Constellation Software Inc. (CSU) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Constellation Software's 2025 fourth quarter results. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. On the call today, we have Mark Miller, President and COO, Jamal Baksh, CFO, and Bernie Enzeruth, CIO. Mr. Miller, please go ahead. Thank you very much, Drew. Good morning, everyone, and thank you all for joining the call. Our press release went out earlier today, so I hope you've had a chance to at least flip through it. And I wanted to make a few remarks before we move into Q&A. So there's a real noise in the market now about AI disrupting software businesses. And we take that very seriously. But we think we're well positioned, although we're staying very disciplined about how we approach it. We've always run a learning culture at Constellation. best practice sharing across our operating groups as one of our genuine differentiators. And I've seen more cross-portfolio collaboration around AI in the past year than on any topic in recent memory. Over the past 12 to 24 months, we've directed our culture of best practice sharing to helping our businesses navigate the AI transition thoughtfully. We spent 2025 upskilling our development teams Thousands of developers have built skills in AI augmented coding across our operating groups. We're entering 2026 with AI-enabled coding becoming increasingly commonplace. The productivity returns are real and they're still growing as these skills em...