Altus Group Limited

Ladies and gentlemen, thank you for joining us and welcome to Altus Group's first quarter 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.

Thank you, Jade. Hi, everyone, and welcome to the conference call and webcast discussing Altus Group's first quarter results for the period ended March 31st, 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 Cedar Plus after market close this afternoon. I'm joined today by our CEO, Mike Gordon, and our CFO, Pavan Chhabra. 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 52112. 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 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. Before we start, I would like to point out that the development advisory business was moved under discontinued operations this quarter. Accordingly, our results for Q1 and the comparative period are presented without it. However, certain metrics like net cash provided by operating activities and free cash flow still include contribution from the development advisory business. Additionally, on April 30th, we sold the 111 managed services business, which was part of the analytics segment. This business line did not qualify for discontinued operations accounting treatment, so just keep in mind that on a go-forward basis, The revenue contribution of 111 managed services, approximately $5.2 million in 2025, including $3.9 million of which went into the recurring revenue line, will still remain in the comparative period of the, and then the Q2 results will include partial contribution up to April 30th. Okay, and with that, I'll now turn it over to Mike.

Thanks, Camilla. Good evening, everyone, and thank you for joining us. Over the past quarter, I've spent a lot of time visiting our offices, meeting with customers, and having candid conversations with many of our largest shareholders. Those discussions have sharpened my view of what's working well and where we still need to continue to improve. And for those of you who know me, you know I like to move decisively. We've already begun aligning the organization around this clear set of priorities to drive our next phase of growth. Our teams are energized and I'm encouraged by the feedback we heard at our recent Altus Connect user conference where we unveiled Argus Assist, our latest AI capability and agentic AI experience on the Argus Intelligence platform and walked clients through the evolution of that platform. We demonstrated capabilities that are built and ready to deploy and rebuild our new upcoming capabilities. customers are looking for a single platform that connects users and data across multiple capabilities throughout the CRE lifecycle. Based on client feedback, we are accelerating our roadmap to move the key capabilities of our other standalone software products onto the platform by early 2027. I'm very excited to capture new opportunities coming out of the Altus Connect conference. With that conference and that context, let me spend a moment on Argus Assist. At its core, it's a conversational interface built directly into Argus Intelligence. It lets our users interact with their Argus data more naturally, ask a question about an asset, and Argus Assist can draw on relevant models, workflows, and data to return an informed answer. Instead of navigating multiple screens, tools, calculations, users can generate insights, run analyses, retrieve information through a single interface. Work that previously took days can now be surfaced in moments. Argus Assist leverages our proprietary and patented Knowledge Graph technology, which helps organize data from multiple sources to a common Altus ID for the asset. This enables faster, more flexible access to high-quality data across the platform with added AI capabilities through Argus Assist. This is one of the things that makes what we're building transformative to this industry. Unlike generic AI tools, Argus Assist is purpose-built for commercial real estate. It leverages Argus's structured cash flow models, valuation workflows, and market data. So insights are grounded in the rigor and standard CRE professionals rely on and the outputs that they can stand behind when they take something to investment committees. Because it's based off well established valuation grade workflows backed by our decades of industry and domain experience and pulling from trusted high value Argus data, it doesn't just provide an answer, it provides an answer that they can trust and defend. Argus Assist is designed to expand over time as we build out our family of agents across our platform. The latest agent is our valuation agent, built to support valuation with accuracy, rigor, and defensibility our customers expect. And we know it passes the test because our VMS team, one of the most respected authorities in CRE valuation, has helped shape it. I'm very encouraged by the positive client reception, including customers reaffirming on stage that it delivers a superior AI solution to anything they could have ever attempted to do themselves in-house, precisely because it's underpinned by our data and workflows. It's early days, but about 30% of our customers who attended Altus Connect are in the process of signing up for Argus Assist. As I step back and look at where we are today, our platform is solid. Wherever there's a step change in technology, the conversation naturally turns to disruption. But in my experience, the companies that win are the ones that are already embedded in their customers' most important decisions. And that's exactly where we at Altus operate. Our data, our valuation-grade workflows, and the trust we have earned across commercial real estate aren't easily replicated. And they give us a real advantage as AI becomes part of how this industry works. With Argus Assist, we're not asking clients to rethink how they do business. We're making what they already do better, faster, and more insightful. When you combine that with our sharper focus, our strong free cash flow profile, and a disciplined approach to capital allocation, I'm confident we're strengthening Altus's competitive position and building a more durable, higher quality business for the long term. And you should be pleased to know that we're consistently executing against the commitments we laid out at Investor Day. Demand for our flagship offerings remain solid, supporting steady ARR growth in the first quarter. With improving platform engagement, we feel good about being able to expand cross-sell and off-sell opportunities across our client set. A key priority this year is onboarding more assets to Argus Intelligence, both through new client additions and by helping existing clients bring their portfolios onto the platform. With each asset organized under a unique Altus ID on our knowledge graph. This is foundational to our vision so that we can deliver better analytics and drive more value for our customers. Earlier this year, we set up a dedicated team to help move our customers and their models onto the platform. And we're using our AI and data curation technology to help them move faster. As a result, we're seeing a good quarterly cadence building upon the hundreds of thousands of assets that are already on the Argus intelligence platform. It's certainly a big step up from last year. Our portfolio rationalization also remains on track. After the sale of the appraisals business in Q1, we've also recently sold the 111 managed services business line, and we expect to sell the development advisory business by year end. Our continuing operations financials are already providing a simpler, clearer view of performance and the potential we see ahead. As you'll hear from Publin shortly, we're increasing our guidance based on the simplicity of our operations and performance of our underlying business doing well. we can offset the loss of 111 revenues with increased analytics growth expectations in addition we're making steady progress improving our operating leverage and reducing operating expenses these actions are driving strong adjusted ebitda growth and margin expansion with more benefits expected to flow through the coming quarters this supports our confidence in the trajectory to our exit 2027 as a Rule 40 company and has enabled us to increase our EBITDA margin guidance as well. We're also on a strong trajectory to deliver robust free cash flow, one of our key KPIs and the North Star for many of the operational enhancements underway. Following the completion of our recent substantial issuer bid, we've returned approximately $400 million to shareholders year to date. These capital returns have already reduced our outstanding share count by 18% thus far this year, with more to come. And as we prepare for our U.S. dual listing next year, I expect Altus to enter the U.S. capital markets with a stronger operating posture and an improved financial profile, positioning Altus as the leading analytics business that we are. We are moving with intent. We're balancing urgency with discipline as we execute against a compelling value creation opportunity. And with that, I'll turn things over to Pavan to walk through our quarterly results. Pavan?