Constellation Software Inc. and Topicus.Com Inc. Announce Results for Topicus.com Inc. for the Fourth Quarter and Year Ended December 31, 2025

Executive Summary

• Topicus.com Inc. reported Q4 2025 revenue of €436.8 M (+20% YoY) and net income of €79.4 M (+41% YoY).
• Full‑year 2025 revenue rose 20% to €1,552.3 M, but net income fell 53% to €70.1 M due largely to a €221.7 M equity‑method expense on the Asseco Poland investment.
• The company completed acquisitions totaling €390.4 M (including holdbacks/contingent consideration) and invested €384.9 M in Asseco Poland S.A., while free cash flow available to shareholders increased 23% YoY to €218.7 M.

Key Details

• Revenue – Q4 2025: €436.8 M (↑20% YoY, 4% organic); FY 2025: €1,552.3 M (↑20%).
• Net Income – Q4 2025: €79.4 M (€0.59 per diluted share, ↑41% YoY); FY 2025: €70.1 M (€0.50 per diluted share, ↓53% YoY).
• Acquisitions – Cash consideration €49.9 M (incl. cash acquired) plus deferred payments €19.9 M → total €69.8 M for Q4; FY 2025 acquisitions total €390.4 M (including holdbacks/contingent consideration).
• Asseco Poland Investment – Net investment €216.9 M in Q4; FY 2025 net investment €384.9 M. Equity‑method expense of €221.7 M recorded, offset by €119.7 M gains from derivatives and dilution.
• Cash Flow from Operations – Q4 2025: €107.7 M (↑35% YoY); FY 2025: €412.7 M (↑19%).
• Free Cash Flow Available to Shareholders (FCFA²S) – Q4 2025: €51.2 M (↑40% YoY); FY 2025: €218.7 M (↑23%).
• Balance Sheet Highlights – Cash at period end €326.7 M; total assets €2.513 B; total liabilities €1.731 B; equity €781.8 M.
• Financing Activity – Revolving credit facility increased by €115 M; term loan proceeds €127.7 M; additional loan issuance €200 M.
• Investing Activity – Acquisitions cash outflow €311.0 M; purchase of Asseco Poland equity €413.2 M (partially offset by sale proceeds €28.4 M).

Notable Quotes

(No direct quotes were provided in the release.)