{"success":true,"data":{"pressRelease":{"id":"22206","rtpr_id":"nGNX669v5v","ticker":"CSU","exchange":"TSX","all_tickers":["CSU","TOI"],"title":"Constellation Software Inc. and Topicus.Com Inc. Announce Results for Topicus.com Inc. for the First Quarter Ended March 31, 2026","author":"Globe Newswire","published_at":"2026-05-05T21:01:49.473Z","article_body":"TORONTO, May 05, 2026 (GLOBE NEWSWIRE) -- Topicus.com Inc. (TSXV:TOI) in a\njoint release with Constellation Software Inc. (TSX:CSU) today announced\nfinancial results for Topicus.com Inc. (“Topicus” or the “Company”)\nfor the first quarter ended March 31, 2026. Please note that all amounts\nreferred to in this press release are in Euros unless otherwise stated.\n\nThe following press release should be read in conjunction with the Company’s\nUnaudited Condensed Consolidated Interim Financial Statements for the three\nmonths ended March 31, 2026 and the accompanying notes, our Management’s\nDiscussion and Analysis for the three months ended March 31, 2026 and the\nAnnual Consolidated Financial Statements of Topicus.com Inc. for the year\nended December 31, 2025, which we prepared in accordance with International\nFinancial Reporting Standards (“IFRS”) and the Company’s annual\nManagement’s Discussion and Analysis for the year ended December 31, 2025,\nwhich can be found on SEDAR+ at www.sedarplus.com and on Topicus.com Inc.’s\nwebsite www.topicus.com. Additional information about Topicus.com Inc. is also\navailable on SEDAR+ at www.sedarplus.com.\n\nQ1 2026 Headlines:\n* Revenue increased 23% (5% organic growth) to €435.7 million compared to\n€355.6 million in Q1 2025.\n* Net income decreased to €55.1 million (€0.41 on a diluted per share\nbasis) from €70.1 million (€0.54 on a diluted per share basis).\n* Acquisitions were completed for aggregate cash consideration of €15.0\nmillion (which includes acquired cash). Deferred payments associated with\nthese acquisitions have an estimated value of €7.5 million resulting in\ntotal consideration of €22.5 million.\n* Cash flows from operations (“CFO”) increased €9.0 million to €280.5\nmillion compared to €271.4 million in Q1 2025 representing an increase of\n3%.\n* Free cash flow available to shareholders(1) (“FCFA2S”) increased €3.7\nmillion to €165.4 million compared to €161.7 million in Q1 2025\nrepresenting an increase of 2%.\nTotal revenue for the quarter ended March 31, 2026 was €435.7 million, an\nincrease of 23%, or €80.1 million, compared to €355.6 million for the\ncomparable period in 2025. The increase is primarily attributable to growth\nfrom acquisitions as the Company experienced organic growth of 5% in the\nquarter. Organic growth is not a standardized financial measure and might not\nbe comparable to measures disclosed by other issuers.\n\nNet income for the quarter ended March 31, 2026 decreased €15.1 million to\n€55.1 million compared to €70.1 million for the same period in 2025. On a\nper share basis, this translated into net income per basic and diluted share\nof €0.41 in the quarter ended March 31, 2026 compared to €0.54 for the\nsame period in 2025.\n\nFor the quarter ended March 31, 2026, CFO increased €9.0 million to €280.5\nmillion compared to €271.4 million for the same period in 2025 representing\nan increase of 3%.\n\nFor the quarter ended March 31, 2026, FCFA2S increased €3.7 million to\n€165.4 million compared to €161.7 million for the same period in 2025\nrepresenting an increase of 2%.\n\nForward Looking Statements \n\nCertain statements herein may be “forward looking” statements that involve\nknown and unknown risks, uncertainties and other factors that may cause the\nactual results, performance or achievements of Topicus or the industry to be\nmaterially different from any future results, performance or achievements\nexpressed or implied by such forward-looking statements. Forward looking\nstatements involve significant risks and uncertainties, should not be read as\nguarantees of future performance or results, and will not necessarily be\naccurate indications of whether or not such results will be achieved. A number\nof factors could cause actual results to vary significantly from the results\ndiscussed in the forward looking statements. These forward looking statements\nreflect current assumptions and expectations regarding future events and\noperating performance and are made as of the date hereof and Topicus assumes\nno obligation, except as required by law, to update any forward looking\nstatements to reflect new events or circumstances.