Constellation Software Inc. and Topicus.com Inc. Announce Results for Topicus.com Inc. for the Second Quarter Ended June 30, 2026

About this update from Constellation Software Inc.

TORONTO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Topicus.com Inc. (TSXV:TOI) in a joint release with Constellation Software Inc. (TSX:CSU) today announced financial results for Topicus.com Inc. (“Topicus” or the “Company”) for the second quarter ended June 30, 2026. Please note that all amounts referred to in this press release are in Euros unless otherwise stated. The following press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2026 and the accompanying notes, our Management’s Discussion and Analysis for the three and six months ended June 30, 2026 and the Annual Consolidated Financial Statements of Topicus.com Inc. for the year ended December 31, 2025, which we prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s annual Management’s Discussion and Analysis for the year ended December 31, 2025, which can be found on SEDAR+ at www.sedarplus.com and on Topicus.com Inc.’s website www.topicus.com . Additional information about Topicus.com Inc. is also available on SEDAR+ at www.sedarplus.com . Q2 2026 Headlines: Revenue increased 18% (4% organic growth) to €437.3 million compared to €372.0 million in Q2 2025. Net income increased 14% to €47.3 million (€0.36 on a diluted per share basis) from €41.5 million (€0.31 on a diluted per share basis). Acquisitions were completed for aggregate cash consideration of €31.2 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of €9.0 million resulting in total consideration of €40.2 million. Cash flows from operations (“CFO”) increased €2.3 million to negative €12.7 million compared to negative €14.9 million in Q2 2025. Free cash flow available to shareholders 1 (“FCFA2S”) increased €31.3 million to €14.6 million compared to negative €16.7 million in Q2 2025. Total revenue for the quarter ended June 30, 2026 was €437.3 million, an increase of 18%, or €65.2 million, compared to €372.0 million for the comparable period in 2025. For the first six months of 2026 total revenues were €872.9 million, an increase of 20%, or €145.3 million, compared to €727.6 million for the comparable period in 2025. The increase for both the three and six-month periods compared to the same periods in the prior year is primarily attributable to growth from acquisitions as the Company experienced organic growth of 4% and 5% respectively.   Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. Net income for the quarter ended June 30, 2026 increased €5.8 million to €47.3 million compared to €41.5 million for the same period in 2025. On a per share basis, this translated into net income per basic and diluted share of €0.36 in the quarter ended June 30, 2026 compared to €0.31 for the same period in 2025. For the six months ended June 30, 2026 net income decreased €9.2 million to €102.4 million compared to €111.6 million for the same period in 2025. On a per share basis, this translated into net income per basic and diluted share of €0.77 in the six months ended June 30, 2026 compared to €0.85 for the same period in 2025. For the quarter ended June 30, 2026, CFO were negative €12.7 million compared to negative €14.9 million for the same period in 2025. Many of the businesses invoice customers for annual software maintenance fees in Q1 each year resulting in a disproportionate amount of cash being received in the first quarter as compared to the remaining three quarters. For the six months ended June 30, 2026, CFO increased €11.3 million to €267.8 million compared to €256.5 million for the same period in 2025 representing an increase of 4%. For the quarter ended June 30, 2026, FCFA2S increased €31.3 million to €14.6 million compared to negative €16.7 million for the same period in 2025. For the six months ended June 30, 2026, FCFA2S increased €35.1 million to €180.1 million compared to €145.0 million for the same period in 2025 representing an increase of 24%. Forward Looking Statements Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Topicus or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Topicus assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances. Non-IFRS Measures Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on other facilities, credit facility transaction costs, repayments of lease obligations, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. Topicus believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Topicus does not make any acquisitions, or investments, and does not repay any debts. While Topicus could use the FCFA2S to pay dividends or repurchase shares, Topicus’ objective is to invest all of our FCFA2S in acquisitions which meet Topicus’ hurdle rate. FCFA2S is not a recognized measure under IFRS and, accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities. The following table reconciles FCFA2S to net cash flows from operating activities:       Three months ended June 30,       Six months ended June 30,         2026 2025       2026 2025       (€ in millions)   (€ in millions)                       Net cash flows from operating activities     (12.7 ) (14.9 )       