Altus Group Limited · TSX:AIF
Altus — Investor Day (November 2025)
53 slides from Altus's investor day presentation, Nov 20, 2025
Slide 1: 2025 Investor Day: Built for performance
2025 INVESTOR DAY Built for performance November 20, 2025
Slide 2: Welcome!
Welcome! Camilla Bartosiewicz Chief Communications Officer 2
Slide 3: A formidable foundation
A formidable foundation CANADA 34% employees EMEA For over 20 years, Altus has played a 18% revenue vital role in empowering CRE 18% employees 16% revenue professionals with the data, analytics, US and trusted advice they need to make 26% employees high-stakes decisions – whether to 58% revenue buy,
Slide 4: Agenda
Agenda Time Session Presenters 8:30 am 5 min Welcome Camilla Bartosiewicz Opening remarks 8:35 am 15 min • Strategic focus Mike Gordon • Path to value creation 8:50 am 15 min Customer fireside chat Rich Sarkis, Chris Johnston (CBRE IM), Joe Crescio (Manulife IM) Product strategy David Ross, Rich Sar
Slide 5: Today's presenters
Today’s presenters Camilla Bartosiewicz Mike Gordon Pawan Chhabra David Ross Rich Sarkis Rick Kalvoda Chief Communications Officer Executive Chair Chief Financial Officer Chief Technology Officer President, Software & Data President, Valuation Advisory Dan Hurley Matt LaHood Peter de Witte Aditya Dh
Slide 6: Forward-looking information & statements; Non-GAAP and other measures
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 7: Opening remarks
Opening remarks Mike Gordon Executive Chair & Incoming CEO 7
Slide 8: Path to value creation
Path to value creation • Deliver on innovation roadmap and drive assets to platform to fuel better analytics • Continue portfolio rationalization – divest Appraisals & Development Advisory (“A&DA”) segment in 2026 and assess other Analytics non-core products and services for divestment or optimizati
Slide 9: A cornerstone for CRE intelligence
A cornerstone for CRE intelligence Providing a comprehensive view of CRE valuation & performance • “White glove” service to help investors unpack • Industry “go to” valuation software for cashflow & report on private real estate performance modelling ARGUS ARGUS • Trusted advisory relationships with
Slide 10: Vision: the essential intelligence platform for CRE performance
VISION the essential intelligence platform for CRE performance a pure-play data & analytics platform with a financial profile of a leading vertical software company
Slide 11: How we get there
How we get there S I M P L I F I E D S T R AT E G Y: 1. Automate critical valuation workflows, making them faster, Constant data enrichment with client more accurate and more insightful – to attract more assets usage on our platform • Models get smarter with every client action 2. Collect and connec
Slide 12: Uniquely positioned to win
Uniquely positioned to win Proven technology Access to structured data Industry “go to” solutions, in One of the most robust valuation market for 30+ yrs. datasets in the industry Built & delivered ARGUS Constant data enrichment with client Intelligence – designed to scale, usage becoming more i
Slide 13: Customer fireside chat
VU as) om wn v — al ia E fo} _ na =} 1S ~ a) & 1S) rN AltusGroup
Slide 14: Fireside chat featured speakers
FIRESIDE CHAT FEATURED SPEAKERS Rich Sarkis Chris Johnston Joe Crescio President, Software & Data Managing Director, Direct Private Real Estate Global Head of Real Estate Valuations Altus Group CBRE Investment Management Manulife Investment Management 14
Slide 15: Product strategy
Marketing Manager – Events, North America Product strategy Dave Ross, Chief Technology Officer Rich Sarkis, President, Software & Data Rick Kalvoda, President, Valuation Advisory Matt LaHood, Head of Platform, Data & Analytics Peter de Witte, General Manager, ARGUS Software & Data Aditya Dharne, Pri
Slide 16: The evolution of ARGUS Intelligence
The evolution of ARGUS Intelligence WHERE WE FUTURE 2019 A R E T O D AY ROADMAP On-Premise ARGUS ARGUS Software Intelligence Intelligence Migration to Platform Convergence Cloud Migration to scalable cloud-based Modern, native cloud architecture with Convergence of applications onto a architecture n
Slide 17: Bringing our capabilities together on a unified data platform
Unlocking the power of data Data + AI & AI to make valuations faster, more accurate and insightful Bringing our capabilities together on a unified Working with users to data platform to deliver Human + AI beneficially augment human activities with CRE performance ARGUS the power of AI insights via A
Slide 18: Product Demo
Product Demo 18
Slide 19: Key takeaways from the Demo
Key takeaways from the Demo Decreased time-to- Automating the valuation process to free appraisers from manual work valuation by ~90% Creating a single Consolidating all valuation data in a single place – consistent, source of truth for the auditable view across assets, teams and regions customer Bu
Slide 20: 20 min break
