Q2 2026 Altus Group Ltd Earnings Call

August 6, 2026

Operator 3: Ladies and gentlemen, thank you for joining us and welcome to Altus Group's Q2 2026 Financial Results Conference Call and Webcast. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Camilla Bartosiewicz, Chief Communications Officer. Camilla, please go ahead.

Operator: Ladies and gentlemen, thank you for joining us and welcome to Altus Group's Q2 2026 Financial Results Conference Call and Webcast. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Camilla Bartosiewicz, Chief Communications Officer. Camilla, please go ahead.

Speaker #1: If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. I will now hand the conference over to Camilla Bartosiewicz, Chief Communications Officer.

Speaker #1: Camilla, please go ahead.

Speaker #2: Thank you, operator. Hi, everyone, and welcome to the conference call and webcast discussing Altus Group's Q2 results for the period ended June 30, 2026.

Camilla Bartosiewicz: Thank you, operator. Hi everyone. Welcome to the conference call and webcast discussing Altus Group's Q2 results for the period ended 30 June 2026. Our press release, MD&A, financial statements, and the slides accompanying our prepared remarks are all available on our website and as required, have been filed to SEDAR+ after market close this afternoon. I am joined today by our CEO, Mike Gordon, Pawan Chhabra, and our new CFO, Katie Royce. Turning to our disclaimer slide. Some of our remarks on this call and in our disclosures may contain forward-looking information based on certain assumptions and are therefore subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the forward-looking information disclaimer in today's materials. We also use certain non-GAAP financial measures, ratios, capital management measures, and supplementary and other financial measures as defined in National Instrument 52-112.

Speaker #2: Our press release MD&A financial statements and the slides accompanying our prepared remarks are all available on our website and as required, have been filed to CedarPlus aftermarket close this afternoon.

Speaker #2: I'm joined today by our CEO, Mike Gordon, Pawan Chhabra, and our new CFO, Katie Voice. Turning to our disclaimer slide, some of our remarks on this call and in our disclosures may contain forward-looking information based on certain assumptions, and are therefore subject to risks and uncertainties that could cause actual results to differ materially.

Speaker #2: Please refer to the forward-looking information disclaimer in today's materials. We also use certain non-GAAP financial measures, ratios, capital management measures, and supplementary and other financial measures as defined in national instrument 52112.

Speaker #2: We believe these measures provide useful additional insight into our performance and may assist investors in evaluating our shares. However, they are not standardized under IFRS and may differ from similarly titled measures used by other issuers, and therefore may not be comparable.

Camilla Bartosiewicz: We believe these measures provide useful additional insight into our performance and may assist investors in evaluating our shares. However, they are not standardized under IFRS and may differ from similarly titled measures used by other issuers and therefore may not be comparable. They should not be considered in isolation or as a substitute for IFRS measures. Further details are provided in today's IR materials. Unless otherwise noted, all percentage and basis point growth rates discussed on today's call are presented on a constant currency basis relative to the comparable period in 2025. With that, I will now turn it over to Pawan to cover our Q2 results.

Speaker #2: They should not be considered in isolation or as a substitute for IFRS measures. Further details are provided in today's IR materials. Unless otherwise noted, all percentage and basis point growth rates discussed on today's call are presented on a constant currency basis relative to the comparable period in 2025.

Speaker #2: to cover our Q2 results.

Speaker #3: Good evening, everyone, and thank you for joining us. Our Q2 results reflect a continued progress we're making towards a more focused, higher growth, higher margin business.

Pawan Chhabra: Good evening, everyone, and thank you for joining us. Our Q2 results reflect the continued progress we are making towards a more focused, higher growth, higher margin business. Revenue grew 6%, adjusted EBITDA increased 34%, margins expanded by 540 basis points, and adjusted EPS increased 36%. As a reminder, the prior period included 111. Excluding 111 from the comparative period, both revenue and recurring revenue grew 7%, reflecting stronger underlying performance than the reported results. Net income declined year over year, driven primarily by items outside of our core operating performance. This included approximately CAD 10.7 million unfavorable foreign exchange swing compared to last year, as well as approximately CAD 5.2 million of one-time costs related to strategic corporate initiatives and activities supporting our divestitures. Turning to the revenue by line, growth was once again led by our flagship offerings, ARGUS Intelligence and VMS.

Speaker #3: Revenue grew 6%, adjusted EBITDA increased 34%, margins expanded by 540 basis points, and adjusted EPS increased 36%. As a reminder, the prior period included 01/11, excluding 01/11 from the comparative period, both revenue and recurring revenue grew 7%, reflecting stronger underlying performance than the reported results.

Speaker #3: Net income declined year over year. Driven primarily by items outside of our core operating performance. This included approximately 10.7 million unfavorable foreign exchange swing compared to last year, as well as approximately 5.2 million of one-time costs related to strategic corporate initiatives and activities supporting our divestitures.

Speaker #3: Turning to the revenue by line, growth was once again led by our flagship offerings, Argus Intelligence and VMS. Software revenue grew double digits for a second consecutive quarter, driven by strong Argus Intelligence sales.

Pawan Chhabra: Software revenue grew double digits for a second consecutive quarter, driven by strong ARGUS Intelligence sales. As Mike will discuss shortly, we are seeing encouraging improvements in sales execution. VMS revenue grew 7%, underscoring its critical role in supporting our clients' compliance and valuation workflows. It also serves as an important entry point to ARGUS Intelligence, creating opportunities to deepen client relationships over time. In data, which reflects our standalone market data offerings, churn continues to trend in the right direction, and we expect that progress to be increasingly reflected in revenue as we move toward year-end. Services revenue declined year over year. Excluding 111 from the prior period, revenue would have been down modestly. Overall, we are encouraged by the continued strength in software and VMS and the improving trends we are seeing in data. Our KPIs remain healthy and continue to support the strength of our recurring revenue model.

Speaker #3: As Mike will discuss shortly, we are seeing encouraging improvements in sales execution. VMS revenue grew 7%, underscoring its critical role in supporting our clients' compliance and valuation workflows.

Speaker #3: It also serves as an important entry point to Argus Intelligence, creating opportunities to deepen client relationships over time. In data, which reflects our standalone market data offerings, churn continues to trend in the right direction, and we expect that progress to be increasingly reflected in revenue as we move toward year-end.

Pawan Chhabra: It also serves as an important entry point to ARGUS Intelligence, creating opportunities to deepen client relationships over time. In data, which reflects our standalone market data offerings, churn continues to trend in the right direction, and we expect that progress to be increasingly reflected in revenue as we move toward year-end. Services revenue declined year over year. Excluding 111 from the prior period, revenue would have been down modestly. Overall, we are encouraged by the continued strength in software and VMS and the improving trends we are seeing in data. Our KPIs remain healthy and continue to support the strength of our recurring revenue model.

Speaker #3: Services excluding 01/11 from the prior period, revenue would have been down modestly. Overall, we're encouraged by the continued strength in software and VMS and the improving trends we're seeing in data.

Speaker #3: Our KPIs remain healthy and continue to support this strength of our recurring revenue model. Software ARR increased 10.4% to $206.8 million, while NRR was $106.9%.

Pawan Chhabra: Software ARR increased 10.4% to CAD 206.8 million, while NRR was 106.9%. Consistent with our long-term growth profile, approximately 80% of the growth came from volume and pricing, with new logo acquisition contributing to the balance. VMS metrics also remain strong, underscoring the critical role VMS plays in our clients' valuation and reporting workflows. Overall, these operating metrics reinforce the predictability and resilience of our recurring revenue base. Turning to the P&L, we continue to make progress towards our target operating model. Gross margins expanded by 190 basis points, reflecting revenue growth and operating leverage in the business. G&A declined by 360 basis points as a percentage of revenue, driven by our restructuring actions, portfolio simplification, and disciplined management of corporate costs. We also continue to invest in growth. Sales and marketing expense increased and included the impact of Altus Connect, our annual client conference.

Speaker #3: Consistent with our long-term growth profile, approximately 80% of the growth came from volume and pricing, with new logo acquisition contributing to the balance. VMS metrics also remain strong, underscoring the critical role VMS plays in our clients' valuation and reporting workflows.

Speaker #3: Overall, these operating metrics reinforce the predictability and resilience of our recurring revenue base. Turning to the P&L, we continue to make progress towards our target operating model.

Speaker #3: Gross margins expanded by 190 basis points, reflecting revenue growth and operating leverage in the business. G&A declined by 360 basis points as a percentage of revenue, driven by our restructuring actions, portfolio simplification, and disciplined management of corporate costs.

Speaker #3: We also continue to invest in growth. Sales and marketing expense increased and included the impact of Altus Connect, our annual client conference. R&D increased modestly as we continue bringing more solutions onto the ARGUS Intelligence platform.

Pawan Chhabra: R&D increased modestly as we continue bringing more solutions onto the ARGUS Intelligence Platform. The result is meaningful margin expansion while continuing to invest in our growth priorities. Finally, a recap of cash generation in the balance sheet. On a year-to-date basis, underlying cash generation improved by approximately CAD 7 million year over year before interest and taxes, driven by stronger billings and collections. The year over year comparison is also affected by the inclusion of businesses classified as discontinued operations, taxes related to the property tax sale, and lower interest income following the return of excess cash to shareholders. Our balance sheet remains a source of strength. We ended the quarter with CAD 61.9 million of cash, funded debt to EBITDA of 2 times, and approximately CAD 364 million of available capital.