\n\nNon-IFRS Measures\n\nFree cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash\nflows from operating activities less interest paid on lease obligations,\ninterest paid on other facilities, credit facility transaction costs,\nrepayments of lease obligations, and property and equipment purchased, and\nincludes interest and dividends received, and the proceeds from sale of\ninterest rate caps. The portion of this amount applicable to non-controlling\ninterests is then deducted. Topicus believes that FCFA2S is useful\nsupplemental information as it provides an indication of the uncommitted cash\nflow that is available to shareholders if Topicus does not make any\nacquisitions, or investments, and does not repay any debts. While Topicus\ncould use the FCFA2S to pay dividends or repurchase shares, Topicus’\nobjective is to invest all of our FCFA2S in acquisitions which meet Topicus’\nhurdle rate.\n\nFCFA2S is not a recognized measure under IFRS and, accordingly, readers are\ncautioned that FCFA2S should not be construed as an alternative to net cash\nflows from operating activities.\n\nThe following table reconciles FCFA2S to net cash flows from operating\nactivities:\n\n \n Three months ended March 31, \n 2026 2025 \n (€ in millions) \n \n Net cash flows from operating activities 280.5 271.4 \n Adjusted for: \n Interest paid on lease obligations (0.9 ) (0.7 ) \n Interest paid on other facilities (3.7 ) (4.7 ) \n Credit facility transaction costs (0.3 ) (0.1 ) \n Payments of lease obligations (8.4 ) (6.8 ) \n Property and equipment purchased (3.2 ) (2.9 ) \n Interest and dividends received 0.6 0.3 \n \n 264.5 256.5 \n Less amount attributable to \n non-controlling interests (99.1 ) (94.8 ) \n \n Free cash flow available to shareholders 165.4 161.7 \n \n (Due to rounding, certain totals may not foot.) \n \n\nAbout Topicus.com Inc.\n\nTopicus’ subordinate voting shares are listed on the Toronto Venture Stock\nExchange under the symbol \"TOI\". Topicus acquires, manages and builds vertical\nmarket software businesses.\n\nAbout Constellation Software Inc.\n\nConstellation's common shares are listed on the Toronto Stock Exchange under\nthe symbol \"CSU\". Constellation acquires, manages and builds vertical market\nsoftware businesses.\n\nFor further information:\nJamal Baksh\nChief Financial Officer \n(416) 861-9677 \ninfo@topicus.com\nwww.topicus.com\n\nSOURCE: TOPICUS.COM INC.\n\nNEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT\nTERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS\nRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statements of Financial Position \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n Unaudited \n March 31, 2026 December 31, 2025 \n \n Assets \n \n Current assets: \n Cash 331,173 326,686 \n Accounts receivable 210,486 175,613 \n Unbilled revenue 70,315 53,909 \n Inventories 7,870 7,057 \n Other assets 84,856 67,969 \n 704,700 631,234 \n \n Non-current assets: \n Property and equipment 28,273 27,343 \n Right of use assets 95,766 96,656 \n Deferred income taxes 24,223 23,494 \n Investments in associates 527,439 515,368 \n Other assets 18,456 17,790 \n Intangible assets 1,190,258 1,201,287 \n 1,884,415 1,881,939 \n \n Total assets 2,589,115 2,513,173 \n \n Liabilities and Shareholders' Equity \n \n Current liabilities: \n Topicus Revolving Credit Facility and current portion of Term and other loans 96,065 345,324 \n Accounts payable and accrued liabilities 380,113 365,229 \n Deferred revenue 453,789 207,140 \n Provisions 3,091 3,548 \n Acquisition holdback payables 24,077 23,740 \n Lease obligations 32,134 30,915 \n Income taxes payable 40,128 39,201 \n 1,029,396 1,015,098 \n \n Non-current liabilities: \n Term and other loans 352,579 347,218 \n Deferred income taxes 183,948 188,313 \n Acquisition holdback payables 39,414 40,133 \n Lease obligations 65,425 67,436 \n Other liabilities 81,126 73,166 \n 722,492 716,266 \n \n Total liabilities 1,751,888 1,731,363 \n \n \n Shareholders' Equity: \n Capital stock 39,412 39,412 \n Accumulated other comprehensive income (loss) 127,327 124,611 \n Retained earnings 343,910 309,801 \n Non-controlling interests 326,577 307,985 \n 837,227 781,810 \n \n Total liabilities and shareholders' equity 2,589,115 2,513,173 \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statements of Income (Loss) \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n \n Unaudited \n Three months ended March 31, \n 2026 2025 \n \n Revenue \n License 11,518 9,396 \n Professional services 98,221 82,305 \n Hardware and other 9,885 7,319 \n Maintenance and other recurring 316,064 256,575 \n 435,688 355,595 \n Expenses \n Staff 237,594 197,889 \n Hardware 5,312 4,125 \n Third party license, maintenance and professional services 36,951 28,422 \n Travel, telecommunications, supplies, software and equipment 17,938 14,592 \n Professional fees 7,085 7,608 \n Other, net 7,033 8,584 \n Depreciation 11,655 9,376 \n Amortization of intangible assets 