Slides
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Altus Group Q2 2026 Earnings Call & Webcast TSX : AIF | August 6 , 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) 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; 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 presentation 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, 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 Q2 2026 review Pawan Chhabra
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4 Q2 2026 summary results Steady revenue growth and margin expansion Continuing operations1 Q2 2026 % y/y change change currency Revenues $112.7M 6.0% Constant Currency Recurring Revenue* $107.9M 6.3% Constant Currency Profit (Loss) from continuing operations $(1.5M) (120.3%) As Reported Basic EPS from continuing operations $(0.04) (123.5%) As Reported Diluted EPS from continuing operations $(0.04) (123.5%) As Reported Adjusted EBITDA* $29.6M 33.8% Constant Currency Adjusted EBITDA Margin* 26.3% 540 bps Constant Currency Adjusted EPS* $0.53 35.9% As Reported *Non-GAAP and other financial measure, refer to slides 2 and appendix for additional information. 1. Continuing operations exclude the Appraisals & Development Advisory business segment (Appraisals business was sold in Q1 2026 & Development Advisory business was moved under discontinued operations in Q1 2026). 2. For comparative purposes, One11 Managed Services business (“One11”) , which was sold on April 30, 2026 and contributed approximately $4 million to full year Recurring Revenue, remains in the prior-year comparative period and through April 30, 2026 because it does not qualify for discontinued operations accounting treatment. • Topline growth rate: One112 remains in the prior-year comparative period; adjusting it out, total Revenues & Recurring Revenue* were both up 7.2% CC • Profit: loss is non- operational - driven by a ~$10.7M unfavorable FX swing & ~$5.2M one- time costs related to strategic corporate initiatives and activities supporting divestitures
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5 Q2 2026 revenue performance Flagship offerings driving steady topline growth & ARR 10.7% $52.9M 6.9% $45.6M 5.1% $10.9M 26.9% 2.6%1 excluding One11 $3.4M 0.3% CC excluding One11 Note: All growth rates are presented on a y/y view on a Constant Currency (CC) basis 1. For comparative purposes, One11 Managed Services business (“One11”) , which was sold on April 30, 2026 and contributed approximately $4 million to full year Recurring Revenue, remains in the prior-year comparative period and through April 30, 2026 because it does not qualify for discontinued operations accounting treatment. $0M $10M $20M $30M $40M $50M $60M Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Software VMS Data Services
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6 Operating metrics* Double-digit Software ARR growth and strong retention underpin predictable, resilient revenue Recurring Revenue Subscriptions, VMS, Data, Recurring Services 6.3% CC $107.9M Software ARR Annual value of active subscriptions 10.4% $206.8M VMS ARR TTM revenue 6.2% $172.2M Software NRR y/y ARR retention, incl. expansion 106.9% 30 bps Software GRR y/y ARR retention, excl. expansion 91.1% 30 bps VMS GLR y/y client retention, by logo count 92.9% 20 bps * 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 Please refer to Appendix slide for definitions of these metrics.
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7 P&L efficiency Steady improvements, progressing towards target model Q2 2025 Q2 2026 % Change % of Revenue Change bps Revenue $105.6M $112.7M +6.6% Cost of sales $30.6M $30.5M -0.3% 27.1% -190 bps Gross profit $75.0M $82.1M +9.5% 72.9% +190 bps S&M expense $15.9M $18.3M +14.8% 16.2% +110 bps R&D expense $12.9M $13.1M +2.1% 11.6% -60 bps G&A expense $28.2M $26.0M -7.8% 23.1% -360 bps • Functional expenses remain flat as we change the shape of the organization • Expanding gross margin: +190 bps on flat cost of sales and higher revenue • Investing to drive revenue: scaling S&M and R&D • Streamlining G&A: ongoing right- sizing post-divestments
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8 Cash generation & balance sheet Strong balance sheet enables growth investments and capital returns Q2 2026 H1 2026 Net cash provided by operating activities $2.3M (91.6%) $23.3M 18.1% Free Cash Flow* $1.7M (93.6%) $21.4M 16.2% Free Cash Flow per share* $0.05 (91.5%) $0.55 3.5% * Non-GAAP and other financial measure. Notes: All growth rates (% & bps) are presented on a y/y view on an As Reported basis. Net cash provided by operating activities and Free Cash Flow metrics still include contribution from businesses that were moved to discontinued operations until they were/will be sold. Funded debt to EBITDA ratio is as defined in the Company’s credit facility agreement available on the Company’s profile on SEDAR+ at www.sedarplus.ca. Available capital = cash + bank credit facilities available As of Jun. 30, 2026: Cash position $61.9M Bank debt $247.9M Funded debt to EBITDA ratio 2.00:1 Available capital $364.0M • Underlying cash from operations (before interest & taxes) improved ~$7M y/y, supported by improved working capital due to better billings & collections and lower interest paid on borrowings. • H1 2026 Free Cash Flow declined y/y, driven by the inclusion of businesses in discontinued operations, taxes related to the Property Tax sale, and lower interest income following the return of excess cash to shareholders.
