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Q4 & FY 2025 Earnings Call & Webcast TSX: AIF | February 19, 2026
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2 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-looking information. Forward-looking information includes, but is not limited to, statements relating to expected divestitures (including the expected timing of such divestitures), proposed capital return objectives and initiatives (including the Company’s objectives to return up to $800 million to shareholders in 2026 through a combination of share repurchases under the NCIB, potential substantial issuer bid tenders, quarterly dividend payments and other methods) 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, 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 in Analytics 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 CRE (as defined herein) 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; 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 MD&A 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 presentation, 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. Non-GAAP and other measures We use 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 Disclosure (“NI 52-112”). We believe that these measures may assist investors in assessing an investment in our shares as they provide additional insight into our performance. Readers are cautioned that the measures 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.
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3 Opening remarks Mike Gordon Executive Chair & CEO
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4 FY 2025 financial results ✓ Steadily growing revenue ✓ Improved operating leverage ✓ Ramping cash generation Revenue 1.7% CC $502.9M Analytics Revenue 2.5% CC $432.2M Recurring Revenue* 4.2% CC $409.8M Profit (loss) from continuing operations 110.7% -$1.2M Adjusted EBITDA* 19.0% CC $107.6M Adjusted EBITDA margin* 310 bps CC 21.4% Net cash provided by operating activities 2.7% $82.1M Free Cash Flow* 7.4% $77.8M Free Cash Flow per share* 12.7% $1.77 * Non-GAAP and other financial measure | All growth rates (% & bps) are presented on an As Reported basis unless specified to be Constant Currency (CC) | Figures have been restated to reflect discontinued operations
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5 FY 2025 strategic accomplishments Strong foundation to accelerate client value and growth in 2026 Returned capital to shareholdersInitiated organizational simplification Delivered client value Drove product innovation * Non-GAAP and other financial measure | ** Based on shares outstanding upon completion of the Substantial Issuer Bid in Januar y 2026 | NCIB = Normal Course Issuer Bid, SIB = Substantial Issuer Bid ✓ Majority of ARGUS Enterprise clients upgraded to ARGUS Intelligence ✓ Strong retention metrics (90%+ Gross Retention* for flagship solutions, 107% Software – Net Revenue Retention*) ✓ Launched Benchmark Manager add-on ✓ Built Valuation Agent ✓ Secured patent on Altus Knowledge Graph (Altus ID) ✓ Completed Property Tax Transition Service Agreement ✓ Initiated divestitures of other non-core services & products ✓ Simplified financial reporting ✓ Returned ~$202M to shareholders in 2025 (NCIB & dividends) ✓ Increased capital allocation weighting on shareholder capital returns for 2026
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6 Grow profitably & predictably Maximize operating leverage Allocate capital for highest returns Continuously innovate & improve Path to value creation Progress update: Deliver on innovation roadmap and drive assets to platform to fuel better analytics • Majority of ARGUS Enterprise client contracts upgraded to ARGUS Intelligence, including the big brokers • Bringing new AI capabilities (i.e. Valuation Agent) to market in H2 2026 • Achieved the top-tier ISO 27001 certification for information security systems Continue portfolio rationalization • Announced sale of Canadian Appraisals business, others underway Reduce operating expenses • Initiated restructuring program and cost actions in Feb. 2026 • FY2026 Adjusted EBITDA margin* guidance = 350 - 450 bps of expansion y/y Exit 2027 as a Rule of 40 company at the consolidated level • FY2026 guidance delivers steady growth & margin expansion Return capital to shareholders in 2026 • 2026 capital return objectives increased to $800M (inclusive of the $162.8M SIB completed in January 2026) • Capital returns will be through a combination of various methods, including the NCIB and potential SIB tenders • Evaluating methods to return up to $300M within the first half of 2026 Pursue US listing in 2027 • Plans underway Note: “Rule of” defined as revenue growth (%, Constant Currency) + Adjusted EBITDA margin (%); 40 or greater is recognized as best in class, indicative of a healthy balance between growth and profitability
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7 Q4 2025 review Pawan Chhabra Chief Financial Officer