20 min break 20
Slide 21: Financial update
Financial update Mike Gordon, Executive Chair & Incoming CEO Pawan Chhabra, Chief Financial Officer 21
Slide 22: Key takeaways
Key takeaways 1 2 3 4 New Disclosure Simplified Portfolio Mid-Term Targets Capital Return • Exit 2027 as a “Rule of 40” • Buying back our own shares - • Addressing investor • Completing transformation company at the consolidated the best PropTech investment feedback to enhance to pure-play data & an
Slide 23: New Analytics segment revenue reporting
New Analytics segment revenue reporting YTD Sept. 30. 2025 y/y growth Revenue Split A N A LY T I C S S E G M E N T R E V E N U E In thousands of dollars Constant Currency* Software $ 143,761 7.9% VMS 125,516 2.1% ARGUS Intelligence ~2/3rds of Software Data 34,830 -2.4% Services 14,475 -31.4% Service
Slide 24: Overview of the software portfolio
Overview of the software portfolio Software portfolio: What the product does: Revenue model: Subscription-based SaaS, with add-on modules Next-generation valuation, asset, and portfolio management ARGUS (Portfolio Manager, Benchmark Manager) sold ARGUS Intelligence platform combining ARGUS Enterpris
Slide 25: Software financial profile
Software financial profile $190 $175 $157 KEY GROWTH DRIVERS 84% 87% 87% • Wallet share expansion through scaled adoption within enterprise accounts • Upsell and cross-sell through integrated platform adoption • New logos, including reaching new customer segments • Geographic expansion into EMEA and
Slide 26: Overview of VMS offering
Overview of VMS offering Premier provider of independent CRE valuation management solutions • A software-enabled, third-party service for recurring appraisals on CRE investment portfolios, Onboard assets on consolidating data from valuation experts into valuation insights for fund managers (majority
Slide 27: VMS financial profile
VMS financial profile $168 K E Y G R O W TH D R I V E R S $164 $152 • Scales with client fund AUM growth, benefitting from secular growth tailwinds as more capital flows into CRE 61% 61% 63% • Predictable recurring revenue on multi-year contracts with strong retention (asset-based pricing: number of
Slide 28: Data and Services profiles
Data and Services profiles Data: Services: • North American market data and analytics tools to support • Strategic advisory on end-to-end CRE technology and operations, along acquisition, investment and development decisions with software services including implementation, training, and education •
Slide 29: Simplifying the portfolio
Simplifying the portfolio Shrinking to grow more profitably LTM Q3’ 25 consolidated Divesting Appraisals & Development Advisory (A&DA) revenue split: • Initiated plans to divest the businesses within the A&DA segment To be divested • Divestment rationale: • Portfolio focus: streamlines Altus around
Slide 30: Driving P&L efficiency
Driving P&L efficiency C$M 2023 2024 2025 YTD Analytics $393 $411 $319 Recurring Revenue 355 383 302 Non-Recurring Revenue 38 28 17 PAT H TO I M P R O V E ME N TS : Appraisals & Development Advisory $118 $109 $76 Corporate ($1) ($1) ($1) • Gross margin expansion to benefit from increased mix of Tota
Slide 31: Consolidated mid-term goals
Consolidated mid-term goals YTD Q3’25 Exiting 2027 PAT H TO R U L E O F 4 0 (key assumptions) Revenue Expansion: • ARGUS Intelligence double-digit growth driven by transition to Rule of 20% 40%+ asset-based pricing and increased cross-sell of add-on modules • VMS high single-digit growth driven by r
Slide 32: Disciplined capital allocation framework
Disciplined capital allocation framework Capital allocation philosophy: all uses of excess cash are evaluated on an incremental return profile With increasing cashflows and an attractive financial profile, Altus can comfortably operate with modest leverage and balance growth investments with shareho
Slide 33: Announcing up to half billion dollars of capital return plans
Announcing up to half billion dollars of capital return plans Leverage Target Current Net Cash 2 0 2 6 C A P I TA L R E T U R N S T R AT E G Y LTM Adj. EBITDA (Funded Debt to EBITDA) (as at Sept. 30, 2025) • C$500M share repurchase authorization Board-approved capital return envelope for the year $1
Slide 34: Q&A
Q&A 34
Slide 35: Closing remarks
Closing remarks Mike Gordon Executive Chair & Incoming CEO 35
Slide 36: We value your feedback
WE VALUE YOUR FEEDBACK Please take a moment to complete a short survey on today’s Investor Day presentation. Your input helps us improve our effectiveness. 36
Slide 37: Appendix
rN AltusGroup Appendix
Slide 38: Investment highlights
Investment highlights Global industry Innovative Long-standing Large and growing Compelling growth Attractive financial Executive team leadership with solutions across relationships with addressable algorithm to profile and a with deep CRE, strong competitive the CRE lifecycle blue-chip clients mark