267.8   256.5     Adjusted for:                     Interest paid on lease obligations     (0.9 ) (0.7 )       (1.7 ) (1.4 )   Interest paid on other facilities     (10.3 ) (4.3 )       (14.0 ) (9.0 )   Credit facility transaction costs     -   (3.2 )       (0.3 ) (3.3 )   Payments of lease obligations     (8.7 ) (7.2 )       (17.1 ) (14.0 )   Property and equipment purchased     (3.1 ) (3.8 )       (6.3 ) (6.7 )   Interest and dividends received     59.2   8.3         59.8   8.6                                 23.6   (25.8 )       288.2   230.7     Less amount attributable to                     non-controlling interests     (9.0 ) 9.1         (108.0 ) (85.7 )                         Free cash flow available to shareholders     14.6   (16.7 )       180.1   145.0                           Due to rounding, certain totals may not foot.                     About Topicus.com Inc. Topicus’ subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol "TOI". Topicus acquires, manages and builds vertical market software businesses. About Constellation Software Inc. Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation acquires, manages and builds vertical market software businesses. For further information: Jamal Baksh Chief Financial Officer (416) 861-9677 [email protected] www.topicus.com S OURCE: TOPICUS.COM INC. Topicus.com Inc. Condensed Consolidated Interim Statements of Financial Position (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                 Unaudited                   June 30, 2026   December 31, 2025                 Assets                             Current assets:               Cash   323,269     326,686     Accounts receivable   180,168     175,613     Unbilled revenue   73,800     53,909     Inventories   7,666     7,057     Other assets   81,593     67,969         666,495     631,234                   Non-current assets:               Property and equipment   28,670     27,343     Right of use assets   91,900     96,656     Deferred income taxes   23,322     23,494     Investments in associates   479,184     515,368     Other assets   18,929     17,790     Intangible assets   1,206,673     1,201,287         1,848,678     1,881,939                   Total assets   2,515,173     2,513,173                   Liabilities and Shareholders' Equity                             Current liabilities:               Topicus Revolving Credit Facility and current portion of Term and other loans   116,536     345,324     Accounts payable and accrued liabilities   321,965     365,229     Deferred revenue   374,144     207,140     Provisions   2,331     3,548     Acquisition holdback payables   22,029     23,740     Lease obligations   31,630     30,915     Income taxes payable   35,292     39,201         903,929     1,015,098                   Non-current liabilities:               Term and other loans   351,169     347,218     Deferred income taxes   187,557     188,313     Acquisition holdback payables   41,393     40,133     Lease obligations   62,259     67,436     Other liabilities   84,514     73,166         726,892     716,266                   Total liabilities   1,630,821     1,731,363                   Shareholders' Equity:               Capital stock   39,412     39,412     Accumulated other comprehensive income (loss)   128,531     124,611     Retained earnings   374,653     309,801     Non-controlling interests   341,756     307,985         884,352     781,810                   Total liabilities and shareholders' equity   2,515,173     2,513,173   Topicus.com Inc. Condensed Consolidated Interim Statements of Income (Loss) (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)               Unaudited                     Three months ended June 30,   Six months ended June 30,     2026   2025   2026   2025                   Revenue                 License   9,854     10,435     21,372     19,831   Professional services   98,845     88,218     197,066     170,523   Hardware and other   11,209     8,471     21,094     15,790   Maintenance and other recurring   317,343     264,907     633,407     521,482       437,251     372,032     872,940     727,627   Expenses                 Staff   237,321     206,036     474,915     403,924   Hardware   5,875     4,653     11,187     8,778   Third party license, maintenance and professional services   40,926     32,074     77,877     60,496   Travel, telecommunications, supplies, software and equipment   19,435     15,699     37,373     30,292   Professional fees   9,040     7,134     16,125     14,742   Other, net   9,529     8,298     16,563     16,882   Depreciation   11,717     9,977     23,373     19,353   Amortization of intangible assets   46,238     39,294     90,659     76,146       380,083     323,164     748,071     630,612                     Impairment of intangible and other non-financial assets   25     -     25     -   Bargain purchase (gain)   -     (154 )   -     (154 ) Finance and other (income) expenses   (1,895 )   (9,234 )   698     (14,476 ) Share in net (income) loss of equity investee   (10,116 )   (5 )   (19,212 )   (20 ) (Increase) decrease in the fair value of equity securities   -     -     -     (32,789 ) Finance costs   9,109     6,575     