Altus Group Limited · TSX:AIF
Altus — Q2 2025 Earnings Presentation
24 slides from Altus's earnings presentation, Aug 7, 2025
Slide 1: Q2 2025 Earnings Call & Webcast
Q2 2025 Earnings Call & Webcast TSX: AIF | August 7, 2025
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- lo
Slide 3: Financial review
Financial review Pawan Chhabra Chief Financial Officer Q2 2025 results
Slide 4: Q2 2025 results
Q2 2025 results REVENUE: C$M, except for EPS & margin figures Q2 2025 Q2 2024 Y/Y CHANGE Revenues $131.5 $130.4 0.8% *CC Analytics Profit (Loss) from continuing operations $9.3 ($8.6) 207.4% Appraisals & Development Advisory Basic EPS from continuing operations $0.21 ($0.19) 210.5% ADJUSTED EBITDA:
Slide 5: Analytics results
Analytics results Continued revenue growth & margin expansion Q2 2025: C$M $120 40% As reported CC* 35% $100 Revenue $105.9M 3.1% 1.0% 30% $80 25% Recurring $100.8M 5.9% 3.7% $60 20% Revenue* 15% $40 Adjusted 10% $30.9M 15.3% 12.2% EBITDA $20 5% Adjusted $0 0% EBITDA 29.2% 310 bps 290 bps Q2 Q3 Q4 Q
Slide 6: Analytics Recurring Revenue
Analytics Recurring Revenue* Growing recurring revenue base, 23% CAGR from 2020-2024 C$ (M) C$M Q2 2025: $120 $100.8M $101 $99 $101 $100 $95 $95 $93 $92 $89 $87 $86 $85 $77 $80 $68 $71 3.7% CC* $60 $60 $55 $50 $43 $41 $43 $43 $40 • Recurring Revenue* makes up $40 77% of consolidated revenue $20 $0 Q
Slide 7: Analytics Adjusted EBITDA margin
Analytics Adjusted EBITDA margin* Consistent margin expansion from higher quality earnings & operational improvements Q2 2025: 40% 35% 30% 30.3% 33.8% 29.2% 29.2% 28.5% 25% 23.9% 26.9% 23.8% 24.5% 27.3% 24.3% 26.1% 26.2% 290 bps CC* 23.3% 20% 20.7% 21.4% 15% 16.6% 16.8% 14.0% Margin improvement driv
Slide 8: Analytics New Bookings
Analytics New Bookings* Net new bookings C$M C$ (M) $40 $34.2 Q2 2025 RECURRING total $35 NEW BOOKINGS*: $28.2 $30 $26.9 $26.3 total total $25.8 $25.8 $24.6 total total total $23.5 $21.0M total total $22.2 $25 $21.4 total $21.3 total $19.7 $19.6 total total total $22.4 $20 $20.8 $21.1 $21.0 $15 $17.
Slide 9: Appraisals & Development Advisory results
Appraisals & Development Advisory results Navigating macro conditions & enhancing profitability C$M $35 20% Q2 2025: 18% $30 16% $25 As reported CC* 14% $20 12% Revenue $25.8M 7.2% 7.1% 10% $15 8% Adjusted $10 6% $2.6M 5.7% 6.6% EBITDA $5 4% 2% Adjusted $0 EBITDA 10.0% 120 bps 130 bps Q1 Q2 Q3 Q4 Q1
Slide 10: Balance sheet
Balance sheet Significant capital to invest in growth • Deploying cash towards opportunities that drive organic profitable growth. All other $382.7M CASH POSITION uses of available cash are evaluated on an incremental return profile. $157.3M BANK DEBT • Notable highlights from Q2 2025: • $0.9M cost
Slide 11: CEO remarks
CEO remarks Jim Hannon Chief Executive Officer
Slide 12: CEO Q2 highlights
CEO Q2 highlights ✓ Steady Recurring Revenue* growth & Adjusted EBITDA margin* expansion ✓ ARGUS software revenue returned to double-digit growth ✓ Steady transition to ARGUS Intelligence, ~1,900 clients contracted ✓ Asset-based pricing model acceptance ✓ Significant growth in Recurring New Bookings
Slide 13: 2025 business outlook
2025 business outlook FY2025 (Constant Currency) Q3 2025 (Constant Currency) • 3-6% total Analytics revenue growth (previously 4-7%) • 3-6% total Analytics revenue growth • 5-7% Recurring Revenue* growth (previously 6-9%) A N A LY T I C S • 5-7% Recurring Revenue* growth • 250-350 bps of Adjusted EB
Slide 14: SAVE THE DATE Investor Day
SAVE THE DATE Investor Day November 20, 2025, New York City
Slide 15: Question period
Question period For additional inquiries please email IR@altusgroup.com
Slide 16: Appendix
rN AltusGroup APPENDIX
Slide 17: Reportable segment performance
Reportable segment performance Revenues Three months ended June 30, Six months ended June 30, Constant Constant In thousands of dollars 2025 2024 (1) % Change Currency 2025 2024 (1) % Change Currency % Change % Change Analytics $ 105,894 $ 102,754 3.1% 1.0% $ 210,447 $ 201,750 4.3% 0.5% Appraisals a
Slide 18: Income statement
Income statement Three months ended June 30, Six months ended June 30, In thousands of dollars 2025 2024 (1) 2025 2024 (1) Revenues $ 131,453 $ 130,389 $ 260,618 $ 255,807 Expenses Employee compensation 82,815 87,236 171,121 175,346 Occupancy 1,379 1,146 2,875 2,362 Other operating 23,505 27,171 49,
Slide 19: Cash flow, working capital, Capex & FCF
Cash flow, working capital, Capex & FCF Cash Flow Three months ended June 30, Six months ended June 30, In thousands of dollars 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ 27,755 $ 39,809 $ 28,460 $ 36,840 Net cash provided by (used in) financing activities (108,669) (3
Slide 20: Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings
Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings Three months ended June 30, Six months ended June 30, (1) In thousands of dollars, except for per share amounts 2025 2024 2025 2024 (1) (1)Comparative figures have been restated to reflect discontinued operations. Refer to Note
Slide 21: Summary of consolidated quarterly results
Summary of consolidated quarterly results 2025 2024 2023 In thousands of dollars, Fiscal Fiscal except for per share Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 2024 2023 amounts Results of Operations (1) Revenues $ 131,453 $ 129,165 $ 519,727 $ 135,501 $ 128,419 $ 130,389 $ 125,418 $ 50
Slide 22: Constant currency
Constant currency Three months ended June 30, 2025 Six months ended June 30, 2025 For Constant For Constant As presented As presented Currency Currency Canadian Dollar 1.000 1.000 1.000 1.000 United States Dollar 1.384 1.368 1.409 1.358 Pound Sterling 1.847 1.726 1.827 1.718 Euro 1.570 1.472 1.539 1
Slide 23: 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 24: Non-GAAP and other measures definitions
Non-GAAP and other measures definitions New Bookings, Organic New Bookings, Recurring New Bookings and Non-Recurring New Bookings: For its Analytics reportable segment, Altus Group uses New Bookings, Organic New Bookings, Recurring New Bookings and Non- Recurring New Bookings as measures to track th