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8 Q4 2025 consolidated results Solid finish to 2025 Continuing operations, C$M Q4 2025 % change change currency Revenues $131.9 3.6% Constant Currency Profit (Loss) from continuing operations $(5.2) 116.1% As Reported Basic EPS from continuing operations $(0.12) 117.1% As Reported Diluted EPS from continuing operations $(0.12) 117.6% As Reported Adjusted EBITDA* $37.0 26.9% Constant Currency Adjusted EBITDA Margin* 28.0% 510 bps Constant Currency Adjusted EPS* $0.67 18.3% As Reported Note: “Rule of” defined as revenue growth (%, Constant Currency) + Adjusted EBITDA margin (%); 40 or greater is recognized as best in class, indicative of a healthy balance between growth and profitability
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9 Q4 2025 Analytics segment results Steady revenue growth and margin expansion As Reported CC Revenue $113.6M 5.5% 4.6% Software $49.3M 7.2% 5.4% VMS $48.8M 10.0% 9.8% Data $11.1M (2.5%) (2.3%) Services $4.4M (26.8%) (26.7%) Adjusted EBITDA $44.0M 16.4% 15.4% Adjusted EBITDA margin* 38.7% 360 bps 360 bps * Non-GAAP and other financial measure | CC = Constant Currency | All growth rates (% & bps) are presented on a y/y view 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% $0 $20 $40 $60 $80 $100 $120 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue Adjusted EBITDA Adjusted EBITDA Margin* %
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10 Analytics segment operating metrics* Strong ARR growth and retention reflect a durable, high-quality revenue base Q4 2025 Recurring Revenue 5.7% CC $107.7M Software ARR 10.6% $197.8M VMS ARR 3.5% $166.9M Software NRR 106.8% Unchanged y/y Software GRR 90.4% 150 bps VMS GLR* 95.8% 10 bps * All metrics as shown are non-GAAP and other financial measures | All growth rates (% & bps) are presented on a y/y view on an As Reported basis except for Recurring Revenue which is shown on a Constant Currency (CC) basis | GLR = Gross Logo Retention
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11 P&L efficiency Q4 2025 results, progressing towards target model Cost of sales 0.7% $41.4M Gross profit 6.8% $90.5M Gross margin 160 bps 68.6% G&A expense $30.0M 22.8% of revenue 7.9% R&D expense $11.4M 8.6% of revenue 3.8% S&M expense $15.9M 12.1% of revenue 8.4% All growth rates (% & bps) are presented on a y/y view on an As Reported basis
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12 Cash generation & balance sheet* Growing cash generation fuels balance sheet strength and capital returns Q4 2025 % change FY 2025 % change Net cash provided by operating activities $31.1M 25.8% $82.1 2.7% Free Cash Flow** $30.5M 23.9% $77.8M 7.4% Free Cash Flow per share** $0.70 32.1% $1.77 12.7% Note: for comparative purposes, note that net cash provided by operating activities and Free Cash Flow in 2024 included contribution from the Property Tax business that was sold in January 2025 and both 2024 and 2025 figures include contribution from the Appraisal business that was sold in the first quarter of 2026. * All balance sheet figures are as of Dec. 31, 2025 | Available Capital = cash + bank credit facilities available. ** Non-GAAP and other financial measure | All growth rates (% & bps) are presented on a y/y view on an As Reported basis Cash position Bank debt Funded debt to EBITDA ratio*** Available capital* $420.7 $155.7 1.16:1 $815 *** As defined in the Company’s credit facility agreement available on SEDAR+
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13 2026 business outlook Sustaining topline growth and margin expansion 2025 Results As Reported 2026 Guidance CC growth rate Implied Range** As Reported Q1 2026 Guidance CC growth rate Implied Range** As Reported Revenue $502.9M 4 – 6% $516 – $526M 4 – 6% $123 – $125M Recurring Revenue* $409.8 5 – 7% $428 – $436M 5 – 7% $102 - $104M Adjusted EBITDA margin* 21.4% 350 – 450 bps 25 – 26% 350 – 450 bps 18-19% On an Organic* basis, for consolidated continuing operations (excluding the Appraisals business): The Recurring Revenue expectations are based on the Company’s target growth algorithm, which expects ~80% of the growth to be driven by volume and pricing, and ~20% by new logos. The Adjusted EBITDA margin expansion is expected to be driven primarily by improved operating efficiencies and expense management. The 2026 guidance does not currently factor in the planned divestiture of the Development Advisory business or any of the other non-core Analytics products and services that the Company plans to divest throughout the year. Altus Group will update its guidance range accordingly as divestitures occur. 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, and assumes that the divestiture of the Company’s Appraisals and Development Advisory businesses get completed. *Non-GAAP and other financial measure | All growth rates (% & bps) are presented on a y/y view on a Constant Currency (CC) basis **Implied ranges are based on foreign exchange rates as of Jan 31, 2026. Currency fluctuations may cause reported results to differ. The Constant Currency (CC) growth rates represent the Company’s official guidance expectations.