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9 CEO remarks Mike Gordon CEO & Chair
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10 Grow profitably & predictably Maximize operating leverage Allocate capital for highest returns Continuously innovate & improve Path to value creation Executing ahead of plan Deliver on innovation roadmap and drive assets to platform to fuel better analytics • Enhanced ARGUS Intelligence platform with agentic AI • Steadily growing number of assets on the ARGUS Intelligence platform, driving increased client engagement • Strategic tuck-in acquisition as a wedge into lending ecosystem • Two consecutive quarters of double-digit software revenue growth Continue portfolio rationalization • Completed our planned divestitures for the year (4 transactions) • Simplified business model results in higher quality earnings and optimized cost structure Reduce operating expenses • YTD restructuring program translating to ~$15M in annualized cost savings • Cost actions ahead of plan, increasing FY margin expansion guidance by 60 bps to 510 – 610 bps • Ongoing workforce AI-enablement driving productivity gains Exit 2027 as a Rule of 40 company • Rule of 32 exiting Q2 2026 • Progressing towards goal to exit 2027 as a Rule of 40 company Return capital to shareholders • Intent to return up to $800M of capital in 2026 • ~$450M returned YTD, reduced shares outstanding by ~20% Pursue US dual-listing • Plans underway for 2027 *Non-GAAP and other financial measure. | “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. Nov. 2025 investor day commitments:
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11 Business outlook Progressing towards goal to exit 2027 as a Rule of 40 company FY 2026 Q3 2026 CC growth rate Implied AR $ range CC growth rate Implied AR $ range 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% • Guidance is for continuing operations, on an organic basis • Revenue bottom range increase reflects current business momentum • Adjusted EBITDA margin expansion increased as certain cost actions were delivered ahead of plan • Foreign exchange fluctuations could cause the implied As Reported dollar ranges to differ • The Valos acquisition is immaterial to financial guidance *Non-GAAP and other financial measure | All growth rates (% & bps) are presented on a y/y view on a Constant Currency (CC) basis for continuing operations As Reported ranges were refreshed based on end of July foreign exchange rates. Currency fluctuations may cause reported results to differ. “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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12 Valuer leverages platform to complete the report… to gather data, feeds automated templates, manages compliance and workflow tasks, etc. Valos validates report against lender requirements; Valuer generates an audit-ready valuation report, delivered back to lender via platform Lender extracts structured data and feeds it into key credit processes and portfolio analytics that inform future lending decisions Lender initiates a valuation on the platform, instructions flow directly to the valuer… requests valuation, obtains quotes, gets matched with a valuer, etc. Introducing Valos.ai AI-powered platform that connects valuers and lenders in the property valuation workflow • A leading integrated valuer & lender platform automating the workflow end-to-end • Used by leading UK valuers and top mortgage lenders • Valos shortens report turnaround, embeds lender requirements directly into valuer templates, and creates an audit-ready, RICS-compliant record of every instruction • For valuers: reduces report production time from hours to minutes, improves accuracy, and provides a full audit trail for compliance and quality assurance • For lenders: accelerates time to lending decision, supports stronger compliance and enhanced portfolio intelligence with data assets that compound with every new instruction The Valos Platform
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13 Valos: a strategic tuck-in acquisition A category-defining platform for a core CRE workflow Attractive financial profile • Early stage, with fast growing ARR • Profitable since Q4 2025 • Strong gross and net retention *Not material to Altus’ guidance Strategic adjacency • Core lender-valuer workflow • Compelling “buy vs. build” proposition • Deepens presence with the lending ecosystem Access to structured data • AI-powered automated data gathering creates a centralized and auditable data asset • Potential to enrich the Altus Knowledge Graph Enhances AI capabilities • Valos AI is trained on valuation-grade documents and lender-specific requirements • Purpose-built AI for lender-valuer workflow Strategic geography • Enhances Altus’ offering for the UK market with key customer segments • Enhances cross/upsell opportunities
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14 CFO introduction Katie Royce
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15 Question period For additional inquiries please email: IR@altusgroup.com
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16 16 APPENDIX
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17 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. 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) loss from associates and joint ventures; other operating expenses (income); 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. 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 (loss) from associated and joint ventures; other operating expenses (income); and non-cash share-based compensation. 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. Non-GAAP and other measures definitions
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18 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). 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. 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. Software - Gross Revenue Retention (“Software - GRR”): Altus Group uses Software - GRR to monitor customer retention and manage revenue trends in the 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 it’s 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. VMS - Gross Logo Retention (“VMS - GLR”): Altus Group uses VMS - GLR to monitor customer retention and manage revenue trends in the VMS business. How it’s 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