Slide 39: Built for performance
Built for performance Solid foundation in place Initiated portfolio simplification Set strategy to position Altus Built platform to and restructuring to right-size to become the essential connect and Altus and align its financial profile intelligence platform for CRE access structured with that of l
Slide 40: Innovation roadmap
Innovation roadmap Data Platform Use Case Persistently augment the Knowledge Graph Automate critical valuation workflows on platform Monetize through segment-optimized use cases Make the data available for multi-use at scale ARGUS Enterprise Valuations & Cash Flow VMS Asset-Level Insights Forbury Po
Slide 41: Solving our clients' biggest CRE challenges
Solving our clients’ biggest CRE challenges Valuations • What is the value of the assets in my portfolio? • What is the value of the collateralized debt in my portfolio? • How do I value the asset I am looking to buy/sell? • How do I improve investor confidence with valuation data? Portfolio p
Slide 42: ARGUS Intelligence: Core Product
ARGUS Intelligence: Core Product Transforms valuation data into performance intelligence to drive portfolio returns Model Cash • Cash flow and valuation models delivered Optimize asset performance Flows and through the trusted ARGUS Enterprise What is the value of my asset and what are the key dri
Slide 43: ARGUS Intelligence: Portfolio Manager Add-On
ARGUS Intelligence: Portfolio Manager Add-On Enhances portfolio evaluation and management to optimize investments • Organize the underlying models and scenarios in ARGUS Optimize portfolio composition Intelligence by asset, period and purpose Which assets are out/underperforming in my portfolio? C
Slide 44: ARGUS Intelligence: Benchmark Manager Add-On
ARGUS Intelligence: Benchmark Manager Add-On Strategic edge to drive asset and fund-level performance • Collect appropriate datasets including model universe for Assess value movement Determine classification and refinement Why are investments faring better or worse? Benchmark • Apply data abstrac
Slide 45: Building out the platform
Building out the platform ARGUS Intelligence ARGUS Intelligence Core product: Core product: ARGUS Enterprise Forbury* ARGUS Enterprise Forbury Asset Manager Altus ID Asset Manager Altus ID Valuation Agent Current add-ons: F U T U R E S TAT E CURRENT Portfolio Manager Benchmark Manager Add-ons: Portf
Slide 46: The path forward
The path forward ARGUS Intelligence replaces all legacy products, becoming THE flagship offering CORE PRODUCT ARGUS Intelligence per asset fee Embedded across all Complementary “white ADD-ON AI FEATURE SERVICES layers to amplify scale glove” services tailored CAPABILITIES FUNCTIONALITY and impact …
Slide 47: Software go-to-market plan
Software go-to-market plan New Sales priorities: markets • Accelerate ARGUS Target New Cross- Intelligence & add-on Upsell 100%+ capabilities adoption New personas sell use NRR • Drive larger, enterprise cases deals that combine multi-solutions • Transition ARGUS Land Extend Retain investor clients
Slide 48: Transitioning to a more traditional software company P&L
Transitioning to a more traditional software company P&L In response to investor feedback and to better align with reporting peers Three months ended (unaudited) September 30, 1. Introducing costs of sales and gross profit allow clear gross margin In thousands of dollars, except for per share amount
Slide 49: Transitioning to a more traditional software company P&L
Transitioning to a more traditional software company P&L Illustrative: Three months ended Three months ended (unaudited) (unaudited) September 30, September 30, In thousands of dollars, except for per share amounts 2025 In thousands of dollars, except for per share amounts 2025 Revenues $ 393,933 Re
Slide 50: Updating Adjusted EBITDA and Adjusted EPS definitions
Updating Adjusted EBITDA and Adjusted EPS definitions In response to shareholder feedback & to better align with reporting peers Nine months ended (unaudited) September 30, In thousands of dollars, except for per share amounts 2025 Profit (loss) from continuing operations $ 3,366 (2,410) 1 Starting
Slide 51: Updating Adjusted EBITDA and Adjusted EPS definitions - illustration
Updating Adjusted EBITDA and Adjusted EPS definitions - illustration Nine months ended (unaudited) September 30, In thousands of dollars, except for per share amounts 2025 Profit (loss) for the period $ 385,453 (Profit) loss for the period from discontinued operations (382,087) Occupancy costs calcu
Slide 52: 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 53: Non-GAAP and other measures definitions
Non-GAAP and other measures definitions Adjusted EBITDA Margin: Altus Group uses Adjusted EBITDA margin to evaluate the performance of the business, as well as when making decisions about the ongoing operations of the business and its ability to generate cash flows. How it’s calculated: Adjusted EBI