Altus Group Ltd

Latest Results (15.04.2026):

Altus Group Ltd — Q4 2025: Altus Group Ltd reported continuing-operations revenue of C$131.9M in Q4 2025 (up 3.6% CC) with strong recurring and software trends; Adjusted EBITDA rose to C$37.0M (28.0% margin, +510 bps) and free cash flow improved to C$30.5M (C$0.70 per share). Profit from continuing operations was a loss of C$5.2M. Management increased 2026 capital return objectives to up to C$800M, renewed an NCIB, and provided 2026 guidance targeting 4–6% revenue growth (organic, CC) and further margin expansion.

Revenue and growth

Continuing-operations revenue: C$131.9M (+3.6% constant currency). Recurring revenue C$107.7M (+5.7% CC). Software revenue C$49.3M (+5.4% CC) with Software ARR C$197.9M (+10.6% YoY). VMS revenue C$48.8M (+9.8% CC) and VMS ARR C$166.9M (+3.5% YoY).

Profitability and margins

Adjusted EBITDA (continuing ops): C$37.0M, up 26.9% (Adjusted EBITDA margin 28.0% vs 22.8%, +510 bps on a CC basis). Reported Profit (Loss) from continuing operations: (C$5.2M) vs C$32.2M in Q4 2024 (reflecting items outside adjusted metrics and the reclassification of Appraisals to discontinued operations).

Cash flow and leverage

Net cash provided by operating activities: C$31.1M (+25.8% YoY). Free Cash Flow: C$30.5M (+23.9%); Free Cash Flow per share: C$0.70 (+32.1%). Funded debt to EBITDA improved to 1.16x from 2.01x.

Capital returns and share repurchases

Board raised 2026 capital return objectives to up to C$800M (up C$300M from prior target), including completed C$162.8M SIB in January and potential additional returns in H1 2026. TSX approved renewal of the NCIB (Feb 25, 2026–Feb 24, 2027) to repurchase up to 3,248,929 shares (~10% of public float).

Divestitures and portfolio actions

Appraisals business moved to discontinued operations in Q4 2025 and its sale was announced; management is pursuing additional divestitures (including Development Advisory and other non-core Analytics) and expects proceeds to help fund capital returns and simplify the portfolio.

Dividend

Board approved a cash dividend of C$0.15 per common share for Q1 2026 (record date March 31, 2026; payable April 15, 2026). A DRIP is available at 96% of the five‑day VWAP if shareholders elect reinvestment.

2026 outlook

2026 guidance (organic, continuing ops): Revenue growth 4–6% CC (implied C$516–526M); Recurring revenue +5–7% (C$428–436M). Targeted Adjusted EBITDA margin expansion of 350–450 bps to ~25–26% for full year (Q1 margin guidance 18–19%). Mid-term goal to exit 2027 as a Rule of 40 company, assuming planned divestitures are completed.