44,420 36,852 \n 367,988 307,448 \n \n Impairment of intangible and other non-financial assets - - \n Finance and other (income) expenses 2,593 (5,243 ) \n Share in net (income) loss of equity investee (9,096 ) (15 ) \n (Increase) decrease in the fair value of equity securities - (32,789 ) \n Finance costs 9,808 6,189 \n 3,306 (31,858 ) \n \n Income (loss) before income taxes 64,395 80,005 \n \n Current income tax expense (recovery) 20,568 18,747 \n Deferred income tax expense (recovery) (11,236 ) (8,871 ) \n Income tax expense (recovery) 9,332 9,877 \n \n Net income (loss) 55,062 70,129 \n \n Net income (loss) attributable to: \n Equity holders of Topicus 34,209 44,811 \n Non-controlling interests 20,854 25,317 \n Net income (loss) 55,062 70,129 \n \n Weighted average shares \n Basic shares outstanding 83,338,874 83,068,874 \n Diluted shares outstanding 129,841,819 129,841,819 \n \n Earnings (loss) per common share of Topicus \n Basic 0.41 0.54 \n Diluted 0.41 0.54 \n \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statements of Comprehensive Income (Loss) \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n \n Unaudited \n Three months ended March 31, \n 2026 2025 \n \n Net income (loss) 55,062 70,129 \n \n Items that are or may be reclassified subsequently to net income (loss): \n \n Foreign currency translation differences from foreign operations and other 3,961 1,296 \n \n Items that will not be reclassified to net income (loss): \n \n Changes in the fair value of equity investments at FVOCI - 111,097 \n \n Other comprehensive (loss) income for the period, net of income tax 3,961 112,393 \n \n Total comprehensive income (loss) for the period 59,023 182,521 \n \n Total other comprehensive income (loss) attributable to: \n Equity holders of Topicus 2,716 72,219 \n Non-controlling interests 1,245 40,173 \n Total other comprehensive income (loss) 3,961 112,393 \n \n Total comprehensive income (loss) attributable to: \n Equity holders of Topicus 36,924 117,030 \n Non-controlling interests 22,099 65,491 \n Total comprehensive income (loss) 59,023 182,521 \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statement of Changes in Shareholders' Equity (Deficiency) \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n Unaudited \n Three months ended March 31, 2026 \n \n Capital Stock Accumulated other Retained Total Non-controlling Total equity \n comprehensive earnings interests \n (loss) income \n \n Balance at January 1, 2026 39,412 124,611 309,801 473,825 307,985 781,810 \n \n Total comprehensive income (loss) for the period: \n \n Net income (loss) - - 34,209 34,209 20,854 55,062 \n \n Foreign currency translation differences from \n foreign operations and other, net of income tax and \n changes in the fair value of equity investments at FVOCI - 2,716 - 2,716 1,245 3,961 \n \n Total other comprehensive income (loss) \n for the period - 2,716 - 2,716 1,245 3,961 \n \n Total comprehensive income (loss) for the period - 2,716 34,209 36,924 22,099 59,023 \n \n Transactions with owners, recorded directly in equity \n \n Other movements in non-controlling interests and equity - - (100 ) (100 ) (56 ) (155 ) \n \n Dividends paid to non-controlling interests - - - - (3,451 ) (3,451 ) \n \n Balance at March 31, 2026 39,412 127,327 343,910 510,650 326,577 837,227 \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statement of Changes in Shareholders' Equity (Deficiency) \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n Unaudited \n Three months ended March 31, 2025 \n \n \n Capital Stock Accumulated other Retained Total Non-controlling Total equity \n comprehensive earnings interests \n (loss) income \n \n Balance at January 1, 2025 39,412 5,584 266,281 311,277 220,119 531,396 \n \n Total comprehensive income (loss) for the period: \n \n Net income (loss) - - 44,811 44,811 25,317 70,129 \n \n Other comprehensive income (loss) \n \n Foreign currency translation differences from \n foreign operations and other, net of income tax - 72,219 - 72,219 40,173 112,393 \n \n Total other comprehensive income (loss) for the period - 72,219 - 72,219 40,173 112,393 \n \n Total comprehensive income (loss) for the period - 72,219 44,811 117,030 65,491 182,521 \n \n \n Transactions with owners, recorded directly in equity \n \n Other movements in non-controlling interests and equity - (0 ) 37 37 19 55 \n \n Dividends paid to non-controlling interests - - - - (38 ) (38 ) \n \n Balance at March 31, 2025 39,412 77,803 311,129 428,344 285,591 713,935 \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statements of Cash Flows \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n \n Unaudited \n Three months ended March 31, \n 2026 2025 \n \n Cash flows from (used in) operating activities: \n Net income (loss) 55,062 70,129 \n Adjustments for: \n Depreciation 11,655 9,376 \n Amortization of intangible assets 44,420 36,852 \n Impairment of intangible and other non-financial assets - - \n Finance and other expenses (income) 2,593 (5,243 ) \n Share in net (income) loss of equity investee (9,096 ) (15 ) \n (Increase) decrease in the fair value of equity securities - (32,789 ) \n Finance costs 9,808 6,189 \n Income tax expense (recovery) 9,332 9,877 \n Change in non-cash operating assets and liabilities \n exclusive of effects of business combinations 174,015 190,533 \n Transaction costs associated with equity securities classified as FVOCI - (1,659 ) \n Income taxes (paid) received (17,301 ) (11,803 ) \n Net cash flows from (used in) operating activities 280,490 271,446 \n \n Cash flows from (used in) financing activities: \n Interest paid on lease obligations (872 ) (663 ) \n Interest paid on other facilities (3,736 ) (4,708 ) \n Net increase (decrease) in Topicus Revolving Credit Facility (245,000 ) 30,000 \n Proceeds from issuance of term and other loans 7,500 18,010 \n Increase (decrease) in bank indebtedness 5,663 - \n Repayments of term and other loans (7,429 ) (10,585 ) \n Credit facility transaction costs (312 ) (91 ) \n Payments of lease obligations (8,374 ) (6,828 ) \n Dividends paid to non-controlling interests (3,451 ) (38 ) \n Net cash flows from (used in) in financing activities (256,010 ) 25,098 \n \n Cash flows from (used in) investing activities: \n Acquisition of businesses (15,028 ) (39,413 ) \n Cash obtained with acquired businesses 2,936 7,934 \n Post-acquisition settlement payments, net of receipts (5,814 ) (6,299 ) \n Purchase of equity securities of Asseco Poland S.A. - (167,977 ) \n (Increase) decrease in restricted cash (1,342 ) (425 ) \n Interest, dividends and other proceeds received, net of income taxes paid 572 255 \n Property and equipment purchased (3,236 ) (2,898 ) \n Net cash flows from (used in) investing activities (21,913 ) (208,822 ) \n \n Effect of foreign currency on \n cash and cash equivalents 1,920 2,428 \n \n Increase (decrease) in cash 4,487 90,150 \n \n Cash, beginning of period 326,686 206,157 \n \n Cash, end of period 331,173 296,307 \n \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/98399122-9723-4bd6-b4b4-0f530f1fdc46)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX669v5v","title":"Constellation Software Inc. and Topicus.Com Inc. Announce Results for Topicus.com Inc. for the First Quarter Ended March 31, 2026","author":"Globe Newswire","ticker":"CSU","created":"2026-05-05T21:01:49.473Z","tickers":["CSU","TOI"],"exchange":"TSX","article_body":"TORONTO, May 05, 2026 (GLOBE NEWSWIRE) -- Topicus.com Inc. (TSXV:TOI) in a\njoint release with Constellation Software Inc. (TSX:CSU) today announced\nfinancial results for Topicus.com Inc. (“Topicus” or the “Company”)\nfor the first quarter ended March 31, 2026. Please note that all amounts\nreferred to in this press release are in Euros unless otherwise stated.\n\nThe following press release should be read in conjunction with the Company’s\nUnaudited Condensed Consolidated Interim Financial Statements for the three\nmonths ended March 31, 2026 and the accompanying notes, our Management’s\nDiscussion and Analysis for the three months ended March 31, 2026 and the\nAnnual Consolidated Financial Statements of Topicus.com Inc. for the year\nended December 31, 2025, which we prepared in accordance with International\nFinancial Reporting Standards (“IFRS”) and the Company’s annual\nManagement’s Discussion and Analysis for the year ended December 31, 2025,\nwhich can be found on SEDAR+ at www.sedarplus.com and on Topicus.com Inc.’s\nwebsite www.topicus.com. Additional information about Topicus.com Inc. is also\navailable on SEDAR+ at www.sedarplus.com.\n\nQ1 2026 Headlines:\n* Revenue increased 23% (5% organic growth) to €435.7 million compared to\n€355.6 million in Q1 2025.\n* Net income decreased to €55.1 million (€0.41 on a diluted per share\nbasis) from €70.1 million (€0.54 on a diluted per share basis).\n* Acquisitions were completed for aggregate cash consideration of €15.0\nmillion (which includes acquired cash). Deferred payments associated with\nthese acquisitions have an estimated value of €7.5 million resulting in\ntotal consideration of €22.5 million.\n* Cash flows from operations (“CFO”) increased €9.0 million to €280.5\nmillion compared to €271.4 million in Q1 2025 representing an increase of\n3%.\n* Free cash flow available to shareholders(1) (“FCFA2S”) increased €3.7\nmillion to €165.4 million compared to €161.7 million in Q1 2025\nrepresenting an increase of 2%.