Altus Group Reports Q2 2026 Financial Results & Quarterly Dividend

Steady revenue growth and adjusted EBITDA margin* expansion. Three consecutive quarters of double-digit software Annual Recurring Revenue* (“ARR”) growth

August 6, 2026

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Altus Group Limited (ʺAltus Group”, “Altus” or “the Company”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, announced today its financial and operating results for the second quarter ended June 30, 2026. The Company also announced that its Board of Directors approved the payment of a cash dividend of $0.15 per common share for the third quarter ending September 30, 2026.

“We entered 2026 with an ambitious agenda, and in the first half of the year we have consistently executed ahead of plan,” said Mike Gordon, CEO and Chair of Altus. “We delivered steady revenue growth and margin expansion – including three consecutive quarters of double-digit software ARR growth, completed our planned divestitures for the year, closed a strategic tuck-in acquisition, and reduced our outstanding share count by approximately 20% year to date. Positive client engagement with our latest innovations and improved sales execution are also driving larger deal wins. We are entering the second half of the year with strong momentum, enabling us to raise guidance for the year and giving us confidence that we can get to our Rule of 40 target sooner than expected.”

Selected Q2 2026 Information

All revenue, Adjusted EBITDA and Adjusted EBITDA margin results are for consolidated continuing operations1.

C$M	Q2 2026	Q2 2025	% change	% change currency
Revenues	$112.7	$105.6	6.0%	Constant Currency*
Recurring Revenue*	$107.9	$100.8	6.3%	Constant Currency
Software Revenue	$52.9	$47.3	10.7%	Constant Currency
Software Annual Recurring Revenue*	$206.8	$187.3	10.4%	As Reported
Valuation Management Solutions (“VMS”) Revenue	$45.6	$42.5	6.9%	Constant Currency
VMS Annual Recurring Revenue*	$172.2	$162.2	6.2%	As Reported
Profit (Loss) from continuing operations	($1.5)	$7.5	(120.3%)	As Reported
Adjusted EBITDA*	$29.6	$21.9	33.8%	Constant Currency
Adjusted EBITDA margin*	26.3%	20.7%	540 bps	Constant Currency
Net cash provided by operating activities	$2.3	$27.8	(91.6%)	As Reported
Free Cash Flow*2	$1.7	$26.1	(93.6%)	As Reported
Free Cash Flow per share*2	$0.05	$0.59	(91.5%)	As Reported
Funded debt to EBITDA ratio	2.00	1.26

*Denotes non-GAAP financial measure, non-GAAP ratio, total of segments measure, capital management measure, and/or supplementary and other financial measures as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Please refer to the “Non-GAAP and Other Measures” section of this press release for further information.

1. All revenue, Adjusted EBITDA and Adjusted EBITDA margin figures are for consolidated continuing operations, which exclude the Appraisal and Development Advisory businesses that were moved into discontinued operations.

2. Net cash provided by operating activities, Free Cash Flow and Free Cash Flow per share still include contribution from assets that are held for sale, and the prior year comparative figures include contribution from assets that were a part of Altus until the date they were sold.

Business Outlook

The Company introduced guidance for the third quarter of 2026 and refreshed its fiscal 2026 outlook for continuing operations on an organic basis. Revenue growth expectations increased by 25 basis points, reflecting current business momentum, while Adjusted EBITDA margin expansion increased by 60 basis points, supported by a stronger margin trajectory as certain cost actions were delivered ahead of plan.

Foreign exchange fluctuations could cause the implied As Reported dollar ranges to differ. The Valos (U.K.) Limited acquisition is immaterial to financial guidance.

	FY 2026		Q3 2026
	CC growth	Implied AR $	CC growth	Implied AR $
Revenues	5.25 – 7.25% (previously 5-7%)	$456 – $461M	5 – 7%	$114 - $116M
Adjusted EBITDA margin	510 – 610 bps (previously 450-550 bps)	28 – 29%	450 – 550 bps	29 – 30%

Notes: Guidance is for continuing operations and on an organic basis. The implied As Reported (“AR”) ranges are based on July 2026 foreign exchange rates. Currency fluctuations may cause reported results to differ. The Constant Currency (“CC”) growth rates represent the Company’s official guidance expectations. For comparative purposes, the One11 Managed Services business, which was sold on April 30 and contributed approximately $4 million to full year Recurring Revenue, remains in the prior-year comparative period because it does not qualify for discontinued operations accounting treatment.

Recurring Revenue, which represents approximately 95% of total revenue, is expected to be supported by the Company’s target growth algorithm, with approximately 80% of growth driven by volume and pricing and approximately 20% driven by new logos. Adjusted EBITDA margin expansion is expected to be driven primarily by improved operating efficiencies and disciplined expense management.

The Company’s mid-term financial target is to exit 2027 as a Rule of 40 company at the consolidated level, as defined by the sum of revenue growth and Adjusted EBITDA margin.

Q3 2026 Dividend Payment

The Board approved the payment of a cash dividend of $0.15 per common share for the third quarter ending September 30, 2026. Payment will be made on October 15, 2026 to common shareholders of record as at September 30, 2026.

Altus Group confirms that all dividends paid or deemed to be paid to its common shareholders qualify as ʺeligible dividendsʺ for purposes of subsection 89(14) of the Income Tax Act (Canada) and similar provincial and territorial legislation, unless indicated otherwise.