Speaker #3: The result is meaningful margin expansion while continuing to invest in our growth priorities. And finally, a recap of cash generation and the balance sheet.

Speaker #3: On a year-to-date basis, underlying cash generation improved by approximately 7 million year over year before interest and taxes, driven by stronger billings and collections.

Speaker #3: The year-over-year comparison is also affected by the inclusion of businesses classified as discontinued operations, taxes related to the property tax sale, and lower interest income following the return of excess cash to shareholders.

Speaker #3: Our balance sheet remains a source of strength. We ended the quarter with 61.9 million of cash, funded debt to EBITDA of 2 times, and approximately 364 million of available capital.

Speaker #3: We continue to optimize our capital structure and expect leverage to settle in the mid-2 times range over time. With capital returns, we have now returned approximately 450 million to shareholders year to date, reducing our share cap by roughly 20% to 34.7 million shares outstanding.

Pawan Chhabra: We continue to optimize our capital structure and expect leverage to settle in the mid 2 times range over time. With capital returns, we have now returned approximately CAD 450 million to shareholders year to date, reducing our share count by roughly 20% to 34.7 million shares outstanding. Before I hand it over to Mike, I'd like to thank the entire Altus team for their hard work and commitment over the years. I'd also like to thank our shareholders, clients, analysts, and the broader investment community for their engagement and support. I am proud of what we've accomplished together and the results that we've delivered. I'll turn it over to Mike.

Speaker #3: Before I hand it over to Mike, I'd like to thank the entire Altus team for their hard work and commitment over the years. I'd also like to thank our shareholders, clients, analysts, and the broader investment community for their engagement and support.

Speaker #3: I am proud of what we've accomplished together, and the results that we've delivered. With that, I'll turn it over to Mike.

Speaker #4: Thanks, Pavan. Before we move on, I just want to take a moment to thank you for everything you've contributed to Altus. Over your time with the company, you've helped strengthen our financial foundation, supported a significant transformation, and played an important role in positioning Altus for the next phase of growth.

Mike Gordon: Thanks, Pawan. Before we move on, I just want to take a moment to thank you for everything you've contributed to Altus. Over your time with the company, you've helped strengthen our financial foundation, supported a significant transformation, and played an important role in positioning Altus for the next phase of growth. Many of these things our shareholders value today, including a more focused portfolio, a disciplined capital return program, better visibility into business performance, and greater transparency with the investment community. This all reflects the work that you've helped drive. We're grateful for the steady leadership, discipline, and partnership that you've brought to the role, and for the support you're providing through this transition. As the saying goes, Leave it better than you found it. Pawan, you did exactly that. On behalf of the board, the leadership team, and everyone at Altus, thank you.

Speaker #4: Many of these things are shareholders' value today. Including a more focused portfolio, a disciplined capital return program, better visibility into business performance, and community.

Speaker #4: This all reflects the work that you've helped—the leadership, discipline, and partnership that you've brought to the role, and the support you're providing through this transition.

Speaker #4: As the saying goes, "Leave it better than you found it." And Pavan, you did exactly that. So on behalf of the board, the leadership team, and everyone at Altus, thank you.

Speaker #4: We wish you all the best in what comes next. As you can probably tell from our recent news flow, it's been exceptionally active and productive period for Altus.

Mike Gordon: We wish you all the best in what comes next. As you can probably tell from our recent news flow, it's been exceptionally active and productive period for Altus. At the beginning of the year, we laid out our objectives for our value creation plan. A foundational element was simplifying the portfolio to sharpen focus on the market leading valuation solutions. It was foundational because it would help fuel our operating expense reductions and capital returns, while entirely changing the company's financial profile ahead of our planned US listing in 2027. I am pleased to say that we have been executing ahead of plan. Since the start of the year, we've successfully completed four divestiture transactions, even monetizing our remaining legacy interest in the GeoVerra joint venture for CAD 26.7 million.

Speaker #4: At the beginning of the year, we laid out our objectives for our value creation plan. A foundational element was simplifying the portfolio to sharpen focus on the market-leading valuation solutions.

Speaker #4: It was foundational because it would help fuel our operation expense reductions and capital returns. While entirely changing for companies' financial profile ahead of our planned US listing in 2027.

Speaker #4: I am pleased to say that we have been executing ahead of plan. Since the start of the year, we've successfully completed four divestiture transactions, even monetizing our remaining legacy interest in the GEOVERA joint venture for 26.7 million.

Speaker #4: Before I go any further, I'd like to recognize the many Altus team members who worked tirelessly to make this happen. Executing transactions on this scale and complexity on an accelerated timeline is no small accomplishment, and their efforts have been instrumental in transforming Altus ahead of schedule.

Mike Gordon: Before I go any further, I'd like to recognize the many Altus team members who worked tirelessly to make this happen. Executing transactions on this scale and complexity on an accelerated timeline is no small accomplishment, and their efforts have been instrumental in transforming Altus ahead of schedule. While we always maintain a disciplined approach to portfolio management and capital allocation, I am pleased to say that portfolio simplification work we set out to accomplish this year is now complete. Altus is now a much more focused company with a business model centered on the areas where we see the greatest long-term opportunity to create value, and the benefits of that simplified model are already showing up in our financial profile. We now have a higher quality earnings stream that will drive stronger adjusted EBITDA to free cash flow conversion.

Speaker #4: While we always maintain a disciplined approach to portfolio management and capital allocation, I am pleased to say that portfolio simplification work we set out to accomplish this year is now complete.

Speaker #4: Altus is now a much more focused company, with a business model centered on the areas where we see the greatest long-term opportunity to create value.

Speaker #4: And the benefits of that simplified model are already showing up in our financial profile. We now have a higher quality earnings stream that will drive stronger adjusted EBITDA to free cash flow conversion.

Speaker #4: These are tangible proof points that the operating model that we've been building towards is taking hold. Importantly, the sale of our development advisory business to Newmark has also created new commercial opportunities.

Mike Gordon: These are tangible proof points that the operating model that we've been building towards is taking hold. Importantly, the sale of our development advisory business to Newmark has also created new commercial opportunities. Our new enterprise agreement with Newmark includes ARGUS Intelligence and several of its add-on capabilities, including ARGUS Assist. We're helping their professionals work more efficiently, generate insights faster, and deliver a greater value to their clients. Workflows that once took days can now be completed in moments, which speaks directly to the value our technology can deliver. The divestitures have also enabled us to deliver on our capital return objectives. As Pawan just mentioned, we're already returned more than CAD 450 million and brought down our float by 20%. With a strong balance sheet in hand, we remain committed to returning additional capital in the second half of the year.

Speaker #4: Our new enterprise agreement with Newmark includes Argus Intelligence and several of its add-on capabilities, including Argus Assist. We're helping their professionals work more efficiently, generate insights faster, and deliver greater value to their clients.

Speaker #4: Workflows that once took days can now be completed in moments, which speaks directly to the value our technology can deliver. The divestitures have also enabled us to deliver on our capital return objectives.

Speaker #4: As Pavan just mentioned, we're already returned more than 450 million and brought down our float by 20%. With the strong balance sheet in hand, we remain committed to returning additional capital in the second half of the year.

Speaker #4: Another benefit of simplifying the business is showing up in our cost structure. Delivering the work ahead of plan has allowed us to capture efficiencies sooner than expected.

Mike Gordon: Another benefit of simplifying the business is showing up in our cost structure. Delivering the work ahead of plan has allowed us to capture efficiencies sooner than expected, which gives us the confidence to increase our adjusted EBITDA margin expansion outlook by an additional 60 basis points this year. At the same time, we remain disciplined in balancing our cost reductions with investments that support future growth. As we continue to reshape the organization around our strategic priorities, our year-to-date restructuring initiatives will generate approximately CAD 15 million in annualized savings. With the final divestitures now behind us, coupled with our AI enablement initiative, we are seeing additional opportunities to further improve the efficiency and the effectiveness of this business. Our sales motion is also getting sharper, and we're starting to see our investments in sales and go-to-market translate into stronger execution.

Speaker #4: Which gives us the confidence to increase our adjusted EBITDA margin expansion outlook by an additional 60 basis points this year. At the same time, we've remained disciplined in balancing our cost reductions with investments that support future growth.

Speaker #4: As we continue to reshape the organization around our strategic priorities, our year-to-date restructuring initiatives will generate approximately 15 million in annualized savings. With the final divestitures now behind us, coupled with our AI-enabled initiative, we are seeing additional opportunities to further improve the efficiency and the effectiveness of this business.

Speaker #4: Our sales motion is also getting sharper, and we're starting to see our investments in sales and go-to-market translate into stronger execution. New sales are tracking in line with our plan, with momentum building as we move into the second half.

Mike Gordon: New sales are tracking in line with our plan, with momentum building as we move into the H2. The team is also getting better at cross-selling and winning larger deals across ARGUS and VMS. The quality of our recurring revenue base continues to show through as well. Software net revenue retention at 107% is a clear sign that our cross-sell, up-sell, and pricing discipline are working. Underneath that number, the cross-sell momentum is especially encouraging. Q2 software cross-sell was up three times over the past year, reflecting more people on the platform, stronger sales execution, and faster pace of delivering new product updates. On top of that, ARGUS's gross retention is over 95%. As platform adoption grows, we're consistently bringing more assets on the platform. More assets on the platform will fuel better analytics for our clients.

Speaker #4: The team is also getting better at cross-selling, and winning larger deals across Argus and VMS. The quality of our recurring revenue base continues to show through as well.