\nTotal revenue for the quarter ended March 31, 2026 was €435.7 million, an\nincrease of 23%, or €80.1 million, compared to €355.6 million for the\ncomparable period in 2025. The increase is primarily attributable to growth\nfrom acquisitions as the Company experienced organic growth of 5% in the\nquarter. Organic growth is not a standardized financial measure and might not\nbe comparable to measures disclosed by other issuers.\n\nNet income for the quarter ended March 31, 2026 decreased €15.1 million to\n€55.1 million compared to €70.1 million for the same period in 2025. On a\nper share basis, this translated into net income per basic and diluted share\nof €0.41 in the quarter ended March 31, 2026 compared to €0.54 for the\nsame period in 2025.\n\nFor the quarter ended March 31, 2026, CFO increased €9.0 million to €280.5\nmillion compared to €271.4 million for the same period in 2025 representing\nan increase of 3%.\n\nFor the quarter ended March 31, 2026, FCFA2S increased €3.7 million to\n€165.4 million compared to €161.7 million for the same period in 2025\nrepresenting an increase of 2%.\n\nForward Looking Statements \n\nCertain statements herein may be “forward looking” statements that involve\nknown and unknown risks, uncertainties and other factors that may cause the\nactual results, performance or achievements of Topicus or the industry to be\nmaterially different from any future results, performance or achievements\nexpressed or implied by such forward-looking statements. Forward looking\nstatements involve significant risks and uncertainties, should not be read as\nguarantees of future performance or results, and will not necessarily be\naccurate indications of whether or not such results will be achieved. A number\nof factors could cause actual results to vary significantly from the results\ndiscussed in the forward looking statements. These forward looking statements\nreflect current assumptions and expectations regarding future events and\noperating performance and are made as of the date hereof and Topicus assumes\nno obligation, except as required by law, to update any forward looking\nstatements to reflect new events or circumstances.\n\nNon-IFRS Measures\n\nFree cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash\nflows from operating activities less interest paid on lease obligations,\ninterest paid on other facilities, credit facility transaction costs,\nrepayments of lease obligations, and property and equipment purchased, and\nincludes interest and dividends received, and the proceeds from sale of\ninterest rate caps. The portion of this amount applicable to non-controlling\ninterests is then deducted. Topicus believes that FCFA2S is useful\nsupplemental information as it provides an indication of the uncommitted cash\nflow that is available to shareholders if Topicus does not make any\nacquisitions, or investments, and does not repay any debts. While Topicus\ncould use the FCFA2S to pay dividends or repurchase shares, Topicus’\nobjective is to invest all of our FCFA2S in acquisitions which meet Topicus’\nhurdle rate.\n\nFCFA2S is not a recognized measure under IFRS and, accordingly, readers are\ncautioned that FCFA2S should not be construed as an alternative to net cash\nflows from operating activities.\n\nThe following table reconciles FCFA2S to net cash flows from operating\nactivities:\n\n \n Three months ended March 31, \n 2026 2025 \n (€ in millions) \n \n Net cash flows from operating activities 280.5 271.4 \n Adjusted for: \n Interest paid on lease obligations (0.9 ) (0.7 ) \n Interest paid on other facilities (3.7 ) (4.7 ) \n Credit facility transaction costs (0.3 ) (0.1 ) \n Payments of lease obligations (8.4 ) (6.8 ) \n Property and equipment purchased (3.2 ) (2.9 ) \n Interest and dividends received 0.6 0.3 \n \n 264.5 256.5 \n Less amount attributable to \n non-controlling interests (99.1 ) (94.8 ) \n \n Free cash flow available to shareholders 165.4 161.7 \n \n (Due to rounding, certain totals may not foot.) \n \n\nAbout Topicus.com Inc.\n\nTopicus’ subordinate voting shares are listed on the Toronto Venture Stock\nExchange under the symbol \"TOI\". Topicus acquires, manages and builds vertical\nmarket software businesses.\n\nAbout Constellation Software Inc.\n\nConstellation's common shares are listed on the Toronto Stock Exchange under\nthe symbol \"CSU\". Constellation acquires, manages and builds vertical market\nsoftware businesses.\n\nFor further information:\nJamal Baksh\nChief Financial Officer \n(416) 861-9677 \ninfo@topicus.com\nwww.topicus.com\n\nSOURCE: TOPICUS.COM INC.