On account of its immaterial take-up, the Company is moving forward with canceling its Dividend Reinvestment Plan (“DRIP”) effective with the payment of its fourth quarter dividend.

For full press release click here.

Q2 2026 Results Conference Call & Webcast

Date: Thursday, August 6, 2026

Time: 5:00 p.m. (ET)

Webcast: https://events.q4inc.com/attendee/597376968

Live Call: 1-833-461-5787 (toll-free) (Conference ID: 597 376 968)

Replay: https://www.altusgroup.com/investor-relations/

Key contact

Camilla Bartosiewicz

Chief Communications Officer

Martin Miasko

Sr. Director, Investor Relations & Strategy

Key contact

Camilla Bartosiewicz

Chief Communications Officer

Martin Miasko

Sr. Director, Investor Relations & Strategy

Altus Group is a leading provider of commercial real estate (“CRE”) intelligence, anchored by ARGUS – the industry’s go-to software for valuation and performance analytics. For more than two decades, Altus has played a vital role in empowering CRE professionals with the analytics and trusted advice they need to make high-impact decisions with confidence. The world’s CRE leaders rely on our market-leading solutions and expertise to drive performance and manage risk. Our people around the world are driving meaningful impact in an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities.

For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

Non-GAAP and Other Measures

Altus Group uses certain non-GAAP financial measures, non-GAAP ratios, capital management measures, and supplementary and other financial measures as defined in NI 52-112. These non-GAAP and other financial measures include Adjusted Earnings (Loss), Adjusted EBITDA, and Constant Currency; non-GAAP ratios such as Adjusted EPS and Free Cash Flow per share; capital management measures such as Free Cash Flow; and supplementary financial and other measures such as Adjusted EBITDA margin and Recurring Revenue, Software - Annual Recurring Revenue and VMS - Annual Recurring Revenue. Management believes that these measures may assist investors in assessing an investment in the Company’s shares as they provide additional insight into the Company’s performance. Readers are cautioned that they are not defined performance measures, and do not have any standardized meaning under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. These measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS. Refer to the “Non-GAAP and Other Measures” section on Page 3 of the Management’s Discussion & Analysis dated February 19, 2026 for the period ended December 31, 2025 (the “MD&A”), which is incorporated by reference in this press release and which is available on SEDAR+ at www.sedarplus.ca for more information on each measure, including definitions and methods of calculation. A reconciliation of Adjusted EBITDA and Adjusted Earnings (Loss) to Profit (Loss) and Free Cash Flow to Net cash provided by (used in) operating activities is included at the end of this press release.

Forward-looking Information

Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, statements relating to expected divestitures (including expected timing of such divestitures) as well as the discussion of our business, strategies and expectations of future performance, including any guidance on financial expectations and anticipated changes to our business lines, proposed changes to our financial statements, and our expectations with respect to cash flows and liquidity. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “plan”, “would”, “could”, “should”, “continue”, “goal”, “objective”, “remain” and other similar terminology.

Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may not be known and may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information (including sections entitled “Business Outlook”) include, but are not limited to: engagement and product pipeline opportunities will result in associated definitive agreements; continued adoption of cloud subscriptions by our customers; retention of material clients and bookings; sustaining our software and subscription renewals; successful execution of our business strategies; consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which we operate; consistent and stable foreign exchange conditions; no disruptive changes in the technology environment; opportunity to acquire accretive businesses and the absence of negative financial and other impacts resulting from strategic investments, acquisitions or dispositions on short term results; successful integration of acquired businesses; and continued availability of qualified professionals.  

Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to: the Commercial Real Estate market conditions; the general state of the economy; our financial performance; our financial targets; our international operations; acquisitions, divestitures, joint ventures and strategic investments; business interruption events; third party information and data; cybersecurity; industry competition; technology strategy; our subscription renewals; our sales pipeline; professional talent; client concentration and loss of material clients; product enhancements and new product introductions; our use of technology; intellectual property; compliance with laws and regulations; privacy and data protection; artificial intelligence; our leverage and financial covenants; interest rates; inflation; our brand, reputation & social media risk; our ARGUS Intelligence transition; share repurchase programs; fixed price engagements; currency fluctuations; credit; tax matters; financial reporting standards; our contractual obligations; legal proceedings; regulatory review; our insurance limits; our internal and disclosure controls; our dividend payments; the price of our common shares; our capital investments; the issuance of additional common shares and debt; shareholder activism; health and safety hazards; environmental, social and governance (ESG) matters and climate change; and communications regulation; and foreign private issuer status, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2025 (which are available on SEDAR+ at www.sedarplus.ca).  

Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities. 

Certain information in this press release, including sections entitled “Business Outlook”, may be considered as “financial outlook” within the meaning of applicable securities legislation. The purpose of this financial outlook is to provide readers with disclosure regarding Altus Group’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes. 

FOR FURTHER INFORMATION PLEASE CONTACT:

Camilla Bartosiewicz

Chief Communications Officer, Altus Group

(416) 641-9773

camilla.bartosiewicz@altusgroup.com

Martin Miasko

Sr. Director, Investor Relations and Strategy, Altus Group

(416) 204-5136

martin.miasko@altusgroup.com