Speaker #4: Software, net, revenue retention at 107% is a clear sign that our cross-sell upsell and pricing discipline are working. Underneath that number, the cross-sell momentum is especially encouraging.

Speaker #4: Q2 software cross-sell was up three times over the past year, reflecting more people on the platform, stronger sales execution, and a faster pace delivering new product updates.

Speaker #4: On top of that, Argus's gross retention is over 95%. As platform adoption grows, we're consistently bringing more assets on the platform, more assets on the platform will fuel better analytics for our clients, adoption is not only happening with our clients, it is also happening inside of Altus.

Mike Gordon: Adoption is not only happening with our clients, it is also happening inside of Altus, with our VMS team increasingly leveraging ARGUS Intelligence to do their work. Over 90% of our VMS employees are now trained and using the platform for their customer portfolio reviews. That internal adoption is important because it allows us to bring VMS and ARGUS together more effectively and to scale a co-selling motion that creates opportunities to cross-sell software into that base. Turning to our business outlook for the year. As a reminder, relates to continuing operations on an organic basis. Reflecting the organic momentum we've seen in the business, we are raising our revenue outlook by 25 basis points to a range of 5.25% to 7.25% organic constant currency growth.

Speaker #4: With our VMS team increasingly leveraging Argus Intelligence to do their work. Over 90% of our VMS employees are now trained and using the platform for their customer portfolio reviews.

Speaker #4: That internal adoption is important, because it allows us to bring VMS and Argus together more effectively. And to scale a co-selling motion that creates opportunities to cross-sell software into that base.

Speaker #4: Now, turning to our business outlook for the year, as a reminder, relates to continuing operations on an organic organic momentum we've seen in the business, we are raising our revenue outlook by 25 basis points to a range of 5.25% to 7.25% organic constant currency growth.

Speaker #4: In addition, with our cost actions tracking ahead of plan and driving more efficiencies, we're increasing our margin expansion outlook by 60 basis points to 510 to 610 basis points for the full year.

Mike Gordon: In addition, with our cost actions tracking ahead of plan and driving more efficiencies, we're increasing our margin expansion outlook by 60 basis points to 510 to 610 basis points for the full year. This guidance range will translate into approximately CAD 127 to 131 million in adjusted EBITDA this year, a meaningful step up over last year's CAD 98 million in EBITDA. Looking to the balance of the year, our expectations remain consistent with our typical seasonal pattern with Q4 anticipated to be stronger than Q3, our raise in guidance is based on the momentum we're seeing in the H2 of the year. Also, as you might recall, Q3 last year benefited from pricing actions as a large cohort of our ARGUS Enterprise came up for renewal and contracted on ARGUS Intelligence.

Speaker #4: This guidance range, which translates into approximately 127 to 131 million in adjusted EBITDA this year, a meaningful step up over last year's 98 million in EBITDA.

Speaker #4: Looking to the balance of the year, our expectations remain consistent with our typical seasonal pattern, with Q4 anticipated to be stronger than Q3, but our raise in guidance is based on the momentum we're seeing in the second half of the year.

Speaker #4: Also, as you might recall, Q3 last year benefited from pricing actions as a large cohort of our Argus Enterprise came up for renewal and contracted on Argus Intelligence.

Speaker #4: As mentioned, this guidance is on an organic basis, as the new values acquisition that we announced today is not material to financial guidance. While values has delivered strong ARR growth and is already profitable, it remains relatively small from our financial perspective.

Mike Gordon: As mentioned, this guidance is on an organic basis as the new Valos acquisition that we announced today is not material to financial guidance. While Valos has delivered strong ARR growth and is already profitable, it remains relatively small from our financial perspective. All that said, we're feeling really good about our trajectory, and a path to becoming a Rule 40 company even sooner than we originally anticipated. Let's shift gears to the Valos.ai acquisition. Valos.ai is a UK-based company that has quickly become a leading platform for connecting valuers and lenders within the property valuation workflow. In many ways, Valos is highly complementary to what we already do. Similar to how our VMS practice sits at the center of appraisers and investment reporting, Valos sits at the center of the workflow between appraisers and lenders. Valos started six years ago with a simple idea.

Speaker #4: All that said, we're feeling really good about our trajectory. And a path to becoming a Rule 40 company, even sooner than we originally anticipated.

Speaker #4: Now, let's shift gears to the values.ai acquisition. values.ai is a UK-based company that has quickly become a leading platform for connecting valuers and lenders within the property valuation workflow.

Speaker #4: In many ways, Values is highly complementary to what we already do. Similar to how our VMS practice sits at the center of appraisers and investment reporting, Values sits at the center of the workflow between appraisers and lenders.

Speaker #4: Values started six years ago with a simple idea. Valuation report production was just taking too long and costing firms too much. The founders set out to solve that problem, and since then, they've built values into a market-leading valuation platform used by many firms and surveyors in the UK.

Mike Gordon: Valuation report production was just taking too long and costing firms too much. The founders set out to solve that problem, and since then, they've built Valos into a market-leading valuation platform used by many firms and surveyors in the UK. What they have built is special, a product that is changing how valuers and lenders work together, and a business that has earned real trust in the market. It is exactly the kind of innovation and client impact we want to support and to scale at Altus. Now that we have finished our divestitures, we are in the market for these types of acquisitions. AI is also deeply embedded across the Valos platform. It helps automate data gathering, read and structuring complex documents, support quality assurance, extract comparables, and it can turn fragmented property information into reusable data.

Speaker #4: What they have built is special. A product that is changing how valuers and lenders work together, and a business that has earned real trust in the market.

Speaker #4: It is exactly the kind of innovation and client impact we want to support and to scale at Altus. Now that we have finished our divestitures, we are in the market for these types of acquisitions.

Speaker #4: AI is also deeply embedded across the Valuation platform. It helps automate data gathering, reading, and structuring of complex documents, supports quality assurance, extracts comparables, and can turn fragmented property information into reusable data.

Speaker #4: In practical terms, this means faster workloads, better accuracy, and a platform that becomes more valuable as more data moves through it. To help put values in context, it's useful to understand the role that it plays in commercial real estate lending ecosystem.

Mike Gordon: In practical terms, this means faster workflows, better accuracy, and a platform that becomes more valuable as more data moves through it. To help put Valos in context, it's useful to understand the role that it plays in commercial real estate lending ecosystem. When a lender needs a property valuation to support a financing decision, the process typically involves coordinating with an independent valuer, exchanging large amounts of information, managing compliance requirements, and reviewing the final report before it can be used in a credit and risk decision. Historically, much of that process has been manual, fragmented, and time-consuming. Valos brings that workflow together on a single platform. A lender can initiate and manage a valuation request directly through Valos, and the selected valuer receives those instructions seamlessly within the same ecosystem.

Speaker #4: When a lender needs a property valuation to support a financing decision, the process typically involves coordinating with an independent valuer. Exchanging large amounts of information, managing compliance requirements, and reviewing the final report before it can be used in a credit and risk decision.

Speaker #4: Historically, much of that process has been manual, fragmented, and time-consuming. Values brings that workflow together on a single platform. A lender can initiate and manage a valuation request directly through values, and the selected valuer receives those instructions seamlessly within the same ecosystem, the valuer then uses the platform to access property data, gather comparable evidence, complete the valuation report, and to satisfy the lender's specific requirements.

Mike Gordon: The valuer then uses the platform to access property data, gather comparable evidence, complete the valuation report, and to satisfy the lender's specific requirements. Before that report is submitted, Valos automatically checks it against lender requirements, helping improving accuracy and reducing work. Once completed, the valuation is delivered back through the platform, creating a single, transparent workflow for both parties. What's particularly powerful is that the process doesn't end with the report itself. Valos transforms that valuation data into structured intelligence that lenders can use across credit decisioning, portfolio monitoring, risk management, reporting, and other downstream workflows. While valuation management is the entry point, the real value is that Valos sits at the center of a critical workflow, connecting lenders and valuers while generating high-quality, actionable data and insights that help customers operate more efficiently and make better decisions. This is right in Altus's sweet spot.

Speaker #4: Before that report is submitted, values automatically checks it against lender requirements, helping improving accuracy and reducing work. Once completed, the valuation is delivered back through the platform, creating a single transparent workflow for both parties.

Speaker #4: What's particularly powerful is that the process doesn't end with a report itself. Values transforms that valuation data into structured intelligence that lenders can use across credit decisioning, portfolio monitoring, risk management, reporting, and other downstream workflows.

Speaker #4: So while valuation management is the entry point, the real value is that values sits at the center of a critical workflow, connecting lenders and valuers while generating high-quality actionable data and insights that help customers operate more efficiently and make better decisions.

Speaker #4: This is right in Altus's sweet spot. While relatively small from a financial standpoint, values is exactly the type of strategic tuck-in acquisition we're looking for.

Mike Gordon: While relatively small from a financial standpoint, Valos is exactly the type of strategic tuck-in acquisition we're looking for. It strengthens our position in a critical commercial real estate workflow, expands our reach into lending ecosystems, and adds differentiated AI and data capabilities that align directly with our long-term strategy. The lender-to-valuer workflow is a natural adjacency to our valuation business and gives us deeper access to lenders, an important customer segment for us, where we see significant opportunities to continue to expand our presence over time. Equally important, Valos is fundamentally a data acquisition engine. The platform captures property information at the point of work, turning traditionally unstructured valuation documents into structured, enriched, and reusable data. Over time, that creates a growing repository of high-quality property intelligence that has the potential to further strengthen and enrich the Altus knowledge graph. The acquisition also adds valuable AI capabilities.

