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  • Q2 2026

    Revenue by currency

    $3.34B

    Revenue

    USD 47%

    EUR 21%

    GBP 9%

    Other 23%

  • Q2 2026

    Revenue by entity

    78%

    15%

    7%

    Constellation core

    Topicus

    Lumine

  • Cost ratio

    Q2 2026

    $2,496M

    75%

    Expenses / revenue

    73%

    Q2 2025

  • Q2 2026 · % of revenue

    Cost lines vs. revenue

    51%

    Staff

    Staff 51%

    Amort. 10%

    Licenses 10%

  • Q2 26 vs Q2 25

    Expense growth

    +60%

    +45%

    +30%

    +15%

    0

    Staff

    HW

    Lic.

    Fees

    Travel

    D&A

  • Quarterly

    Revenue by type

    100%

    75%

    50%

    25%

    0

    Q1 25

    Q2 25

    Q3 25

    Q4 25

    Q1 26

    Q2 26

    Recurring

    Services

    Hardware

    Licenses

  • Revenue

    $3.34B

    ↑ 17% vs Q2 25

  • Organic growth

    Reported vs. FX-adjusted

    8%

    6%

    4%

    2%

    0

    Q2 24

    Q2 25

    Q2 26

    Reported

    FX-adjusted

  • Declared Aug 11, 2026

    $1.00

    per share

    $2.00

    $1.50

    $1.00

    $0.50

    0

    Q2 24

    Q2 25

    Q2 26

  • Quarterly · US$

    Net income vs. FCFA2S

    800M

    600M

    400M

    200M

    0

    Q2 24

    Q2 25

    Q2 26

    FCFA2S

    Net income

  • Quarterly

    Cash flow

    1B

    750M

    500M

    250M

    0

    Q1 26: $897M

    Q2 24

    Q2 25

    Q2 26

    Operations

    FCFA2S

  • FX-adjusted

    Organic growth by type

    +20%

    +10%

    0

    −10%

    −20%

    Recurring

    Services

    Hardware

    Licenses

  • US$

    Staff expense by department

    $500M

    $250M

    0

    Q2 25

    Q1 26

    Q2 26

    R&D

    G&A

    Maintenance

    Services

  • Quarterly

    Hardware revenue

    $150M

    $100M

    $50M

    0

    Q1 25

    Q2 25

    Q3 25

    Q4 25

    $138M

    Q1 26

    Q2 26

  • Q2 2026 · US$

    Revenue to net income

    $4B

    $2B

    0

    $3,335M

    Revenue

    −$2,496M

    Opex

    −$404M

    D&A

    −$161M

    Other

    $274M

    Net income

    Net margin

    8.2%

    Net income vs Q2 25

    +386%

  • Recurring revenue

    Q2 2026

    $2.55B

    77%

    of revenue

    $3,335M

    Total revenue

  • Recurring organic growth

    Altera vs. rest of CSI

    +8%

    0

    −8%

    −16%

    −24%

    Q2 24

    Q2 25

    Q2 26

    Rest of CSI

    Altera

  • Quarterly

    Services revenue

    $600M

    $450M

    $300M

    $150M

    0

    Q1 25

    Q2 25

    Q3 25

    Q4 25

    Q1 26

    Q2 26

    $573M

  • Recurring organic growth

    Reported vs. FX-adjusted

    12%

    9%

    6%

    3%

    0

    Q2 24

    Q2 25

    Q2 26

    Reported

    FX-adjusted

  • US$ · H1 25 vs. H1 26

    First-half results

    1.6B

    1.2B

    800M

    400M

    0

    CFO

    FCFA2S

    Net income

    H1 25

    H1 26

  • Quarterly

    Revenue by type

    100%

    75%

    50%

    25%

    0

    Q1 25

    Q2 25

    Q3 25

    Q4 25

    Q1 26

    Q2 26

    Recurring

    Services

    Hardware

    Licenses

  • Revenue

    $3.34B

    ↑ 17% vs Q2 25

  • Organic growth

    Reported vs. FX-adjusted

    8%

    6%

    4%

    2%

    0

    Q2 24

    Q2 25

    Q2 26

    Reported

    FX-adjusted

  • Declared Aug 11, 2026

    $1.00

    per share

    $2.00

    $1.50

    $1.00

    $0.50

    0

    Q2 24

    Q2 25

    Q2 26

  • Quarterly · US$

    Net income vs. FCFA2S

    800M

    600M

    400M

    200M

    0

    Q2 24

    Q2 25

    Q2 26

    FCFA2S

    Net income

  • Quarterly

    Cash flow

    1B

    750M

    500M

    250M

    0

    Q1 26: $897M

    Q2 24

    Q2 25

    Q2 26

    Operations

    FCFA2S

  • FX-adjusted

    Organic growth by type

    +20%

    +10%

    0

    −10%

    −20%

    Recurring

    Services

    Hardware

    Licenses

  • US$

    Staff expense by department

