
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) Notes to the condensed
Slide 34: Reporting entity and basis of presentation
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) 1. Reporting entity Con
Slide 35: Material accounting policies
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) Estimates and underlyin
Slide 36: Synchronoss acquisition accounting
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) The impact of acquisiti
Slide 37: Contingent consideration
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) rate as appropriate. Fo
Slide 38: Aggregate acquisition accounting for other acquisitions
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) The aggregate impact of
Slide 39: Measurement period adjustments
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) qualitative (size and c
Slide 40: Investments in associates
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) 5. Investments in assoc
Slide 41: Summarized financial information of Asseco
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) Summarized Statement of
Slide 42: Other assets and other non-current liabilities
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) 6. Other assets and oth
Slide 43: Intangible Assets
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) 7. Intangible Assets Te
Slide 44: Debt with recourse to CSI and Liability of CSI under the IRGA
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) 8. Debt with recourse t
Slide 45: IRGA terms
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) On January 5, 2021, the
Slide 46: IRGA liability classification and valuation
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) The Company has continu
Slide 47: Debentures and dividend restrictions
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) may resume declaring or
Slide 48: Debt without recourse to CSI
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) subsequent anniversarie
Slide 49: Promissory Note repayments, provisions and income taxes
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) The annual minimum repa
Slide 50: Capital and other components of equity
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) 12. Capital and other c
Slide 51: Earnings per share
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) 14. Earnings per share
Slide 52: Financial instruments
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) March 31, 2026 December
Slide 53: Contingencies and non-cash operating changes
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) 16. Contingencies In th
Slide 54: Non-controlling interests: Lumine, Topicus, Adapt-IT
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) Lumine: The Company ref
Slide 55: Income statement of Topicus, Adapt-IT and Lumine
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) The following tables su
Slide 56: Cash flows of Topicus, Adapt-IT and Lumine; subsequent events
CONSTELLATION SOFTWARE INC. Notes to Condensed Consolidated Interim Financial Statements (In millions of U.S. dollars, except per share amounts and as otherwise indicated) (Due to rounding, numbers presented may not foot) Three months ended March 31, 2026 and 2025 (Unaudited) Financial information o