Altus Group to Unveil Value Creation Plan at Investor Day Today

Announces mid-term financial target, portfolio optimization plans, capital return plans with authorization to initiate a substantial issuer bid, new financial disclosures, and intention to dual-list in the U.S.

TORONTO, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Altus Group Limited (ʺAltus Group”, “Altus” or “the Company”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, is hosting an Investor Day today. Altus’ Executive Chair and incoming CEO Mike Gordon, along with other members of the executive team, will provide an update on the Company’s strategic direction, followed by a Q&A session. The presentation portion of the event will begin at approximately 8:30 a.m. ET and is expected to conclude by noon.

“Altus has a tremendous opportunity ahead as it enters its next growth phase. The initiatives we are announcing today will accelerate the pace of our execution and further our position as a pure-play CRE intelligence provider,” said Mike Gordon. “We look forward to sharing more about our value creation plan to reposition Altus’ financial profile and drive significant value for our shareholders.”

Today’s presentation includes the following strategic updates:

Mid-term financial target

• The Company will launch a goal to exit 2027 as a Rule of 40 company at the consolidated level, as defined by the sum of its revenue growth and Adjusted EBITDA margin.
  
  

Portfolio optimization

• The Company will further streamline its portfolio around its core ARGUS and Valuation Management Solutions (“VMS”) businesses to enhance strategic focus on higher growth and higher margin assets and position Altus as a pure play data analytics platform.
• The Company has initiated a sale process to divest its Appraisals and Development Advisory (“A&DA”) segment businesses, which the Company believes will unlock more value for its employees and clients on both sides, who will benefit from a sharpened organizational focus.
• The Company is actively evaluating divesting or optimizing other non-core Analytics products and services that are dilutive to growth and retention rates.
  
  

Capital return

• The Company’s disciplined capital allocation strategy is focused on evaluating all uses of excess cash based on an incremental return profile. Currently, the most compelling opportunity is for Altus Group to seek to repurchase its shares through an increased buyback program.
• The Board of Directors has authorized up to C$500 million to be returned to shareholders through a combination of a Substantial Issuer Bid (“SIB”) and a Normal Course Issuer Bid (“NCIB”).
• The Company intends to initiate a SIB (the “Offer”) pursuant to which the Company will offer to purchase for cancellation up to C$350 million of its common shares. The Company expects the Offer to commence on or about November 26, 2025 and, on that basis, that the Offer will expire on January 8, 2026, unless extended, varied or withdrawn.
• The Offer is expected to proceed by way of a modified Dutch auction, which will allow shareholders who choose to participate in the Offer to select the price, within a price range of not less than C$50 and not more than C$57 per Common Share (in increments of 0.25). Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than C$57 per Common Share and not less than C$50 per Common Share) that will allow the Company to purchase the maximum number of Common Shares properly tendered to the Offer, having an aggregate purchase price not exceeding C$350 million. The Offer will not provide for any proportionate tenders. The directors and officers of the Company have advised that they will not tender any of their Common Shares pursuant to the Offer.
• The Offer will not be conditional upon any minimum number of Common Shares being tendered. The Offer will, however, be subject to other conditions, and the Company reserves the right, subject to applicable laws, to withdraw, extend or vary the Offer if, at any time prior to the payment of the purchase price of any Common Shares, certain events occur as will be described in the Offer Documents (as defined below).
• The Company also intends to renew its NCIB in Q1 2026 in accordance with applicable stock exchange rules and execute purchases throughout the year.
• Given the attractive and stable financial profile of Altus Group, management believes the business can comfortably operate with modest incremental leverage. The Company intends to progress towards its Funded Debt to EBITDA leverage target of ~2.5x.
• The Company is committed to maintaining its current quarterly dividend.
  
  

New financial disclosures

• The Company will introduce new financial disclosures to be reported on a quarterly basis, commencing with its Q4 FY25 financial results, including:
  • Analytics segment revenue lines: Software, VMS, Data, and Services.
  • Operating metrics: Annual Recurring Revenue (“ARR”) and retention metrics for its Software and VMS revenue lines.
  • Functional Profit & Loss (“P&L”) disclosures.

• The Company also plans to update its Adjusted EBITDA and Adjusted Earnings definitions in response to investor feedback and to better align with reporting peers.
  