Speaker #4: It strengthens our position in a critical commercial real estate workflow, expands our reach into lending ecosystem, and adds differentiated AI and data capabilities that align directly with our long-term strategy.

Speaker #4: The lender-to-valuer workflow is a natural adjacency to our valuation business and gives us deeper access to lenders, an important customer segment for us, where we see significant opportunity to continue to expand our presence over time.

Speaker #4: Equally important, values is fundamentally a data acquisition engine. The platform captures property information at the point of work, turning traditionally unstructured valuation documents into structured, enriched, and reusable data.

Speaker #4: Over time, that creates a growing repository of high-quality property intelligence that has the potential to further strengthen and enrich the Altus knowledge graph. The acquisition also adds valuable AI capabilities.

Speaker #4: Values has developed AI models purpose-built for commercial real estate valuation and lending workflows, trained on valuation-grade documents and believe that these capabilities complement our existing AI initiatives and create opportunities to extend our family of specialized AI agents beyond valuers and further into lender workforce.

Mike Gordon: Valos has developed AI models purpose-built for commercial real estate valuation and lending workflows, trained on valuation-grade documents and lender-specific requirements. We believe that these capabilities complement our existing AI initiatives and create opportunities to extend our family of specialized AI agents beyond valuers and further into lender workflows. Finally, Valos expands our international footprint and creates attractive commercial opportunities. The business has established a strong position in the UK, which broadens our offering in an important market, while also creating meaningful cross-sell and up-sell opportunities across the Altus global customer base. In particular, we can leverage Altus's deep relationships to cross-sell and help them expand into our core geographies, such as Canada, another risk-driven market where we believe that the Valos model can be successfully replicated. When we step back and look at the transaction holistically, Valos brings together many of the elements we're prioritizing.

Speaker #4: Finally, values expands our international footprint and creates attractive commercial opportunities. The business has established a strong position in the UK, which broadens our offering in an important market.

Speaker #4: While also creating meaningful cross-sell and upsell opportunities across the Altus global customer base. In particular, we can leverage Altus's deep relationships for cross-sell and help them expand into our core geographies, such as Canada, another rich-driven market where we believe that the values model can be successfully replicated.

Speaker #4: When you step back and look at the transaction holistically, values brings together many of the elements we're prioritizing. A strong strategic adjacency, access to unique data, workflow-tailored AI capabilities, and opportunities to accelerate growth across our customer ecosystem.

Mike Gordon: A strong strategic adjacency, access to unique data, workflow-tailored AI capabilities, and opportunities to accelerate growth across our customer ecosystem. That's why we believe it's an excellent fit with our long-term value creation strategy. Most importantly, it is another example of the more focused Altus we're building today, leveraging software, data, and AI to create greater value for customers and shareholders alike. That's the opportunity that attracted Katie to Altus, so why don't I turn it over to her for a short introduction?

Speaker #4: That's why we believe it's an excellent fit with our long-term value creation strategy. Most importantly, it is another example of the more focused Altus we're building today.

Speaker #4: Leveraging software, data, and AI to create greater value for customers and shareholders alike. That's the opportunity they attracted Katie to Altus, so why don't I turn it over to her for a short introduction?

Speaker #2: Thank you, Mike. I'm excited to be joining Altus at such an important moment for the company. With the business transformation now largely complete, Altus is entering its next chapter from a position of growing momentum and stronger operational discipline.

Katie Royce: Thank you, Mike. I'm excited to be joining Altus at such an important moment for the company. With the business transformation now largely complete, Altus is entering its next chapter from a position of growing momentum and stronger operational discipline. What attracted me to Altus is the strength of its market-leading technology, deep data assets, and clear opportunity to shape the future of commercial real estate intelligence as the industry continues to evolve. Just as importantly, the work ahead is very much in my wheelhouse. I spent much of my career at the intersection of finance, capital markets, investor relations, and operations, and I understand what investors value: clear execution, disciplined capital allocation, scalable growth, and consistent progress towards long-term financial targets. I'm excited to partner with Mike and the broader leadership team to build on the strong foundation already in place.

Speaker #2: What attracted me to Altus is the strength of its market-leading technology, deep data assets, and clear opportunity to shape the future of commercial real estate intelligence as the industry continues to evolve.

Speaker #2: Just as importantly, the work ahead is very much in my wheelhouse. I've spent much of my career at the intersection of finance, capital markets, investor relations, and operations.

Speaker #2: And I understand what investors value. Clear execution, disciplined capital allocation, scalable growth, and consistent progress towards long-term financial targets. I'm excited to partner with Mike and the broader leadership team to build on the strong foundation already in place.

Speaker #2: As Altus advances its path towards rule of 40 and prepares for broader investor engagement, including a future US listing, finance is an important role to play in helping the business scale efficiently, make better decisions, and create durable stakeholder value.

Katie Royce: As Altus advances its path towards Rule of 40 and prepares for broader investor engagement, including a future US listing, finance has an important role to play in helping the business scale efficiently, make better decisions, and create durable stakeholder value. I'm coming into the company at the tail end of the company's multi-year transformation. We're ahead of schedule on a number of our strategic initiatives going into 2027, with a much cleaner financial profile that will drive earnings per share and free cash flow. This allows me to focus on what matters to our shareholders. I also want to thank Pawan for his partnership and support through the transition. I look forward to getting to know the team, our shareholders, and the analyst community in the weeks ahead.

Speaker #2: I'm coming into the company at the tail end of the company's multi-year transformation. We're ahead of schedule on a number of our strategic initiatives.

Speaker #2: Going into 2027, with a much cleaner financial profile, it will drive earnings per share and free cash flow. This allows me to focus on what matters to our shareholders.

Speaker #2: I also want to thank Pubin for his partnership and support through the transition. I look forward to getting to know the team, our shareholders, and the analyst community in the weeks ahead.

Speaker #3: Thanks, Katie. We're thrilled to have you aboard. Before we open the line for questions, I want to leave you with one observation from my many conversations with customers, because it gets to the heart of what we're building.

Mike Gordon: Thanks, Katie. We're thrilled to have you aboard. Before we open the line for questions, I want to leave you with one observation from my many conversations with customers, because it gets to the heart of what we're building. The more time that I spend with our clients, the more convinced I am that the commercial real estate industry is still one of the least transparent major asset classes. In public markets, investors can quickly distinguish strong returns from a weak one because they have access to consistent and trusted data. In commercial real estate, that visibility often doesn't exist uniformly. We believe that it's a massive opportunity for all. By bringing together valuations, benchmarking, portfolio analytics, and performance insights, we're helping our customers make better investment decisions. We're not just helping customers value assets, we're helping them understand performance, allocate capital more effectively, and navigate an increasingly complex market.

Speaker #3: The more time that I spend with our clients, the more commenced I am that the commercial real estate industry is still one of the least transparent major asset classes.

Speaker #3: In public markets, investors can quickly distinguish strong returns from weak ones because they have access to consistent and trusted data. In commercial real estate, that visibility often doesn't exist uniformly.

Speaker #3: We believe that it's a massive opportunity for all. By bringing together valuations, benchmarking, portfolio analytics, and performance insights, we're helping our customers make better investment decisions.

Speaker #3: We're not just helping customers value assets. We're helping them understand performance, allocate capital more effectively, and navigate an increasingly complex market. That's a powerful opportunity for our customers and a compelling long-term growth opportunity for us at Altus.

Mike Gordon: That's a powerful opportunity for our customers and a compelling long-term growth opportunity for us at Altus as we position ourselves to be the core platform in their operations. With that, let's open the line for questions.

Speaker #3: As we position ourselves to be the core platform in their operations, with that, let's open the line for questions.

Speaker #4: We will now begin the question and answer session. If you would like to ask a question, please press star one to raise your hand.

Operator 3: We will now begin the question and answer session. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Doug Taylor with National Bank. Your line is open. Please go ahead.

Operator: We will now begin the question and answer session. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Doug Taylor with National Bank. Your line is open. Please go ahead.

Speaker #4: To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Speaker #4: If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Doug Taylor with National Bank.

Speaker #4: Your line is open. Please go ahead.

Speaker #3: Yeah, thank you, and good evening. Mike and welcome, Katie. To this forum. I want to start with a bigger picture question you've shown some pretty impressive progress on the margin side towards the rule of 40 bogey that you've laid out for yourselves.

Doug Taylor: Thank you, and good evening, Mike, and welcome, Katie, to this forum. I want to start with a bigger picture question. You've shown some pretty impressive progress on the margin side towards the Rule of 40 bogey that you've laid out for yourselves. I think you've said here that there's more room still to go now that the business has been streamlined. If I was to take the current mid-30s combination that it stands at right now, or the guidance reflects, would you say the gap towards 40 and above is easiest closed by further margin expansion? Maybe you can articulate what headroom there still is there, or is this dependent on the revenue side of the equation to scale to that objective?

Speaker #3: I think you've said here that there's more room still to go now that the business has been streamlined. If I was to take the current mid-30s combination that it stands at right now, or the guidance reflects would you say the gap towards 40 and above is easiest closed by further margin expansion?

Speaker #3: Is there more I mean, maybe you can articulate what headroom there still is there? Or is this dependent on the revenue side of the equation to scale to that objective?