18,917     12,764       (2,877 )   (2,818 )   429     (34,676 )                   Income (loss) before income taxes   60,045     51,686     124,439     131,691                     Current income tax expense (recovery)   22,497     18,738     43,065     37,485   Deferred income tax expense (recovery)   (9,779 )   (8,536 )   (21,015 )   (17,407 ) Income tax expense (recovery)   12,718     10,202     22,051     20,079                     Net income (loss)   47,326     41,484     102,389     111,612                     Net income (loss) attributable to:                 Equity holders of Topicus   30,140     25,858     64,348     70,669   Non-controlling interests   17,187     15,625     38,041     40,943   Net income (loss)   47,326     41,484     102,389     111,612                     Weighted average shares                 Basic shares outstanding   83,409,863     83,098,544     83,374,565     83,083,791   Diluted shares outstanding   129,841,819     129,841,819     129,841,819     129,841,819                     Earnings (loss) per common share of Topicus                 Basic   0.36     0.31     0.77     0.85   Diluted   0.36     0.31     0.77     0.85                     Topicus.com Inc. Condensed Consolidated Interim Statements of Comprehensive Income (Loss) (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                   Unaudited                     Three months ended June 30,   Six months ended June 30,     2026   2025   2026   2025                       Net income (loss)   47,326     41,484     102,389     111,612                         Items that are or may be reclassified subsequently to net income (loss):                                           Foreign currency translation differences from foreign operations and other   2,118     (9,671 )   6,079     (8,375 )                       Items that will not be reclassified to net income (loss):                                           Changes in the fair value of equity investments at FVOCI   -     82,236     -     193,333                         Other comprehensive (loss) income for the period, net of income tax   2,118     72,565     6,079     184,958                         Total comprehensive income (loss) for the period   49,444     114,049     108,468     296,570                         Total other comprehensive income (loss) attributable to:                     Equity holders of Topicus   1,204     47,866     3,920     120,085   Non-controlling interests   914     24,699     2,159     64,873   Total other comprehensive income (loss)   2,118     72,565     6,079     184,958                         Total comprehensive income (loss) attributable to:                     Equity holders of Topicus   31,344     73,724     68,268     190,754   Non-controlling interests   18,101     40,325     40,200     105,816   Total comprehensive income (loss)   49,444     114,049     108,468     296,570   Topicus.com Inc. Condensed Consolidated Interim Statement of Changes in Shareholders' Equity (Deficiency) (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                     Unaudited                   Six months ended June 30, 2026                                 Capital Stock Accumulated other comprehensive (loss) income Retained earnings Total Non-controlling interests Total equity                     Balance at January 1, 2026   39,412   124,611   309,801   473,825   307,985   781,810                       Total comprehensive income (loss) for the period:                                       Net income (loss)   -   -   64,348   64,348   38,041   102,389                       Foreign currency translation differences from                   foreign operations and other, net of income tax and                   changes in the fair value of equity investments at FVOCI   -   3,920   -   3,920   2,159   6,079                       Total other comprehensive income (loss)                   for the period   -   3,920   -   3,920   2,159   6,079                       Total comprehensive income (loss) for the period   -   3,920   64,348   68,268   40,200   108,468                       Transactions with owners, recorded directly in equity                                       Other movements in non-controlling interests and equity   -   -   (731 ) (731 ) (297 ) (1,028 )                     Exchange of Topicus Coop ordinary units held by non-controlling interests to subordinate voting shares of Topicus   -   -   1,234   1,234   (1,234 ) -                       Dividends paid to non-controlling interests   -   -   -   -   (4,898 ) (4,898 )                     Balance at June 30, 2026   39,412   128,531   374,653   542,596   341,756   884,352   Topicus.com Inc. Condensed Consolidated Interim Statement of Changes in Shareholders' Equity (Deficiency) (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                       Unaudited                     Six months ended June 30, 2025                                     Capital Stock Accumulated other comprehensive (loss) income Retained earnings Total Non-controlling interests Total equity                       Balance at January 1, 2025   39,412   5,584   266,281   311,277   220,119   531,396                         