  

US dual-listing

• The Company plans to pursue a secondary dual-listing of its common shares in the U.S. market, a strategic geography for its operations and home to the world’s largest capital markets.
• Management believes that dual-listing in the U.S. will provide greater visibility for Altus Group and help deliver more opportunities for its investors and employees to participate in Altus Group’s value creation.
• At this time, the Company does not intend to raise capital in conjunction with the dual-listing and will be maintaining its listing on the Toronto Stock Exchange (“TSX”).
• The planned dual-listing is at an early stage and is expected to occur in 2027. The Company will make further announcements in accordance with applicable laws and regulations, as and when appropriate.

Investor Day registration and materials

A copy of the related presentation will be available on Altus Group’s website under the Investor Relations section (www.altusgroup.com) when the event begins at approximately 8:30 a.m. ET.

• To register for the virtual event, please visit: https://events.altusgroup.com/investor-day-2025.
• An archive of the webcast of the event will be available on Altus Group’s website under the Investor Relations section within 48 hours.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Details of the Offer, including instructions for tendering Common Shares and the factors considered by the Board in making its decision to approve the Offer, will be included in the formal offer to purchase and issuer bid circular, letter of transmittal and notice of guaranteed delivery (collectively, the "Offer Documents"). The Offer Documents will be mailed to shareholders, filed with applicable Canadian securities regulatory authorities and made available on SEDAR+ at www.sedar.com, and will also be posted on the Company's website at www.altusgroup.com. Shareholders should carefully read the Offer Documents prior to making a decision with respect to the Offer.

About Altus Group

Altus connects data, analytics, applications and expertise to deliver the intelligence necessary to drive optimal CRE performance. The industry’s top leaders rely on our market-leading solutions and expertise to power performance and mitigate risk. Our global team of ~1,800 experts are making a lasting impact on 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.

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 financial and other benefits of acquisitions and the closing of acquisitions (including the expected timing of closing), as well as the discussion of our business, strategies and leverage (including the commitment to increase borrowing capacity), expectations of future performance, our capital allocation priorities and proposed initiatives to return capital to shareholders (including through potential dividends and share repurchases through the renewal of our normal course issuer bid and the Offer), the proposed dates of commencement and expiry of the Offer, the proposed terms of the Offer, including the purchase price range and the maximum value of Common Shares to be purchased pursuant to the Offer, any guidance on financial expectations, 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: no significant impact on our business from changes or potential changes to trade regulations, including tariffs; 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 or acquisitions on short term results; successful integration of acquired businesses; and continued availability of qualified professionals. Additional assumptions include sufficient liquidity and free cash flow to fund potential dividends and share repurchases; receipt of all requisite approvals (including stock exchange and securities regulatory approvals, if applicable) for any normal course issuer bid or the Offer; board authorization and determination of the definitive terms, timing and size of any such programs; favourable market conditions; continued compliance with applicable solvency tests and debt covenants; and the absence of changes to applicable laws, regulations or policies affecting issuer bids, or capital return programs.

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 market conditions; the general state of the economy; our financial performance; our financial targets; our international operations; acquisitions, joint ventures and strategic investments; business interruption events; third party information and data; cybersecurity; industry competition; professional talent; our subscription renewals; our sales pipeline; client concentration and loss of material clients; product enhancements and new product introductions; technological strategy; 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 and reputation; our cloud transition; fixed price engagements; currency fluctuations; credit; tax matters; our contractual obligations; legal proceedings; regulatory review; health and safety hazards; our insurance limits; our ability to meet the solvency requirements necessary to make dividend payments; our share price; market liquidity and volatility; execution risks associated with any capital return programs (including any normal course issuer bid or the Offer), such as the availability of shares for purchase, unanticipated tax consequences, the level of shareholder participation in the Offer, the timing, pricing, suspension or termination of any program, and our ability to fund repurchases while maintaining our targeted leverage and compliance with financial covenants; our capital investments; the issuance of additional common shares and debt; our internal and disclosure controls; and environmental, social and governance (“ESG”) matters and climate change, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2024 (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 and in the prepared remarks, including references to “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.

No offer or solicitation: Any potential substantial issuer bid will be made solely by way of a formal offer to purchase and issuer bid circular that will contain the full terms and conditions of the offer as filed with applicable securities regulators. This Press Release does not constitute, and should not be construed as, an offer to purchase or a solicitation of an offer to sell any securities. Shareholders should carefully read any such offer documents if and when they become available and consider consulting their own financial, tax and legal advisors regarding any participation.

FOR FURTHER INFORMATION PLEASE CONTACT:

Camilla Bartosiewicz
Chief Communications Officer, Altus Group
(647)-641-9773
camilla.bartosiewicz@altusgroup.com

Martin Miasko
Sr. Director, Investor Relations and Strategy, Altus Group
(647)-267-9176
martin.miasko@altusgroup.com

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