    $500M

    $250M

    0

    Q2 25

    Q1 26

    Q2 26

    R&D

    G&A

    Maintenance

    Services

  • Quarterly

    Hardware revenue

    $150M

    $100M

    $50M

    0

    Q1 25

    Q2 25

    Q3 25

    Q4 25

    $138M

    Q1 26

    Q2 26

  • Q2 2026 · US$

    Revenue to net income

    $4B

    $2B

    0

    $3,335M

    Revenue

    −$2,496M

    Opex

    −$404M

    D&A

    −$161M

    Other

    $274M

    Net income

    Net margin

    8.2%

    Net income vs Q2 25

    +386%

Engineering the intelligence layer of finance

Engineering the intelligence layer of finance

Constellation Software
TSX: CSU · Q2 2026

Recurring organic growth fell to 2%. Is that the whole portfolio, or one vertical?

  1. Reading the Q2 MD&A
  2. Splitting out Altera
  3. Adjusting for FX
  4. Lining up 5 quarters

One vertical. Altera, the hospital EHR business, is under 5% of revenue but its recurring revenue fell 19%. The rest of Constellation held at 4%.

Maintenance & recurring organic growth, FX-adjustedAlteraRest of CSI
Q2 2025+1%−5 pts
Q3 2025−10%−15 pts
Q4 2025+5%−1 pt
Q1 2026−6%−10 pts
Q2 2026−19%−23 pts
Sourced fromQ2 2026 MD&AAltera tablesView sourcesView breakdown
Ask about Topicus, Lumine, capital deployed…ExportAdd to sheet
Constellation Software
TSX: CSU · Q2 2026

Recurring organic growth fell to 2%. Is that the whole portfolio, or one vertical?

  1. Reading the Q2 MD&A
  2. Splitting out Altera
  3. Adjusting for FX
  4. Lining up 5 quarters

One vertical. Altera, the hospital EHR business, is under 5% of revenue but its recurring revenue fell 19%. The rest of Constellation held at 4%.

Maintenance & recurring organic growth, FX-adjustedAlteraRest of CSI
Q2 2025+1%−5 pts
Q3 2025−10%−15 pts
Q4 2025+5%−1 pt
Q1 2026−6%−10 pts
Q2 2026−19%−23 pts
Sourced fromQ2 2026 MD&AAltera tablesView sourcesView breakdown
Ask about Topicus, Lumine, capital deployed…ExportAdd to sheet

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Larchmere Residential REIT

Residential REIT

KPI

Source

Q2 2026

Occupancy

Filing

97.2%

AFFO payout ratio

Filing

78.4%

Same-property NOI growth

Filing

+3.1%

Rental vacancy, Toronto

Third-party

2.1%

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Company disclosures

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Market data

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Third-party data

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Larchmere Residential REIT

TSX: LMR.UN · Residential REIT

KPI

Source

Q2 2026

Occupancy

Filing

97.2%

AFFO payout ratio

Filing

78.4%

Same-property NOI growth

Filing

+3.1%

Rental vacancy, Toronto

Third-party

2.1%

Occupancy · 8 quarters

03 Serve

Peer comparison

Screens

ETF & IR widgets

Embed

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Agents

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KPI updatedOccupancy
Boardwalk REITTSX
Report parsedQ2 MD&A
AeconTSX
News indexedPress release
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KPI updatedVisitors
KinepolisEuronext
Report parsedInterim report
AddtechStockholm

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Report parsedQ2 MD&A
AeconTSX
News indexedPress release
Badger MeterNYSE
KPI updatedVisitors
KinepolisEuronext
Report parsedInterim report
AddtechStockholm

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Photo by Darren Liao, Alberta Lead at Fintech Cadence

Photo by Darren Liao, Alberta Lead at Fintech Cadence

real world, real results

Building the future of InvesTech

Photo by Darren Liao, Alberta Lead at Fintech Cadence

Photo by Darren Liao, Alberta Lead at Fintech Cadence

real world, real results

Building the future of InvesTech

Photo by Darren Liao, Alberta Lead at Fintech Cadence

Photo by Darren Liao, Alberta Lead at Fintech Cadence

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Engineering the intelligence layer of finance.

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