Total comprehensive income (loss) for the period:                                           Net income (loss)   -   -   70,669   70,669   40,943   111,612                         Other comprehensive income (loss)                                           Foreign currency translation differences from                     foreign operations and other, net of income tax   -   120,085   -   120,085   64,873   184,958                         Total other comprehensive income (loss) for the period   -   120,085   -   120,085   64,873   184,958                         Total comprehensive income (loss) for the period   -   120,085   70,669   190,754   105,816   296,570                         Transactions with owners, recorded directly in equity                                           Other movements in non-controlling interests and equity   -   (0 ) 12   12   18   31                         Exchange of Topicus Coop ordinary units held by non-controlling interests to subordinate voting shares of Topicus   -   -   1,633   1,633   (1,633 ) -                         Dividends paid to non-controlling interests   -   -   -   -   (1,632 ) (1,632 )                       Balance at June 30, 2025   39,412   125,668   338,596   503,677   322,688   826,365   Topicus.com Inc. Condensed Consolidated Interim Statements of Cash Flows (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                   Unaudited                         Three months ended June 30,   Six months ended June 30,         2026   2025   2026   2025                       Cash flows from (used in) operating activities:                   Net income (loss)   47,326     41,484     102,389     111,612     Adjustments for:                     Depreciation   11,717     9,977     23,373     19,353       Amortization of intangible assets   46,238     39,294     90,659     76,146       Impairment of intangible and other non-financial assets   25     -     25     -       Bargain purchase (gain)   -     (154 )   -     (154 )     Finance and other expenses (income)   (1,895 )   (9,234 )   698     (14,476 )     Share in net (income) loss of equity investee   (10,116 )   (5 )   (19,212 )   (20 )     (Increase) decrease in the fair value of equity securities   -     -     -     (32,789 )     Finance costs   9,109     6,575     18,917     12,764       Income tax expense (recovery)   12,718     10,202     22,051     20,079     Change in non-cash operating assets and liabilities                     exclusive of effects of business combinations   (102,723 )   (97,574 )   71,292     92,959     Transaction costs associated with equity securities classified as FVOCI   -     (0 )   -     (1,659 )   Income taxes (paid) received   (25,077 )   (15,508 )   (42,378 )   (27,311 )   Net cash flows from (used in) operating activities   (12,676 )   (14,944 )   267,814     256,503                         Cash flows from (used in) financing activities:                   Interest paid on lease obligations   (857 )   (719 )   (1,729 )   (1,381 )   Interest paid on other facilities   (10,264 )   (4,307 )   (14,000 )   (9,015 )   Net increase (decrease) in Topicus Revolving Credit Facility   20,000     (115,000 )   (225,000 )   (85,000 )   Proceeds from issuance of Loan   -     200,000     -     200,000     Proceeds from issuance of term and other loans   -     95,400     7,500     113,410     Increase (decrease) in bank indebtedness   (9,599 )   -     (3,936 )   -     Repayments of term and other loans   (2,866 )   (3,526 )   (10,295 )   (14,111 )   Credit facility transaction costs   -     (3,187 )   (312 )   (3,278 )   Payments of lease obligations   (8,680 )   (7,177 )   (17,054 )   (14,005 )   Dividends paid to non-controlling interests   (1,447 )   (1,595 )   (4,898 )   (1,632 )   Net cash flows from (used in) in financing activities   (13,713 )   159,890     (269,723 )   184,988                         Cash flows from (used in) investing activities:                   Acquisition of businesses   (31,223 )   (210,244 )   (46,251 )   (249,657 )   Cash obtained with acquired businesses   5,386     20,804     8,322     28,738     Post-acquisition settlement payments, net of receipts   (10,539 )   (2,935 )   (16,352 )   (9,233 )   Purchases of other investments   (271 )   -     (271 )   -     Purchase of equity securities of Asseco Poland S.A.   -     -     -     (167,977 )   (Increase) decrease in restricted cash   (196 )   343     (1,539 )   (82 )   Interest, dividends and other proceeds received, net of income taxes paid   59,222     8,302     59,794     8,557     Property and equipment purchased   (3,104 )   (3,768 )   (6,340 )   (6,666 )   Net cash flows from (used in) investing activities   19,276     (187,499 )   (2,637 )   (396,321 )                       Effect of foreign currency on                   cash and cash equivalents   (792 )   (4,500 )   1,128     (2,072 )                       Increase (decrease) in cash   (7,905 )   (47,053 )   (3,418 )   43,097                         Cash, beginning of period   331,173     296,307     326,686     206,157                         Cash, end of period   323,269     249,254     323,269     249,254  

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