\n\nNEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT\nTERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS\nRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statements of Financial Position \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n Unaudited \n March 31, 2026 December 31, 2025 \n \n Assets \n \n Current assets: \n Cash 331,173 326,686 \n Accounts receivable 210,486 175,613 \n Unbilled revenue 70,315 53,909 \n Inventories 7,870 7,057 \n Other assets 84,856 67,969 \n 704,700 631,234 \n \n Non-current assets: \n Property and equipment 28,273 27,343 \n Right of use assets 95,766 96,656 \n Deferred income taxes 24,223 23,494 \n Investments in associates 527,439 515,368 \n Other assets 18,456 17,790 \n Intangible assets 1,190,258 1,201,287 \n 1,884,415 1,881,939 \n \n Total assets 2,589,115 2,513,173 \n \n Liabilities and Shareholders' Equity \n \n Current liabilities: \n Topicus Revolving Credit Facility and current portion of Term and other loans 96,065 345,324 \n Accounts payable and accrued liabilities 380,113 365,229 \n Deferred revenue 453,789 207,140 \n Provisions 3,091 3,548 \n Acquisition holdback payables 24,077 23,740 \n Lease obligations 32,134 30,915 \n Income taxes payable 40,128 39,201 \n 1,029,396 1,015,098 \n \n Non-current liabilities: \n Term and other loans 352,579 347,218 \n Deferred income taxes 183,948 188,313 \n Acquisition holdback payables 39,414 40,133 \n Lease obligations 65,425 67,436 \n Other liabilities 81,126 73,166 \n 722,492 716,266 \n \n Total liabilities 1,751,888 1,731,363 \n \n \n Shareholders' Equity: \n Capital stock 39,412 39,412 \n Accumulated other comprehensive income (loss) 127,327 124,611 \n Retained earnings 343,910 309,801 \n Non-controlling interests 326,577 307,985 \n 837,227 781,810 \n \n Total liabilities and shareholders' equity 2,589,115 2,513,173 \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statements of Income (Loss) \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n \n Unaudited \n Three months ended March 31, \n 2026 2025 \n \n Revenue \n License 11,518 9,396 \n Professional services 98,221 82,305 \n Hardware and other 9,885 7,319 \n Maintenance and other recurring 316,064 256,575 \n 435,688 355,595 \n Expenses \n Staff 237,594 197,889 \n Hardware 5,312 4,125 \n Third party license, maintenance and professional services 36,951 28,422 \n Travel, telecommunications, supplies, software and equipment 17,938 14,592 \n Professional fees 7,085 7,608 \n Other, net 7,033 8,584 \n Depreciation 11,655 9,376 \n Amortization of intangible assets 44,420 36,852 \n 367,988 307,448 \n \n Impairment of intangible and other non-financial assets - - \n Finance and other (income) expenses 2,593 (5,243 ) \n Share in net (income) loss of equity investee (9,096 ) (15 ) \n (Increase) decrease in the fair value of equity securities - (32,789 ) \n Finance costs 9,808 6,189 \n 3,306 (31,858 ) \n \n Income (loss) before income taxes 64,395 80,005 \n \n Current income tax expense (recovery) 20,568 18,747 \n Deferred income tax expense (recovery) (11,236 ) (8,871 ) \n Income tax expense (recovery) 9,332 9,877 \n \n Net income (loss) 55,062 70,129 \n \n Net income (loss) attributable to: \n Equity holders of Topicus 34,209 44,811 \n Non-controlling interests 20,854 25,317 \n Net income (loss) 55,062 70,129 \n \n Weighted average shares \n Basic shares outstanding 83,338,874 83,068,874 \n Diluted shares outstanding 129,841,819 129,841,819 \n \n Earnings (loss) per common share of Topicus \n Basic 0.41 0.54 \n Diluted 0.41 0.54 \n \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statements of Comprehensive Income (Loss) \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n \n Unaudited \n Three months ended March 31, \n 2026 2025 \n \n Net income (loss) 55,062 70,129 \n \n Items that are or may be reclassified subsequently to net income (loss): \n \n Foreign currency translation differences from foreign operations and other 3,961 1,296 \n \n Items that will not be reclassified to net income (loss): \n \n Changes in the fair value of equity investments at FVOCI - 111,097 \n \n Other comprehensive (loss) income for the period, net of income tax 3,961 112,393 \n \n Total comprehensive income (loss) for the period 59,023 182,521 \n \n Total other comprehensive income (loss) attributable to: \n Equity holders of Topicus 2,716 72,219 \n Non-controlling interests 1,245 40,173 \n Total other comprehensive income (loss) 3,961 112,393 \n \n Total comprehensive income (loss) attributable to: \n Equity holders of Topicus 36,924 117,030 \n Non-controlling interests 22,099 65,491 \n Total comprehensive income (loss) 59,023 182,521 \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statement of Changes in Shareholders' Equity (Deficiency) \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n Unaudited \n Three months ended March 31, 2026 \n \n Capital Stock Accumulated other Retained Total Non-controlling Total equity \n comprehensive earnings interests \n (loss) income \n \n Balance at