Speaker #5: Yeah, Doug, thanks for the question and good to hear from you. I think very simply, we can get there in both ways, and we can and the timing is shortening a lot more quickly than we had originally anticipated when we went through this at Investor Day last year.

Mike Gordon: Yeah, Doug, thanks for the question and good to hear from you. I think very simply, we can get there in both ways, and the timing is shortening a lot more quickly than we had originally anticipated when we went through this at Investor Day last year. Specifically, on the cost side of the equation, as we have gone through and divested the businesses, there's some work that we're working with the parties that bought the businesses. Once that work is done, that gives us an opportunity. The second thing that we did that will actually improve our run rates as well is as we've been consolidating our different product sets to our platforms, that will reduce our run rate quite a bit.

Speaker #5: Specifically on the cost side of the equation, as we have gone through and divested the businesses, there's some work that we're working with with the parties that bought the businesses and once that work is done, that gives us an opportunity and then the second thing that we did that will actually improve our run rates as well is as we've been consolidating our different product sets to our platforms, that will reduce our run rate quite a bit.

Speaker #5: We have been running a lot of different platforms in the years, and we feel right now that early in '27 that we should be moving a lot of those older platforms to the newer platforms and once we retire that technology, we should see a good run rate improvement, especially early in '27.

Mike Gordon: We have been running a lot of different platforms in the years, we feel right now that early in 2027 that we should be moving a lot of those older platforms to the newer platforms. Once we retire that technology, we should see a good run rate improvement, especially early in 2027. There's a couple other things that we see as well as we've been just consolidating our go-to-market motions, as well as just looking for things as we go through the business. We feel very good about the cost side of the equation to continue to get good benefit from. On the revenue side of the equation, like I said earlier, our cross-sell motion is starting to really kick into gear. We're happy with that, especially on the software side.

Speaker #5: There's a couple other things that we see as well as we've been just consolidating our go-to-market motions as well as just looking for things as we go through the business.

Speaker #5: But we feel very good about the cost side of the equation to continue to get good benefit from. On the revenue side of the equation, like I said earlier, our cross-sell motion is starting to really kick into gear.

Speaker #5: We're happy with that, especially on the software side. I think if that cross-sell motion continues into the early next year, not only will we see the growth in the revenue growth continue to expand, but at the same point, that will help from that side.

Mike Gordon: I think if that cross-sell motion continues into the early next year, not only will we see the revenue growth continue to expand, but at the same point, that will help from that side. We'll be doing it from both ends.

Speaker #5: So we'll be doing it from both ends.

Speaker #3: Do you think based on your prepared remarks, I mean, obviously the software growth is evident, but the drag, at least to the overall corporate growth profile from VMS, but also data and services, are you suggesting that that those segments will be less of a drag through the balance of this year?

Doug Taylor: Do you think, based on your prepared remarks, obviously the software growth is evident, but the drag, at least to the overall corporate growth profile from VMS, but also data and services, are you suggesting that those segments will be less of a drag through the balance of this year? Am I understanding what you were trying to get across in your prepared remarks correctly there?

Speaker #3: Am I understanding what you're trying to get across in your prepared remarks correctly there?

Speaker #5: You are. We feel that those things are going to be less of a drag. We're very happy with where our VMS business has been historically.

Mike Gordon: You are. We feel that those things are going to be less of a drag. We're very happy with where our VMS business has been historically. In the last couple of years, it's been quite a bit lower grower, and we're starting to see that growth return because we're actually hitting different parts of the market that we had never hit before. We're starting to see some international opportunities come our way. We think that that increases our active market that we can go after on the VMS side. When it comes to the data side, we've been working a little bit around the data, around just getting it.

Speaker #5: It's been in the last couple of years has been quite a bit lower grower, and we're starting to see that growth return because we're actually hitting different parts of the market that we had never hit before.

Speaker #5: And we're starting to see some international opportunities come our way. So we think that that increases our active market that we can go after on the VMS side.

Speaker #5: And then when it comes to the data side, we've been working a little bit around the data around just getting it we've improved what I would call the hit rates of the data quite a bit in the last number of months.

Mike Gordon: We've improved what I would call the hit rates of the data quite a bit in the last number of months. We think that we will start to see that number turn around from a negative to start to be in the low single digits. While it'll be less than the software, if we just get that moving in the right direction, and we continue our pace on software, especially with the cross-sell that we're seeing, and our friends at Advisory Services continue where we are, we feel very confident about where our growth will go.

Speaker #5: And we think that we will start to see that number turn around from a negative to a start to be in the low single digits.

Speaker #5: So while it'll be less than the software, if we just get that moving in the right direction and we continue our pace on software, especially with the cross-sell that we're seeing, and our friends at advisory services continue where we are, we feel very confident about where our growth will go.

Speaker #3: Okay, that's helpful. Maybe one more for me on Valos. It seems like a logical fit, as you explained in detail. And I know you described it as being not material to the guy, but perhaps you can talk a little bit more about, medium-term, the monetization plan in more detail. You're streamlining a lot of your other products, and you're adding another one into the mix here.

Doug Taylor: Okay, that's helpful. Maybe one more from me on Valos. Seems like a logical fit as you explained in detail. I know you described it as being not material to the guide, but perhaps you can talk a little bit more about medium-term, the monetization plan in more detail. You're streamlining a lot of your other products, and you're adding another one into the mix here. Is the goal to keep this as a standalone module that you'll upsell, or is this ultimately going to be integrated more into your suite and leveraged elsewhere in the portfolio?

Speaker #3: Is the goal to keep this as a standalone module that you will upsell or is this ultimately going to be integrated more into your suite?

Speaker #3: And leveraged elsewhere in the portfolio?

Speaker #5: Yeah, I think the plan in the near term which I would say through the end of the year we're going to put our sales force and our work around them.

Mike Gordon: Yeah, I think the plan in the near term, which I would say through the end of the year, we're going to put our sales force and our work around them. We like what they're doing, especially in the UK, and we'd like to really kick into gear their growth. At the same point, we'll probably bundle that into some of our products. While we have a number of customers that are overlaps, we have a lot more customers that we would like to get their product set into. Secondarily, as I said, we believe that there is a great opportunity in our home country of Canada, and this is something that we will be working on bringing to market pretty quickly therein.

Speaker #5: We like what they're doing. Especially in the UK, and we would love that we'd like to really kick into gear their growth and at the same point, we'll probably bundle that into some of our products.

Speaker #5: We have a lot while we have a number of customers that are overlaps, we have a lot more customers that we would like to get their product set into.

Speaker #5: Secondarily, as I said, we believe that there is a great opportunity in our home country of Canada and this is something that we will be bringing working on bringing to market pretty quickly therein.

Mike Gordon: In 2027, I think what you'll see us do very quickly is integrate it into the platform because what we would like to have is that as people open up ARGUS Intelligence, they can leverage this technology right there. Then again, the data sets that we have, that they have, and that we have, that we can actually bring more power on the data together.

Speaker #5: In '27, I think what you'll see us do very quickly is integrated into the platform because what we would like to have is that as people open up Argus Intelligence, they can leverage this technology right there and then again, the data sets that we have that they have and that we have that we can actually bring more power on the data together.

Speaker #3: Thanks for laying that out. I'll pass the line.

Doug Taylor: Thanks for laying that out. I'll pass the line.

Speaker #2: Your next question, sorry. Your next question comes from the line of Steven McCloud with BMO Capital Markets. Your line is open. Please go ahead.

Operator 3: Your next question comes from the line of Stephen MacLeod with BMO Capital Markets. Your line is open. Please go ahead.

Operator: Your next question comes from the line of Stephen MacLeod with BMO Capital Markets. Your line is open. Please go ahead.

Speaker #4: Thank you. Good evening, and welcome to Katie, and congrats to Pawan. Best of luck with your next adventure. I just wanted to ask a little bit about the VMS business.

Stephen MacLeod: Thank you. Good evening, Welcome to Katie, Congrats to Pawan. Best of luck with your next adventure. I just wanted to ask a little bit about the VMS business. We saw some nice growth sequentially between Q2 and Q1. I'm just curious how you're thinking about that business as we turn to the H2 of the year, especially with the backdrop of rates being higher for longer.

Speaker #4: We saw some nice growth between sequentially between Q2 and Q1. And I'm just curious how you're thinking about that business as we turn to the back half of the year, especially with the backdrop of rates being higher for longer.

Speaker #5: Yeah, Steven. Fair question. We actually one of the things that I just mentioned in the last question, as we're starting to get into adjacent markets with that, we have found to we have found a lot of opportunity to continue areas where growth is happening, especially in different parts of the market where maybe in less complex assets where the team can work or we have some opportunities that we're starting to see in the Canadian business where we can leverage VAS.

Mike Gordon: Yeah, Stephen, fair question. One of the things, as I just mentioned in the last question, is we're starting to get into adjacent markets with that. We have found a lot of opportunity to continue areas where growth is happening, especially in different parts of the market where maybe in less complex assets where the team can work, or we have some opportunities that we're starting to see in the Canadian business where we can leverage VMS. Finally, there is activity also in the UK.

Speaker #5: And then finally, there is activity also in the UK. So while the rates are somewhat still I would say not in the area that we would all like them, I think that what we've been able to do with the VAS business and especially with the ability to bundle that to Argus Intelligence and align Argus Assist with it would be is a easier win for our customers to adopt and then they can adopt the VAS business.

