Slide 1: Q1 2025 Earnings Call & Webcast
Q1 2025 Earnings Call & Webcast TSX: AIF | May 8, 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 Q1 2025 results
Slide 4: Q1 2025 results
Q1 2025 results REVENUE: Q1 2025 Q1 2024 Y/Y CHANGE Revenues $129.2 $125.4 1.5% *CC Analytics Profit (Loss) from continuing operations $(6.4) $(12.2) 47.1% Appraisals & Development Advisory Basic EPS from continuing operations $(0.14) $(0.27) 48.1% ADJUSTED EBITDA: Diluted EPS from continuing operat
Slide 5: Analytics results
Analytics results Resilient revenue growth & margin expansion Q1 2025: C$M $120 40% As reported CC* 35% $100 Revenue $104.6M 5.6% 0.1% 30% $80 25% Recurring $98.8M 7.8% 2.1% $60 20% Revenue* 15% $40 Adjusted 10% $27.4M 18.7% 8.9% EBITDA $20 5% Adjusted $0 0% EBITDA 26.2% 290 bps 200 bps Q1 Q2 Q3 Q4
Slide 6: Analytics Recurring Revenue
Analytics Recurring Revenue* Resilient & growing recurring revenue base, 23% CAGR from 2020-2024 C$ (M) C$M Q1 2025: $120 $98.8M $101 $99 $100 $95 $95 $93 $92 $89 $87 $86 $85 2.1% CC* $80 $77 $71 $68 $60 $60 $55 $50 $43 $41 $43 $43 $40 • Recurring Revenue* makes up $40 77% of consolidated revenue •
Slide 7: Analytics Adjusted EBITDA margin
Analytics Adjusted EBITDA margin* Consistent margin expansion, 300+ bps FY over the past three years Q1 2025: 40% 35% 30% 30.3% 33.8% 26.2% 28.5% 25% 23.9% 26.9% 23.8% 24.5% 27.3% 24.3% 26.1% 26.2% 200 bps CC* 23.3% 20% 20.7% 21.4% 15% 16.6% 16.8% 14.0% Margin improvement driven by: 10% Revenue gr
Slide 8: Analytics New Bookings
Analytics New Bookings* New bookings increasingly skewed towards higher-margin recurring revenue solutions C$M C$ (M) $40 $34.2 Q1 2025 RECURRING total $35 NEW BOOKINGS*: $28.0 $30 total $26.9 $26.3 total $25.8 $25.8 $24.6 total total total $22.4M $23.5 total $22.2 $25 total $21.4 total $21.3 total
Slide 9: Analytics Cloud Adoption Rate
Analytics Cloud Adoption Rate* Successful transition to cloud-based subscription revenue 100% 90% 90% 82% 79% 80% 74% 75% 76% 70% 72% 70% 67% 64% 60% 55% 52% 50% 42% 44% 40% 29% 30% 26% 22% 20% 14% 10% 6% 8% 10% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2020 2020 2020 20
Slide 10: Appraisals & Development Advisory results
Appraisals & Development Advisory results Navigating macro conditions & enhancing profitability C$M $35 20% Q1 2025: 18% $30 16% $25 As reported CC* 14% $20 12% Revenue $24.8M 6.8% 7.3% 10% $15 8% Adjusted $10 6% $1.2M 1,061.7% 1,062.5% EBITDA $5 4% 2% Adjusted $0 EBITDA 4.7% 520 bps 510 bps Q1 Q2 Q
Slide 11: Balance sheet
Balance sheet Significant capital to invest in growth • Deploying cash towards opportunities that drive organic profitable growth. All other $491.9M CASH POSITION uses of available cash are evaluated on an incremental return profile. $158.9M BANK DEBT • Notable highlights from Q1 2025: • $6.2M cost
Slide 12: Operational update
Operational update Rich Sarkis President, ARGUS Software & Data
Slide 13: Released Benchmark Manager on ARGUS Intelligence
Released Benchmark Manager on ARGUS Intelligence Benchmark Manager add-on capability released for US market • Market-level benchmarking against Altus’ comprehensive ARGUS INTELLIGENCE valuation dataset (aggregated and anonymized) • Customized filters to compare performance against relevant peer grou
Slide 14: CEO remarks
CEO remarks Jim Hannon Chief Executive Officer 2025 business outlook
Slide 15: Q1 2025 notable highlights
Q1 2025 notable highlights Resilient Recurring Revenue* performance – strong software growth F I N A N C I A L R E S U LT S Adjusted EBITDA margin* expansion – both segments Y/Y improvement C A S H G E N E R AT I O N Higher quality business – improved working capital position $76.3M in sha
Slide 16: 2025 business outlook
2025 business outlook FY2025 (Constant Currency) Q2 2025 (Constant Currency) • 4-7% total Analytics revenue growth • 1-3% total Analytics revenue growth A N A LY T I C S • 6-9% Recurring Revenue* growth • 3-5% Recurring Revenue* growth • 250-350 bps of Adjusted EBITDA margin* expansion • 200-300 bps
Slide 17: SAVE THE DATE Investor Day
SAVE THE DATE Investor Day September 9, 2025, New York City
Slide 18: Question period
Question period For additional inquiries please email IR@altusgroup.com
Slide 19: Appendix
rN AltusGroup APPENDIX
Slide 20: Reportable segment performance
Reportable segment performance Revenues Quarter ended March 31, % CC* % In thousands of dollars 2025 2024 Change Change Analytics $ 104,553 $ 98,996 5.6% 0.1% Appraisals and Development Advisory 24,808 26,622 (6.8%) (7.3%) Intercompany eliminations (196) (200) 2.0% 1.1% Total Revenues $ 129,165 $ 12
Slide 21: Selected financial information
Selected financial information Selected Financial Information Quarter ended March 31, In thousands of dollars, except for per share amounts 2025 2024 (1) Revenues $ 129,165 $ 125,418 Canada 18% 21% U.S. 59% 56% EMEA 15% 16% Asia Pacific 8% 7% Adjusted EBITDA* $ 15,743 $ 10,922 Adjusted EBITDA margin
Slide 22: Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings
Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings Quarter ended March 31, In thousands of dollars, except for per share amounts 2025 2024 (1) Comparative figures have been restated to reflect discontinued operations. Refer to Profit (loss) for the period $ 375,784 $ (153) Note
Slide 23: Debt, leverage & available capital
Debt, leverage & available capital Funded debt to EBITDA Quarter end Cash position Total bank debt ratio** Q1 2025 $491.9 M $158.9 M 1.44x Q4 2024 $41.9 M $282.9 M 2.01x Q3 2024 $39.6 M $306.1 M 2.07x Available Capital as at March 31, 2025: Q2 2024 $49.5 M $306.4 M 2.11x Cash $ 491.9 M Q1 2024 $44.3
Slide 24: Summary of consolidated quarterly results
Summary of consolidated quarterly results 2025 2024 2023 In thousands of dollars, except Mar 31 Fiscal 2024 Dec 31 Sep 30 Jun 30 Mar 31 Fiscal 2023 Dec 31 Sep 30 Jun 30 for per share amounts Results of Operations Revenues $ 129,165 $ 519,727 $ 135,501 $ 128,419 $ 130,389 $ 125,418 $ 509,732 $ 131,05
Slide 25: 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 26: 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