January 1, 2026 39,412 124,611 309,801 473,825 307,985 781,810 \n \n Total comprehensive income (loss) for the period: \n \n Net income (loss) - - 34,209 34,209 20,854 55,062 \n \n Foreign currency translation differences from \n foreign operations and other, net of income tax and \n changes in the fair value of equity investments at FVOCI - 2,716 - 2,716 1,245 3,961 \n \n Total other comprehensive income (loss) \n for the period - 2,716 - 2,716 1,245 3,961 \n \n Total comprehensive income (loss) for the period - 2,716 34,209 36,924 22,099 59,023 \n \n Transactions with owners, recorded directly in equity \n \n Other movements in non-controlling interests and equity - - (100 ) (100 ) (56 ) (155 ) \n \n Dividends paid to non-controlling interests - - - - (3,451 ) (3,451 ) \n \n Balance at March 31, 2026 39,412 127,327 343,910 510,650 326,577 837,227 \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statement of Changes in Shareholders' Equity (Deficiency) \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n Unaudited \n Three months ended March 31, 2025 \n \n \n Capital Stock Accumulated other Retained Total Non-controlling Total equity \n comprehensive earnings interests \n (loss) income \n \n Balance at January 1, 2025 39,412 5,584 266,281 311,277 220,119 531,396 \n \n Total comprehensive income (loss) for the period: \n \n Net income (loss) - - 44,811 44,811 25,317 70,129 \n \n Other comprehensive income (loss) \n \n Foreign currency translation differences from \n foreign operations and other, net of income tax - 72,219 - 72,219 40,173 112,393 \n \n Total other comprehensive income (loss) for the period - 72,219 - 72,219 40,173 112,393 \n \n Total comprehensive income (loss) for the period - 72,219 44,811 117,030 65,491 182,521 \n \n \n Transactions with owners, recorded directly in equity \n \n Other movements in non-controlling interests and equity - (0 ) 37 37 19 55 \n \n Dividends paid to non-controlling interests - - - - (38 ) (38 ) \n \n Balance at March 31, 2025 39,412 77,803 311,129 428,344 285,591 713,935 \n \n\n\n\n \n Topicus.com Inc. \n Condensed Consolidated Interim Statements of Cash Flows \n (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.) \n \n \n Unaudited \n Three months ended March 31, \n 2026 2025 \n \n Cash flows from (used in) operating activities: \n Net income (loss) 55,062 70,129 \n Adjustments for: \n Depreciation 11,655 9,376 \n Amortization of intangible assets 44,420 36,852 \n Impairment of intangible and other non-financial assets - - \n Finance and other expenses (income) 2,593 (5,243 ) \n Share in net (income) loss of equity investee (9,096 ) (15 ) \n (Increase) decrease in the fair value of equity securities - (32,789 ) \n Finance costs 9,808 6,189 \n Income tax expense (recovery) 9,332 9,877 \n Change in non-cash operating assets and liabilities \n exclusive of effects of business combinations 174,015 190,533 \n Transaction costs associated with equity securities classified as FVOCI - (1,659 ) \n Income taxes (paid) received (17,301 ) (11,803 ) \n Net cash flows from (used in) operating activities 280,490 271,446 \n \n Cash flows from (used in) financing activities: \n Interest paid on lease obligations (872 ) (663 ) \n Interest paid on other facilities (3,736 ) (4,708 ) \n Net increase (decrease) in Topicus Revolving Credit Facility (245,000 ) 30,000 \n Proceeds from issuance of term and other loans 7,500 18,010 \n Increase (decrease) in bank indebtedness 5,663 - \n Repayments of term and other loans (7,429 ) (10,585 ) \n Credit facility transaction costs (312 ) (91 ) \n Payments of lease obligations (8,374 ) (6,828 ) \n Dividends paid to non-controlling interests (3,451 ) (38 ) \n Net cash flows from (used in) in financing activities (256,010 ) 25,098 \n \n Cash flows from (used in) investing activities: \n Acquisition of businesses (15,028 ) (39,413 ) \n Cash obtained with acquired businesses 2,936 7,934 \n Post-acquisition settlement payments, net of receipts (5,814 ) (6,299 ) \n Purchase of equity securities of Asseco Poland S.A. - (167,977 ) \n (Increase) decrease in restricted cash (1,342 ) (425 ) \n Interest, dividends and other proceeds received, net of income taxes paid 572 255 \n Property and equipment purchased (3,236 ) (2,898 ) \n Net cash flows from (used in) investing activities (21,913 ) (208,822 ) \n \n Effect of foreign currency on \n cash and cash equivalents 1,920 2,428 \n \n Increase (decrease) in cash 4,487 90,150 \n \n Cash, beginning of period 326,686 206,157 \n \n Cash, end of period 331,173 296,307 \n \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/98399122-9723-4bd6-b4b4-0f530f1fdc46)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-05T21:01:49.532521459Z","server_sent_at_ms":1778014909532},"received_at":"2026-05-05T21:01:49.786Z","source_url":null},"analysis":{"id":"16433","press_release_id":"22206","analysis_json":{"industry":{"label":"Software & Services","sector":"Information Technology"},"redFlags":["Net income decreased to €55.1 million from €70.1 million year-over-year"],"eventType":"earnings","narrative":"Topicus.com Inc. reported Q1 2026 revenue of €435.7 million, a 23% increase from the prior year, driven by 5% organic growth and acquisition contributions.