Mike Gordon: While the rates are somewhat still, I would say not in the area that we would all like them, I think that what we've been able to do with the VMS business, and especially with the ability to bundle that to ARGUS Intelligence and align ARGUS Assist with it is a easier win for our customers to adopt, and then they can adopt the VMS business. We're seeing still Probably compared to periods before, we're seeing good growth from it, even when rates have gone up to the type of where they are today.

Speaker #5: So, we're still seeing probably—compared to periods before—we're seeing good growth from it, even when rates have gone up to the type of where they are today.

Speaker #4: Okay. That's helpful. Thanks, Mike. And then maybe just on the software side, I might have missed I think Pavan mentioned it in his prepared remarks, but I was just wondering if you could break down sort of the key drivers of growth in the quarter.

Stephen MacLeod: Okay. That's helpful. Thanks, Mike. Maybe just on the software side, I might have missed. I think Pawan mentioned it in his prepared remarks, but I was just wondering if you could break down the key drivers of growth in the quarter. Maybe separately, I know you're probably not going to be able to answer this, but just wanted to get a sense of if you're able to share the magnitude of the ARGUS Assist add-on with Newmark associated with the sale.

Speaker #4: And then maybe separately, I know you're probably not going to be able to answer this, but just wanted to get a sense of if you're able to share the magnitude of the Argus Assist add-on with Newmark, associated with the sale.

Speaker #5: So the second one first. Yeah. I'm sorry. I'm sorry. Enter Steven. Yeah. We're probably not going to be able to talk about it, but when you think about Argus Assist and the number of users that they have, I'm just going to give you the concept of it.

Mike Gordon: The second one first.

Pawan Chhabra: Yeah.

Mike Gordon: Yeah. I'm sorry, Pawan. Answer Stephen, yeah. We're probably not going to be able to talk about it.

Stephen MacLeod: Yeah.

Mike Gordon: When you think about ARGUS Assist and the number of users that they have, I'm just going to give you the concept of it, that we know how many users that they have in Canada. We also know how many users that they have in the United States, and they're one of the largest appraisers and brokers in the world. It's quite an opportunity for us. I'll leave it at that on the ARGUS Assist.

Speaker #5: We know how many users they have in Canada. We also know how many users they have in the United States, and they're one of the largest appraisers and brokers in the world.

Speaker #5: It's quite an opportunity for us. So I'll leave it at that on the Argus Assist. Pavan, do you want to take the first part of the question?

Stephen MacLeod: Yeah.

Mike Gordon: Pawan, do you want to take the first part of the question?

Speaker #2: Yeah. Obviously, you see the segment performance for software, which was a good double-digit growth. Within that, Intelligence is growing significantly higher than the total software category, along with just the progress we're making with Forbury in terms of providing a different user interface for clients.

Pawan Chhabra: Yeah. Look, obviously you see the segment performance for software, which was good double-digit growth. Within that, and you peel the layers back, ARGUS Intelligence is growing at significantly higher than the total software category, along with just the progress we're making with Forbury in terms of providing a different user interface for clients. That's very positive. We're also seeing the mix of ARGUS Intelligence improve over time. I think last quarter we reported we had 84% on ARGUS Intelligence. We have about 87% on ARGUS Intelligence, so steady improvement sequentially. We now have 48% of our ARGUS Intelligence base on asset-based pricing. As you guys recall, last quarter, we talked about it as 44%. We continue to be able to drive more of the value to broader usage across the client's asset base and really drive more ubiquitous use across the base.

Speaker #2: So that's very positive. We're also seeing the mix of Argus Intelligence improve over time. I think last quarter we reported we had 84% on Argus Intelligence.

Speaker #2: We have about 87% on Argus Intelligence. So steady improvement sequentially. We now have 48% of our Argus Intelligence base on asset-based pricing and as you guys recall, last quarter we talked about it as 44%.

Speaker #2: So we continue to be able to drive more of the value to broader usage across the client's asset base and really drive more ubiquitous use across the base.

Speaker #2: So it's a very positive and growing trend that we're extremely proud about.

Pawan Chhabra: It's a very positive and growing trend that we're extremely proud about.

Speaker #4: Okay, that's great color. Thanks, guys. Appreciate it.

Stephen MacLeod: Okay. That's great color. Thanks, guys. Appreciate it.

Speaker #2: Your next question comes from the line of Gavin Fairweather with ATB Cormark. Your line is open. Please go ahead.

Operator 3: Your next question comes from the line of Gavin Fairweather with ATB Cormark. Your line is open. Please go ahead.

Operator: Your next question comes from the line of Gavin Fairweather with ATB Cormark. Your line is open. Please go ahead.

Speaker #6: Oh, hey, good afternoon. Thanks for taking my questions. Great to hear about the upsell progress. Just with all the new products moving into Argus Intelligence in terms of Fairways debt talliance, Argus Assist, can you just put into context for us how much opportunity that opens up in the base for 2027?

Gavin Fairweather: Oh, hey, good afternoon. Thanks for taking my questions. Great to hear about the upsell progress. Just with all the new products moving into ARGUS Intelligence in terms of Fairways Debt, Taliance, ARGUS Assist, can you just put into context for us how much opportunity that opens up in the base for 2027?

Mike Gordon: Well, Gavin, in a way, it's not often that you get me stumped, but I'll give it to you this way. As you go through how many products each one of our customers have, very few of our customers actually have crossover, like where we have two of the products working together. Rarely do we have three. I'm not including Benchmark Manager and Portfolio Manager, and I'm going to leave ARGUS Assist out of it because we look at ARGUS Assist being a horizontal product that runs multiple agents working across those things.

Speaker #5: Well, I'm going to you got Gavin in a way. It's not often that you get me stumped, but it's like if you take a look at as we go through I'll give it to you this way.

Speaker #5: As you go through the how many products each one of our customers have, very few of our customers actually have crossover, where they have two of the products working together.

Speaker #5: Rarely do we have three. And so as we and I'm not including benchmark manager and portfolio manager, and I'm going to leave Argus Assist out of it because that we look at Argus Assist being a horizontal product that runs multiple agents working across those things.

Speaker #5: But when we sit back and we look at getting Investment Manager, which would be the Taliance product, and we get Debt Manager, which would be our Fairways product, on board, we think that when we look at our largest customers, all of them have given us an interest in how they can look at those products and move to them. Because historically, we have been with the asset manager, but fund managers and investment managers and the banking assets are starting to look at us from a perspective of what they can use from the product set.

Mike Gordon: When we sit back and we look at getting Investment Manager, which would be the Taliance product, and we get Debt Manager, which would be our Fairways product, on board, we think that when we look at our largest customers, all of them have given us an interest in how they can look at those products and move to them. Because historically, we have been with the asset manager, but fund managers and investment managers and the banking assets are starting to look at us from a perspective of what they can use from the product set. Our largest customers, I wouldn't be surprised in an early pipeline of having 15 to 20 opportunities each. We're waiting for the product to come out. Then we have what I'd call our challenger group, which is same size companies, but use us a little bit less.

Speaker #5: So, for our largest customers, I wouldn't be surprised if we have an early pipeline of 15 to 20 opportunities each. So, we're waiting for the product to come out.

Speaker #5: And then we have what I'd call our challenger group, which is same-size companies, but use us a little bit less. And I think that's something that we'll be pushing with them, and so there's a number of customers who have been looking at those products, especially as they come out the door.

Mike Gordon: I think that's something that we'll be pushing with them. There's a number of customers who have been looking at those products, especially as they come out the door. As to ARGUS Workbook, that is again, something that's horizontal that's coming off. We hope to make a pretty good push on that, especially in our European theater, probably as we get into Q4, then really getting into the US early next year as that's tied in and the data models are aligned. I think that with our strategy, as the data models, and we've done already the core plumbing work with all those pieces together, it'll be easier for different users to get on and leverage that information.

Speaker #5: As to Argus Workbook, that is again something that's horizontal that's coming off. We hope to make a pretty good push on that, especially in our European theater.

Speaker #5: Probably as we get into the fourth quarter and then really getting into the US early next year, as that's tied in and the data models are aligned.

Speaker #5: I think that as we with our strategy, as the data models and we've done already the core plumbing, work with all those pieces together, it'll be easier for different users to get on and leverage that information.

Speaker #6: Very helpful. And then secondly for me, just on the BMS business, great to hear about the education within the employee base just on Argus Assist.

Gavin Fairweather: Very helpful. Secondly for me, just on the VMS business, great to hear about the education within the employee base just on ARGUS Assist. Or sorry, ARGUS Intelligence. Can you just talk about how much efficiency that's driving for the team, and should we be expecting gross margins on this business to be expanding? To what extent will you be passing on some of the savings to customers?

Speaker #6: Or, sorry, Argus Intelligence. Can you just talk about how much efficiency that’s driving for the team? And should we be expecting gross margins on this business to be expanding, and to what extent will you be passing on some of the savings to customers?

Speaker #5: So we will be basically on the first piece with the team starting to use it. Part of the reason why we can hit parts of the market that we've not been able to hit before is because it actually does make us a lot it does make us more efficient.

Mike Gordon: We will be basically, on the first piece, with the team starting to use it, part of the reason why we can hit parts of the market that we've not been able to hit before is because it actually does make us more efficient. When we're getting back to our core customers who have used us for years, it's actually allowing us to do more of the advisory work that they've been asking us to do, and being able to bundle that through to give them more insight to what their portfolios are and help them in their valuations, not just doing the work and running through that. We would also look at that as a great opportunity where we have taken out effort, but we've actually applied more value.