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14 Question period For additional inquiries please email: IR@altusgroup.com
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15 15 APPENDIX
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16 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 Disclosure (“NI 52-112”). 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. Non-GAAP Financial Measures Adjusted Earnings (Loss): Altus Group uses Adjusted Earnings (Loss) to facilitate the calculation of Adjusted Earnings (Loss) per Share (“Adjusted EPS”). How it’s calculated: Profit (loss) from continuing operations added or (deducted) by: depreciation of right‐of‐use assets; amortization of intangibles of acquired businesses; restructuring expense (recovery); impairment loss (recovery); (gain) loss on sale of assets; (gain) loss on investments; share of the profit from associates and joint ventures; other operating expenses; non-cash share-based compensation; interest costs (income), net – leases; interest accretion on contingent consideration payables; (gains) losses on hedging transactions and interest expense (income) on swaps; and the tax impact of these items. Starting Q4 2025, we redefined our calculation of Adjusted Earnings (Loss) from our previous definition. Adjusted Earnings (Loss) under the previous definition incrementally added or (deducted): occupancy costs calculated on a similar basis prior to the adoption of IFRS 16; realized foreign exchange gains (losses); and the tax impact of these items. Constant Currency: Altus Group uses Constant Currency to allow current financial and operational performance to be understood against comparative periods without the impact of fluctuations in foreign currency exchange rates against the Canadian dollar. How it’s calculated: The financial results and non-GAAP and other measures presented at Constant Currency within this document are obtained by translating monthly results denominated in local currency (U.S. dollars, British pound, Euro, Australian dollars, and other foreign currencies) to Canadian dollars at the foreign exchange rates of the comparable month in the previous year. Non-GAAP Ratios Adjusted EPS: Altus Group uses Adjusted EPS to assess the performance of the business, on a per share basis, before the effects of the noted items because they affect the comparability of the Company’s financial results and could potentially distort the analysis of trends in business performance. How it’s calculated: Adjusted Earnings (Loss) (for greater certainty, using the new definition as described above) divided by basic weighted average number of shares, adjusted for the effects of the weighted average number of restricted shares. Free Cash Flow per Share: Altus Group uses Free Cash Flow per Share to assess how much of the cash generated from operating activities is available to repay borrowings, pay dividends, and reinvest in the Company on a per-share basis as well as to provide insight on our operating leverage and capital allocation efficiency. How it’s calculated: Free Cash Flow divided by the basic weighted average number of shares adjusted for the effects of the weighted average number of restricted shares for the corresponding period. Total of Segments Measures Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”): Altus Group uses Adjusted EBITDA to evaluate the performance of the business, as well as when making decisions about the ongoing operations of the business and the Company’s ability to generate cash flows. This measure represents Adjusted EBITDA determined on a consolidated entity-basis as a total of the Company’s various segments. All other Adjusted EBITDA references are disclosed in the Company’s financial statements and are not considered to be non-GAAP financial measures pursuant to NI 52-112. How it’s calculated: Profit (loss) from continuing operations added or (deducted) by: interest costs (income), net; depreciation and amortization; income tax expense (recovery); restructuring expense (recovery); impairment loss (recovery); (gain) loss on sale of assets; (gain) loss on investments; share of the profit from associated and joint ventures; other operating expenses; and non-cash share-based compensation. Starting Q4 2025, we redefined our calculation of Adjusted EBITDA from our previous definition. Adjusted EBITDA under the previous definition incrementally added or (deducted): occupancy costs calculated on a similar basis prior to the adoption of IFRS 16; and realized foreign exchange gains (losses). Non-GAAP and other measures definitions