\n\nFree cash flow available to shareholders (FCFA2S) rose 2% to €165.4 million, while cash flow from operations increased 3% to €280.5 million, demonstrating strong cash generation capabilities.\n\nNet income decreased to €55.1 million (€0.41 diluted EPS) from €70.1 million a year ago, as the company completed acquisitions totaling €22.5 million in consideration during the quarter.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Topicus delivers 23% revenue growth and €165M+ in free cash flow, reinforcing the European VMS thesis for CSU shareholders."},"keyFigures":{"eps":"€0.41","revenue":"€435.7 million","revenueYoy":"23%","customDimensions":{"cfo":"€280.5 million","fcf":"€165.4 million","organic_growth":"5%","acquisition_consideration":"€22.5 million"}},"quotedText":"Revenue increased 23% (5% organic growth) to €435.7 million compared to €355.6 million in Q1 2025.","namedEntities":{"people":[{"name":"Jamal Baksh","role":"Chief Financial Officer"}],"products":[],"companies":[{"name":"Topicus.com Inc.","ticker":"TOI","relationship":"partner"},{"name":"Constellation Software Inc.","ticker":"CSU"}],"dollarAmounts":[{"amount":"€435.7 million","context":"Q1 2026 revenue"},{"amount":"€355.6 million","context":"Q1 2025 revenue"},{"amount":"€55.1 million","context":"Q1 2026 net income"},{"amount":"€70.1 million","context":"Q1 2025 net income"},{"amount":"€15.0 million","context":"acquisitions cash consideration"},{"amount":"€22.5 million","context":"total acquisition consideration"},{"amount":"€280.5 million","context":"cash flows from operations"},{"amount":"€165.4 million","context":"free cash flow available to shareholders (FCFA2S)"}]},"materialImpact":{"score":3,"reasoning":"Topicus, a key vertical market software asset in the CSU ecosystem, reported strong Q1 revenue growth of 23% and robust free cash flow generation of €165.4 million. The performance signals continued strength in the European VMS market, benefiting the parent company's consolidated value, despite a decline in reported net income."},"tickerRelevance":{"others":[{"ticker":"TOI","relevance":"partner"}],"primary":"CSU"},"globalImportance":25,"audienceRelevance":60,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"large-cap-parent","eventGravity":"subsidiary-earnings","sectorWeight":"IT/VMS","householdBrandBoost":false}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Topicus.com Inc. reported Q1 2026 revenue of €435.7 million, a 23% increase from the prior year, driven by 5% organic growth and acquisition contributions.\n\nFree cash flow available to shareholders (FCFA2S) rose 2% to €165.4 million, while cash flow from operations increased 3% to €280.5 million, demonstrating strong cash generation capabilities.\n\nNet income decreased to €55.1 million (€0.41 diluted EPS) from €70.1 million a year ago, as the company completed acquisitions totaling €22.5 million in consideration during the quarter.","key_figures":{"eps":"€0.41","revenue":"€435.7 million","revenueYoy":"23%","customDimensions":{"cfo":"€280.5 million","fcf":"€165.4 million","organic_growth":"5%","acquisition_consideration":"€22.5 million"}},"named_entities":{"people":[{"name":"Jamal Baksh","role":"Chief Financial Officer"}],"products":[],"companies":[{"name":"Topicus.com Inc.","ticker":"TOI","relationship":"partner"},{"name":"Constellation Software Inc.","ticker":"CSU"}],"dollarAmounts":[{"amount":"€435.7 million","context":"Q1 2026 revenue"},{"amount":"€355.6 million","context":"Q1 2025 revenue"},{"amount":"€55.1 million","context":"Q1 2026 net income"},{"amount":"€70.1 million","context":"Q1 2025 net income"},{"amount":"€15.0 million","context":"acquisitions cash consideration"},{"amount":"€22.5 million","context":"total acquisition consideration"},{"amount":"€280.5 million","context":"cash flows from operations"},{"amount":"€165.4 million","context":"free cash flow available to shareholders (FCFA2S)"}]},"model_name":"glm-4.7","prompt_hash":"sha256:511026a279f8af46","schema_hash":"sha256:96555d0809de301c","created_at":"2026-05-06T07:52:10.464Z","global_importance":25,"audience_relevance":60,"importance_components":{"tickerTier":"large-cap-parent","eventGravity":"subsidiary-earnings","sectorWeight":"IT/VMS","householdBrandBoost":false}},"durationMs":177287,"modelName":"glm-4.7"}}