Speaker #5: But when we're getting back to our core customers who have used us for years, it's actually allowing us to do more of the advisory work that they've been asking us to do and being able to bundle that through to give them more insight into what their portfolios are and help them in their valuations—not just doing the work and running through that.

Speaker #5: So we would also look at that as a great opportunity where we have taken out effort, but we've actually applied more value. Finally, in next year, as we continue and the teams continues to leverage it, we do think that there's some opportunities to continue to make our costs a little bit more efficient in that area but also from the standpoint as our customers and our users are leveraging actually the platform to do the work.

Mike Gordon: Finally, next year, as we continue and the teams continues to leverage it, we do think that there's some opportunities to continue to make our costs a little bit more efficient in that area, but also from the standpoint, like as our customers and our users are leveraging actually the platform to do the work. Our teams are helping them in the platform directly and collaborating on that, and they're using ARGUS Assist in that calculation. I think there'll be more opportunities next year. We do that product set will become probably somewhat more profitable. To the first question that we had gotten from Doug, we do see some opportunities to improve our margins over the next year or two.

Speaker #5: So, our teams are helping them directly on the platform and collaborating on that, and they're using Argus Assist in that calculation. I think there'll be more opportunities next year.

Speaker #5: So we do. That product set will probably become somewhat more profitable, and so to the first question that we had from Doug, we do see some opportunities to improve our margins over the next year or two.

Speaker #6: That's great. And then, lastly for me, just with the streamlined business, it sounds like there could be some additional cost savings coming in the next few quarters.

Gavin Fairweather: That's great. Lastly from me, just with the streamlined business, it sounds like there could be some additional cost savings coming in the next few quarters. As you're sitting down to start the budgeting process for next year, are there any kind of areas of the business that you think could be worthy of additional investment?

Speaker #6: But as you're sitting down to start the budgeting process for next year, are there any kind of areas of the business that you think could be worthy of additional investment?

Mike Gordon: Yeah, I think as we're going through this and we're breaking it through, there's going to be investment into our data business, which is what we've been working on right now. We see data as a very good moat for us, and we've been leveraging that. One of the things that we've been leveraging very quickly with the data business is not only that we're sitting on our laurels with We don't want to sit on our laurels with ARGUS Assist, but our next agents that are all under ARGUS Assist are coming out. Our goal is to be bringing out multiple, two to three agents per quarter, working on different areas where ARGUS Assist helps coordinate all that across the different products. You'll see a good amount of investment going into that.

Speaker #5: Yeah. I think as we've been going through this and breaking it down—listen, there's going to be investment into our data business, which is what we've been working on right now.

Speaker #5: We see data as a very good moat for us. And we've been leveraging that and one of the things that we've been leveraging very quickly with the data business is not only that we're sitting on our laurels with we don't want to sit on our laurels with Argus Assist, but our next agents that are all under Argus Assist are coming out.

Speaker #5: So our goal is to be bringing out multiple, two to three agents per quarter, working on different areas where Argus Assist helps coordinate all that across the different products.

Speaker #5: So you'll see a good amount of investment going into that. I think that another area that we have a lot of activity in that I think I've probably talked about before is that we do do.

Mike Gordon: I think that another area that we have a lot of activity in, that I think I've probably talked about before, is that we do especially into this community. We have 200 lenders who are using our products in many ways. I think there'll be more in that to help them with their credit life cycle and helping them get a good sense of how they can look at the valuation information and be able to do a better job at managing their risk and managing their dollars to basically make better loan selections. Finally, I think what you're going to see when we come to just as we make it easier to use, we've made quite an investment in UI and UX, around just basically as different people come into the platform.

Speaker #5: Especially into this community and we have like 200 lenders who are using our products in many ways. And I think there'll be more in that to help them with their credit with their credit life cycle and helping them get a good sense of how they can look at the valuation information and be able to do a better job at managing their risk and managing their dollars to basically make better loan selections.

Speaker #5: And then finally, I think what you're going to see when we come to, just as we make it easier to use, we've made quite a bit of investment in UI and UX.

Speaker #5: Around just basically as different people come into the platform, they'll come into their very much into their own home screens, which will be able to provide our insights from our teams right there.

Mike Gordon: They'll come very much into their own home screens, which will be able to provide our insights from our teams right there, we will also be giving them a good amount of reports it will give them a rounded view of what the market is providing them as we go forward. That's something that we're looking forward to early next year as well.

Speaker #5: So that we will also be giving them a good amount of reports so that it will give them a rounded view of what the market is providing them as we go forward.

Speaker #5: So that's something that we're looking forward to early next year as well.

Speaker #6: Thanks so much. And welcome, Katie. It's been great working together, Pawan.

Gavin Fairweather: Thanks so much, and welcome, Katie, and it's been great working together, Pawan.

Speaker #1: Thanks, Kevin. I appreciate it.

Pawan Chhabra: Thanks, Kevin. I appreciate it.

Speaker #2: Your next question comes from the line of John Chow with TD Cowan. Your line is open. Please go ahead.

Operator 3: Your next question comes from the line of John Shao with TD Cowen. Your line is open. Please go ahead.

Operator: Your next question comes from the line of John Shao with TD Cowen. Your line is open. Please go ahead.

Speaker #1: Thanks for taking my question. In terms of the valid acquisition, I understand this is the typical buy versus build mentality. So my question is, even with AI coding today, do you still find it hard to replicate this asset?

John Shao: Thanks for taking my question. In terms of the Valos acquisition, I understand this is the typical buy versus built mentality. My question is, even with AI coding today, do you still find it hard to replicate this asset, so that's why you pulled the trigger on this acquisition?

Speaker #1: So that's why you pulled the trigger on this acquisition?

Speaker #5: Yes. I think what we looked at is there's the ability to build it and the ability to get it done, but also, there's three things that we looked at.

Mike Gordon: Yes. I think what we looked at is there's the ability to build it and the ability to get it done. There's three things that we looked at. Number one is we have a focus on bringing our current assets onto the platform and getting those assets done pretty quickly because we think that that adoption cycle for ARGUS Investment Manager and for Debt Manager would be, if we didn't focus on those, we'd be leaving some money on the table. At the same time, as we look at things and we look at the data that we have, we looked at what they have built, and they've built quite a good product. Our teams are very excited about it. It's a core SaaS product, core cloud product built from scratch. Got great AI agents working it in and good information.

Speaker #5: Number one is we have a focus on bringing our current assets onto the platform and getting those assets done pretty quickly because we think that that adoption cycle for investment manager and for debt manager would be if we didn't focus on we didn't focus on those, we'd be leaving some money on the table.

Speaker #5: But at the same time, as we look at things and we look at the data that we have, we looked at what they had built and they built quite a good product.

Speaker #5: Our teams are very excited about it. It's been it's a core SaaS product, core cloud product built from scratch. Got great AI agents working at it and good information.

Speaker #5: And what we also liked is that we liked the progress that they had made with their customers. And I think that while we could—could we replicate it? We could do some work.

Mike Gordon: What we also liked is that we liked the progress that they had made with their customers. I think that, while we could replicate it, we could do some work. I think that the team is very dynamic and has done a very nice job of really continuing to expand on what they're doing. We just felt when we looked at it was a way for us to get there faster. It wouldn't take the attention off our core builds that we were doing. At the same time, it allowed us to get into parts of the market that we weren't serving as well, and we get that alliance pretty quickly. That was why we made the decision on the buy versus the build.

Speaker #5: I think that the team is very dynamic and has done a very nice job of really continuing to expand on what they're doing. And we just felt, when we looked at it, it was a way for us to get there off our core builds that we were doing.

Speaker #5: And at the same time, it allowed us to get into parts of the market that we weren't serving as well. And we got that alliance pretty quickly.

Speaker #5: So that was why we made the decision on the buy versus the build.

Speaker #1: Got it. And thanks for the color. So, regarding Rule of 40 targets, how much of a market recovery do you assume at this point?

John Shao: Got it. Thanks for the color. Regarding Rule of 40 targets, how much of a market recovery do you assume at this point? Do you think you can still get there without a meaningful market rebound?

Speaker #1: And do you think you can still get there without a meaningful market rebound?

Speaker #5: Yes.

Mike Gordon: Yes.

Speaker #1: Thank you. Path line.

John Shao: Thank you. I'll pass the line.

Speaker #5: You want more color? Sorry, Doug.

Mike Gordon: You want more color? Sorry, John.

John Shao: More color is always appreciated.

Speaker #1: More color is all we need.

Mike Gordon: John, we feel very comfortable that we can get. Yeah. Good. I'll leave it quick.

Speaker #5: Doug, we feel very comfortable that we can get—yeah, good. I'll leave it quick.

Speaker #2: Your next question comes from the line of Paul Traber with RBC Capital Markets. Your line is open. Please go ahead.

Operator 3: Your next question comes from the line of Paul Treiber with RBC Capital Markets. Your line is open. Please go ahead.

Operator: Your next question comes from the line of Paul Treiber with RBC Capital Markets. Your line is open. Please go ahead.

Speaker #1: Thanks very much. And good afternoon. A question on larger deal wins. It's mentioned in the press release and it's due to improve sales execution.

Paul Treiber: Well, thanks very much, and good afternoon. Just a question on larger deals wins. It's mentioned in the press release, and that's due to improved sales execution. Is that primarily from better success in terms of cross-selling, just given the more products they have available, or is there other drivers of that improved sales execution? Can you quantify the increase in the average deal sizes, how that's been trending?

