Constellation Software (CSU) investor relations material

Executive summary

• Emphasis on navigating AI disruption with a disciplined, learning-focused culture and cross-portfolio collaboration, especially in AI upskilling and best practice sharing.

• AI adoption is accelerating, with thousands of developers trained and productivity gains observed, but monetization and revenue impact remain in early stages.

• Revenue increased 18% year-over-year in Q4 2025 to $3,177 million, with 6% organic growth and 2% growth after adjusting for FX rates.

• Net income attributable to common shareholders fell 61% in Q4 2025 to $110 million ($5.19 per diluted share) compared to Q4 2024.

• Deep vertical expertise, customer relationships, and data are seen as long-term differentiators, not just rapid product development.

Financial highlights

• Q4 2025 cash flows from operations increased 16% year-over-year to $788 million; full year CFO up 24% to $2,732 million.

• Free cash flow available to shareholders increased 14% for the year to $1,683 million, despite a 12% Q4 decline.

• Total assets at year-end 2025 were $16,171 million, up from $12,848 million at year-end 2024.

• Shareholders’ equity increased to $4,267 million at December 31, 2025.

• Declared a $1.00 per share dividend payable April 15, 2026.

Outlook and guidance

• AI-enabled coding and productivity improvements are expected to continue embedding across business units.

• Organic growth rates are expected to remain consistent with historical levels, with 5% FX-adjusted maintenance organic growth and 2-3% total organic growth.

• Forward-looking statements caution about significant risks and uncertainties that could cause actual results to differ materially from projections.

• No significant changes anticipated in pricing power or customer pushback on price increases.