Altus Group Limited · TSX:AIF
Altus — Q3 2025 Earnings Presentation
22 slides from Altus's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Earnings Call & Webcast
Q3 2025 Earnings Call & Webcast TSX: AIF | November 6, 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: Executive Chair update
Executive Chair Mike Gordon update Executive Chair & incoming CEO
Slide 4: Financial review
Financial review Pawan Chhabra Chief Financial Officer Q3 2025 results
Slide 5: Q3 2025 results
Q3 2025 results REVENUE: C$M, except for EPS & margin figures Q3 2025 Q3 2024 Y/Y CHANGE Revenues $133.3 $128.4 2.2% *CC Analytics Profit (Loss) from continuing operations $0.5 ($2.9) 117.8% Appraisals & Development Advisory Basic EPS from continuing operations $0.01 ($0.06) 116.7% ADJUSTED EBITDA:
Slide 6: Analytics results
Analytics results Continued revenue growth & margin expansion Q3 2025: C$M $120 40% As reported CC* 35% $100 Revenue $108.0M 6.2% 4.2% 30% $80 25% Recurring $102.4M 7.3% 5.2% $60 20% Revenue* 15% $40 Adjusted 10% $35.5M 15.2% 12.7% EBITDA $20 5% Adjusted $0 0% EBITDA 32.8% 260 bps 250 bps Q3 Q4 Q1 Q
Slide 7: Analytics Recurring Revenue
Analytics Recurring Revenue* Growing recurring revenue base, 23% CAGR from 2020-2024 C$ (M) C$M Q3 2025: $120 $102.4M $101 $99 $101 $102 $100 $95 $95 $93 $92 $89 $87 $86 $85 5.2% CC* $80 $77 $71 $68 $60 $60 $55 $50 $43 $41 $43 $43 $40 $40 Growth driven by strong software sales (including double-digi
Slide 8: Analytics Adjusted EBITDA margin
Analytics Adjusted EBITDA margin* Consistent margin expansion from higher quality earnings & operational improvements Q3 2025: 40% 35% 30% 30.3% 33.8% 32.8% 32.8% 29.2% 28.5% 25% 23.9% 26.9% 23.8% 24.5% 27.3% 24.3% 26.1% 26.2% 250 bps CC* 23.3% 20% 20.7% 21.4% 15% 16.6% 16.8% 14.0% Margin improvemen
Slide 9: Appraisals & Development Advisory results
Appraisals & Development Advisory results Navigating macro conditions C$M Q3 2025: $35 20% 18% $30 As reported CC* 16% $25 14% Revenue $25.4M 5.2% 5.1% $20 12% 10% $15 Adjusted 8% $2.1M 34.5% 34.0% EBITDA $10 6% 4% Adjusted $5 EBITDA 8.2% 370 bps 360 bps 2% $0 Margin* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 10: Balance sheet
Balance sheet Significant capital to invest in growth $405.1M $157.2M 1.21x $797.9M CASH POSITION BANK DEBT FUNDED DEBT TO AVAILABLE CAPITAL* EBITDA RATIO** * Non-GAAP and other financial measure | All Balance Sheet figures are as at Sept. 30, 2025 | Available Capital = cash + bank credit facilities
Slide 11: 2025 Business Outlook
2025 Business Outlook FY2025 (Constant Currency) Q4 2025 (Constant Currency) • 2-4% total Analytics revenue growth (previously 3-6%) • 3-5% total Analytics revenue growth • 4-6% Recurring Revenue* growth (previously 5-7%) A N A LY T I C S • 5-7% Recurring Revenue* growth • 250-350 bps of Adjusted EB
Slide 12: Register for 2025 investor day
Register for 2025 investor day Both in-person and virtual participants are encouraged to register for the live event in advance November 20, 2025, New York City
Slide 13: Question period
Question period For additional inquiries please email IR@altusgroup.com
Slide 14: Appendix
rN AltusGroup APPENDIX
Slide 15: Reportable segment performance
Reportable segment performance Revenues Three months ended September 30, Nine months ended September 30, Constant Constant In thousands of dollars 2025 2024 % Change Currency 2025 2024 % Change Currency % Change % Change Analytics $ 108,135 $ 101,811 6.2% 4.2% $ 318,582 $ 303,561 4.9% 1.8% Appraisal
Slide 16: Income statement
Income statement Three months ended Nine months ended September 30, September 30, In thousands of dollars 2025 2024 2025 2024 Revenues $ 133,315 $ 128,419 $ 393,933 $ 384,226 Expenses Employee compensation 79,023 78,242 250,144 253,588 Occupancy 1,134 1,318 4,009 3,680 Other operating 35,731 29,817
Slide 17: Cash flow, working capital, Capex & FCF
Cash flow, working capital, Capex & FCF Three months ended Nine months ended Working Capital Cash Flow September 30, September 30, In thousands of dollars September 30, 2025 December 31, 2024 In thousands of dollars 2025 2024 2025 2024 Current assets $ 556,630 $ 482,948 Net cash provided by (used in
Slide 18: Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings
Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings Three months ended Nine months ended September 30, September 30, In thousands of dollars, except for per share amounts 2025 2024 2025 2024 Profit (loss) for the period $ 905 $ 655 $ 385,453 $ 2,785 (1) Management uses the non-G
Slide 19: Summary of consolidated quarterly results
Summary of consolidated quarterly results 2025 2024 2023 In thousands of dollars, Fiscal Fiscal except for per share Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 2024 2023 amounts Results of Operations Revenues $ 133,315 $ 131,453 $ 129,165 $ 519,727 $ 135,501 $ 128,419 $ 130,389 $ 125,41
Slide 20: Constant currency
Constant currency Three months ended Nine months ended September 30, 2025 September 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 1.377 1.364 1.399 1.360 Pound Sterling 1.856 1.774 1.837 1.736 Euro 1.610 1.
Slide 21: 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 22: Non-GAAP and other measures definitions
Non-GAAP and other measures definitions Organic Revenue: Altus Group uses Organic Revenue to evaluate and assess revenue trends in the business on a comparable basis versus the prior year, and as an indicator of future revenue growth. How it’s calculated: Revenue deducted by revenues from business a