Overview

* Altus Group ( ASGTF ) Q3 revenue slightly missed analyst expectations, reaching C$133.3 mln

* Adjusted EBITDA for Q3 missed analyst estimates, totaling C$25.6 mln

* Company's recurring revenue grew 5.2% yr/yr, adjusted EBITDA margin expanded by 230 bps

Outlook

* Altus Group expects Q4 2025 Analytics revenue to grow 3-5%

* Company sees FY 2025 Analytics revenue growth at 2-4%

* Altus Group ( ASGTF ) anticipates FY 2025 consolidated revenue growth of 0-2%

Result Drivers

* RECURRING REVENUE GROWTH - Driven by consistency and growth in assets on Valuation Management Solutions platform and ARGUS cloud conversions

* ADJUSTED EBITDA MARGIN EXPANSION - Supported by improved operating leverage and pricing actions

* REVENUE GUIDANCE IMPACT - Interest rate volatility and global trade uncertainty affected revenue guidance

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Slight C$133.30 C$134.44

Revenue Miss* mln mln (6

Analysts

)

Q3 Miss C$25.60 C$26.85

Adjusted mln mln (8

EBITDA Analysts

)

Q3 19.20%

Adjusted

EBITDA

Margin

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the real estate services peer group is "buy."

* Wall Street's median 12-month price target for Altus Group Ltd ( ASGTF ) is C$63.50, about 11.7% above its November 5 closing price of C$56.10

* The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 29 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)