Speaker #1: Is that primarily from better success in terms of cross-selling, just given the more products they have available? Or are there other drivers of that improved sales execution?

Speaker #1: And can you quantify the increase in the average deal sizes, how that's been trending?

Speaker #5: So on the first question, deals that we won in this quarter, all of these were in the millions. So I'll give you, from a standpoint of the size...

Mike Gordon: On the first question, deals that we won in this quarter, all of these were in the millions. I'll give you from a standpoint of the size. We're starting to see more million-dollar deals than not. A couple of them were with brand-new customers, and a couple of them were cross-sells with current customers. What they were not is they were not like what we had last year, the moves from AE to AIP.

Speaker #5: So we're starting to see more million-dollar deals than not. There were a couple that were with brand new customers, and a couple of them were cross-sells with current customers.

Speaker #5: But what they were not is they were not like what we had last year, the moves from AE to AIP.

Speaker #1: Okay. That's helpful. Secondly, just on guidance, can you speak to the moving parts in terms of FX? And it does look like FX had a is it a fairly significant tailwind on the revenue line?

Paul Treiber: Okay. That's helpful. Secondly, just on guidance, can you speak to the moving parts in terms of FX? I mean, it does look like FX had a fairly significant tailwind on the revenue line. Can you speak to it in terms of the impact on EBITDA?

Speaker #1: Can you speak to it in terms of the impact on EBITDA?

Mike Gordon: Our increase was all in constant currency. As much as we could, we took FX out of it. When we are talking through the raise in guide on both on revenue and the raise in guide on EBITDA, that is all done in constant currency, and there's no impact on FX from it. One thing I should say, though, is that realistically, our quarter was better than we reported on growth because we did have some drag from having the 111 business still in our numbers from last year all the way through. While we pulled the 111 business out and we're not exactly comparing apples to apples, the business did perform better comparatively when it comes down to it. Our organic growth was probably closer to 7%.

Speaker #5: Our increase was all on constant currency. So, as much as we could, we took FX out of it. So, when we are talking through the raise and guide on both revenue and the raise and guide on EBITDA, that is all done in constant currency.

Speaker #5: And there's no impact on FX from it. One thing I should say, though, is that realistically, our quarter was better than we reported on growth because we did have some drag from having the 111 business still in our numbers from last year all the way through.

Speaker #5: So while we've pulled the 111 business out and we're comparing, we're not exactly comparing apples to apples. So the business did perform better comparatively, when it comes down to it.

Speaker #5: So, our organic growth was probably closer to 7%.

Speaker #1: Okay. Thanks for that clarification. I'll pass the line.

Paul Treiber: Okay. Thanks for that clarification. I'll pass the line.

Speaker #2: Your next question comes from the line of Aaron Kyle with CIBC Capital. Your line is open. Please go ahead.

Operator 3: Your next question comes from the line of Erin Kyle with CIBC Capital. Your line is open. Please go ahead.

Operator: Your next question comes from the line of Erin Kyle with CIBC Capital. Your line is open. Please go ahead.

Erin Kyle: Hi. Good evening. Thanks for taking the questions. Maybe just one for me on capital allocation side. Mike, you mentioned the Valos acquisition was an example of what you'd like to do going forward. Is that to say that acquisition focus here is still predominantly on tuck-ins, or are you considering larger size deals on a go-forward basis here, given you've got a lot of cash on the balance sheet as well? Maybe Katie has a different view on M&A as well, she's joined the team.

Speaker #6: Hi. Good evening. Thanks for taking the questions. Maybe just one for me on capital allocation side. Mike, you mentioned the bullish acquisition was or valuous acquisition was an example of what you'd like to do going forward.

Speaker #6: Is that to say that acquisition focus here is still predominantly on tuck-ins, or are you considering larger-size deals on a go-forward basis, given you've got a lot of cash on the balance sheet as well?

Speaker #6: And then, maybe Katie has a different view on M&A as well. She's joined the team.

Speaker #5: Yeah. Fair question, Aaron. I think we are we kind of turned the page. On the divestitures and as we turned the page on divestitures, we've started to look.

Mike Gordon: Yeah. Fair question, Erin. I think we kind of turned the page on the divestitures, as we turned the page on divestitures, we've started to look. We're more firmly in the tuck-in, expanding our reach and hitting a part of the market and getting some of the functionality like that. This is something that we're building up a pipeline on and looking at. I would be never say never, but we don't really look at doing something on a massive scale. I think that our investors have been very happy with the returns that we've been giving them of the capital in repurchasing our stock. We'll continue with that, but we'll also now leverage in on capital allocation these tuck-ins. Katie?

Speaker #5: But we are more firmly in the tuck-in, expanding our reach and hitting a part of the market, and getting some of the functionality like that.

Speaker #5: And this is something that we're building up a pipeline on and looking at. I would say never say never, but we don't really look at doing something on a massive scale.

Speaker #5: I think that our investors have been very happy with the returns that we've been giving them, with the capital in repurchasing our stocks. So we'll continue with that, but we'll also now leverage in on capital allocation with these tuck-ins.

Speaker #5: Katie?

Speaker #6: Yeah, I agree. I mean, I'd say, from what I've seen, the business has been through, largely, a transformation. And so I think the product roadmap and where we want to go is very clear.

Katie Royce: Yeah, I agree. I'd say from what I've seen, the business has been through largely through a transformation. I think the product roadmap and where we want to go is very clear. Tuck-ins are a great way, like Valos, to accelerate that vision going forward. Never say never, as Mike said, but I don't think another transformative action is what we've got in store right now.

Speaker #6: And so tuck-ins are a great way, like values, to accelerate that vision going forward. And so, never say never, as Mike said, but I don't think another transformative action is what we've got in store right now.

Speaker #6: Okay, that's helpful. Thank you. And then maybe one for you, Katie. Welcome—looking forward to working with you. Again, appreciate that you've only been with the Altus team just this week.

Erin Kyle: Okay, that's helpful. Thank you. Maybe one for you, Katie. Welcome. Looking forward to working with you. I appreciate you've only been with the Altus team just this week, so I'm not sure if this is a totally fair question, but maybe in your view, what areas do you see the most opportunity for growth at Altus? Is there anything about Altus that you believe is being underappreciated by investors today?

Speaker #6: So I'm not sure this is a totally fair question, but maybe in your view, what areas do you see the most opportunity for growth at Altus?

Speaker #6: And then, is there anything about Altus that you believe is being underappreciated by investors today? Yeah. Maybe I'll take the second part and then give myself some space to learn the business more on what I'm most excited about for growth.

Katie Royce: Yeah. Maybe I'll take the second part, give myself some space to learn the business more on what I'm most excited about for growth. Look, I think that the market really truly does a bit underappreciate the durability and the moat around the core product, the data, the AI, and the ability to really become more integrated in workflow and part of how our customers do business across the spectrum. I'm pretty excited about being here to help enable that and bring those proof points to life. I do think that that is undervalued currently.

Speaker #6: Look, I think that the market really, truly does a bit underappreciate the durability and the moat around the core product, the data, the AI, and the ability to really become more integrated in workflow and kind of part of how our customers do business across the spectrum.

Speaker #6: And so I'm pretty excited about it. I'm here to kind of help enable that and bring those proof points to life. I do think that that is undervalued currently.

Speaker #6: And any specific growth area in your view that we haven't already discussed? No, I mean, I'm just starting to kind of dive in across all of the clients, products, geos, etc.

Erin Kyle: Any specific growth area in your view that we haven't already discussed?

Katie Royce: No, I'm just starting to dive in across all of the clients, products, geos, et cetera. I'll hold on that one and maybe next time we talk, I'll have a stronger point of view there.

Speaker #6: So I'll hold on that one, and maybe next time we talk, I'll have a stronger point of view there. Fair enough. Thank you. I'll pass the line.

Erin Kyle: Fair enough. Thank you. I'll pass the line.

Speaker #2: There are no further questions at this time. I will now turn the call back to Mike Gordon, CEO, for closing remarks.

Operator 1: There are no further questions at this time. I will now turn the call back to Mike Gordon, CEO, for closing remarks.

Operator: There are no further questions at this time. I will now turn the call back to Mike Gordon, CEO, for closing remarks.

Speaker #5: Thanks, operator. And I want to thank everybody for joining the call tonight. I appreciate your time this evening. It's been an exciting period for us.

Mike Gordon: Thanks, operator. I want to thank everybody for joining the call tonight, and I appreciate your time this evening. It's been an exciting period for us, and we are very happy to be really through what we laid out last year at this point, or not even this point, but in November. We're happy to really get onto the business of operating the business the way that we wanted to. We look forward to discussions with you all, but if we don't see you soon, enjoy the rest of your summer, and we'll talk soon. Thanks.

Speaker #5: And we are very happy to be really through what we laid out last year at this point—or not even this point, but in November.

Speaker #5: And we're happy to really get on to the business of operating the business the way that we wanted to. We look forward to discussions with you all.

Speaker #5: But if we don't see you soon, enjoy the rest of your summer, and we'll talk soon. Thanks.

Speaker #2: This concludes today's call. Thank you for attending. You may now disconnect.

Operator 1: This concludes today's call. Thank you for attending. You may now disconnect. This event has now concluded. Thank you for joining Altus Group's Q2 2026 financial results conference call and webcast. The line will disconnect automatically.

Operator: This concludes today's call. Thank you for attending. You may now disconnect. This event has now concluded. Thank you for joining Altus Group's Q2 2026 financial results conference call and webcast. The line will disconnect automatically.

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