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17 Capital Management Measures Free Cash Flow: Altus Group uses Free Cash Flow to understand how much of the cash generated from operating activities is available to repay borrowings and to reinvest in the Company. How it’s calculated: Net cash provided by (used in) operating activities deducted by capital expenditures. Supplementary Financial and Other Measures Adjusted EBITDA Margin: Altus Group uses Adjusted EBITDA margin to evaluate the performance of the business, as well as when making decisions about the ongoing operations of the business and its ability to generate cash flows. How it’s calculated: Adjusted EBITDA divided by revenue. Organic Revenue: Altus Group uses Organic Revenue to evaluate and assess revenue trends in the business on a comparable basis versus the prior year, and as an indicator of future revenue growth. How it’s calculated: Revenue deducted by revenues from business acquisitions that are not fully integrated (up to the first anniversary of the acquisition). Recurring Revenue, Non-Recurring Revenue, Organic Recurring Revenue: For its Analytics reportable segment, Altus Group uses Recurring Revenue, Non-Recurring Revenue and Organic Recurring Revenue as measures to assess revenue trends in the business, and as an indicator of future revenue growth. How it’s calculated: Recurring Revenue: Revenue from software subscriptions recognized on an over time basis in accordance with IFRS 15, software maintenance revenue associated with the Company’s legacy licenses sold on perpetual terms, Valuation Management Solutions, data subscriptions, and recurring contracts from managed services for technology services. Non-Recurring Revenue: Total Revenue deducted by Recurring Revenue. Organic Recurring Revenue: Recurring Revenue deducted by Recurring Revenue from business acquisitions that are not fully integrated (up to the first anniversary of the acquisition). (New) Software - Annual Recurring Revenue (“Software - ARR”), VMS - Annual Recurring Revenue (“VMS - ARR”): For its Analytics reportable segment, Altus Group uses Software - ARR and VMS - ARR as measures to assess revenue trends in the business, and as a real-time measure of performance and recurring revenue at a point in time. Software - ARR and VMS - ARR are converted into CAD at fixed rates that are held consistent over time and may vary from those used in revenue recognized in accordance with IFRS 15. How it’s calculated: Software - ARR: Annualized contract value of active subscription contracts as at the end of the reporting period. VMS - ARR: Revenue recognized from Valuation Management Solutions for the last twelve months as at the end of the reporting period. (New) Software - Net Revenue Retention (“Software - NRR”): Altus Group uses Software - NRR as a measure to assess our ability to retain and expand customer relationships, monitor long-term revenue growth drivers, and evaluate the quality and stability of our revenue base. Software - NRR are converted into CAD at fixed rates that are held consistent over time and may vary from those used in revenue recognized in accordance with IFRS 15. How its calculated: Software - ARR as at the end of the prior comparative period (“Beginning Software - ARR”), adjusted by the annualized equivalent value from lost customers, contract scope reductions, and contract scope expansions as at the end of the current reporting period, divided by the Beginning Software - ARR. (New) Software - Gross Revenue Retention (“Software - GRR”): Altus Group uses Software - GRR to monitor customer retention and manage revenue trends in the software business. Software – GRR is converted into CAD at fixed rates that are held consistent over time and may vary from those used in revenue recognized in accordance with IFRS 15. How its calculated: Beginning Software - ARR adjusted by the annualized equivalent value from lost customers and contract scope reductions as at the end of the current reporting period, divided by the Beginning Software - ARR. (New) VMS - Gross Logo Retention (“VMS - GLR”): Altus Group uses VMS - GLR to monitor customer retention and manage revenue trends in the VMS business. How its calculated: Number of clients with VMS - ARR at the end of the period divided by the number of clients with VMS - ARR at the beginning of the period. Non-GAAP and other measures definitions