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

TORONTO, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Topicus.com Inc. (TSXV:TOI) in a joint release with Constellation Software Inc. (TSX:CSU) today announced financial results for Topicus.com Inc. (“Topicus” or the “Company”) for the fourth quarter and year ended December 31, 2025. Please note that all amounts referred to in this press release are in Euros unless otherwise stated. The following press release should be read in conjunction with the Annual Consolidated Financial Statements of Topicus.com Inc. (or the “Company”) for the year ended December 31, 2025, which we prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s annual Management’s Discussion and Analysis for the year ended December 31, 2025, which can be found on SEDAR+ at www.sedarplus.com and on Topicus.com Inc.’s website www.topicus.com. Additional information about Topicus.com Inc. is also available on SEDAR+ at www.sedarplus.com. Q4 2025 Headlines: Revenue increased 20% (4% organic growth) to €436.8 million compared to €364.9 million in Q4 2024. Net income increased 41% to €79.4 million (€0.59 on a diluted per share basis) from €56.2 million (€0.40 on a diluted per share basis) in Q4 2024. Acquisitions were completed for aggregate cash consideration of €49.9 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of €19.9 million resulting in total consideration of €69.8 million. The Company also completed a net investment in Asseco Poland S.A. in the amount of €216.9 million. Cash flows from operations (“CFO”) increased 35% to €107.7 million compared to €79.6 million in Q4 2024. Free cash flow available to shareholders1 (“FCFA2S”) increased 40% to €51.2 million compared to €36.6 million in Q4 2024. 2025 Headlines: Revenue increased 20% (4% organic growth) to €1,552.3 million compared to €1,294.9 million in 2024. Net income decreased 53% to €70.1 million (€0.50 on a diluted per share basis) from €149.5 million (€1.11 on a diluted per share basis) in 2024. A number of acquisitions were completed for total consideration of €390.4 million including holdbacks and contingent consideration. The Company also completed a net investment in Asseco Poland S.A. of €384.9 million. Cash flows from operations (“CFO”) increased 19% to €412.7 million compared to €347.6 million in 2024. Free cash flow available to shareholders1 (“FCFA2S”) increased 23% to €218.7 million compared to €177.4 million in 2024. Total revenue for the quarter ended December 31, 2025 was €436.8 million, an increase of 20%, or €71.9 million, compared to €364.9 million for the comparable period in 2024. For the year ended December 31, 2025 total revenues were €1,552.3 million, an increase of 20%, or €257.4 million, compared to €1,249.9 million for the comparable period in 2024. The increase for both the three months and twelve month periods compared to the same periods in the prior year is primarily attributable to growth from acquisitions as the Company experienced organic growth of 4% for both periods. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. Net income for the quarter ended December 31, 2025 increased €23.2 million to €79.4 million compared to €56.2 million for the same period in 2024 representing an increase of 41%. On a per share basis, this translated into net income per basic and diluted share of €0.59 in the quarter ended December 31, 2025 compared to €0.40 for the same period in 2024. For the twelve months ended December 31, 2025 net income decreased €79.4 million to €70.1 million compared to €149.5 million for the same period in 2024 representing a decrease of 53%. On a per share basis, this translated into net income per basic and diluted share of €0.50 in the twelve months ended December 31, 2025 compared to €1.11 for the same period in 2024. The decline for the twelve month period is primarily the result of a €221.7 expense associated with electing to record the Q1 2025 investment in Asseco at cost as a result of the application of the equity method of accounting. This expense offsets gains recorded through net income and other comprehensive income during Q1 2025, Q2 2025 and Q3 2025. During the period, the Company also recorded income of €119.7 associated with derivatives, fair value related adjustments and a dilution gain associated with Asseco. For the quarter ended December 31, 2025, CFO increased €28.1 million to €107.7 million compared to €79.6 million for the same period in 2024 representing an increase of 35%. For the twelve months ended December 31, 2025, CFO increased €65.0 million to €412.7 million compared to €347.6 million for the same period in 2024 representing an increase of 19%. For the quarter ended December 31, 2025, FCFA2S increased €14.6 million to €51.2 million compared to €36.6 million for the same period in 2024 representing an increase of 40%. For the twelve months ended December 31, 2025, FCFA2S increased €41.3 million to €218.7 million compared to €177.4 million for the same period in 2024 representing an increase of 23%. Forward Looking Statements Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Topicus or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Topicus assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances. Non-IFRS Measures Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on other facilities, credit facility transaction costs, repayments of lease obligations, dividends paid to redeemable preferred securities holders, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. Topicus believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Topicus does not make any acquisitions, or investments, and does not repay any debts. While Topicus could use the FCFA2S to pay dividends or repurchase shares, Topicus’ objective is to invest all of our FCFA2S in acquisitions which meet Topicus’ hurdle rate. FCFA2S is not a recognized measure under IFRS and, accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities. The following table reconciles FCFA2S to net cash flows from operating activities:       Three months ended December 31,       Year ended December 31,         2025 2024       2025 2024       (€ in millions)   (€ in millions)                       Net cash flows from operating activities     107.7   79.6         412.7   347.6     Adjusted for:                     Interest paid on lease obligations     (0.9 ) (0.6 )       (3.1 ) (2.1 )   Interest paid on other facilities     (13.0 ) (5.7 )       (24.9 ) (21.1 )   Credit facility transaction costs     –   (0.3 )       (3.5 ) (1.3 )   Payments of lease obligations     (8.3 ) (6.5 )       (30.1 ) (24.6 )   Property and equipment purchased     (2.3 ) (1.9 )       (10.7 ) (8.3 )   Interest and dividends received     1.4   –         9.5   –                                 84.6   64.5         350.0   290.3     Less amount attributable to non-controlling interests     (33.4 ) (27.9 )       (131.4 ) (112.9 )                         Free cash flow available to shareholders     51.2   36.6         218.7   177.4                           Due to rounding, certain totals may not foot. About Topicus.com Inc. Topicus’ subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol "TOI". Topicus acquires, manages and builds vertical market software businesses. About Constellation Software Inc. Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation acquires, manages and builds vertical market software businesses. For further information: Jamal Baksh Chief Financial Officer [email protected] [email protected] www.topicus.com SOURCE: TOPICUS.COM INC. Topicus.com Inc. Consolidated Statements of Financial Position (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                       December 31, 2025   December 31, 2024                 Assets                             Current assets:               Cash   326,686     206,157     Accounts receivable   175,613     142,791     Unbilled revenue   53,909     45,415     Inventories   7,057     4,930     Other assets   67,969     55,107         631,234     454,400                   Non-current assets:               Property and equipment   27,343     23,245     Right of use assets   96,656     75,666     Deferred income taxes   23,494     19,905     Investments accounted for using the equity method 515,368     2,549     Other assets   17,790     9,433     Intangible assets 1,201,287     950,670         1,881,939     1,081,470                   Total assets   2,513,173     1,535,870                   Liabilities and Shareholders' Equity                             Current liabilities:               Topicus Revolving Credit Facility and current portion of Term and other loans   345,324     225,718     Accounts payable and accrued liabilities   365,229     250,361     Deferred revenue   207,140     166,593     Provisions   3,548     2,582     Acquisition holdback payables   23,740     13,073     Lease obligations   30,915     23,629     Income taxes payable   39,201     18,233         1,015,098     700,189                   Non-current liabilities:               Term and other loans   347,218     49,300     Deferred income taxes   188,313     145,911     Acquisition holdback payables   40,133     10,061     Lease obligations   67,436     53,188     Other liabilities   73,166     45,825         716,266     304,285                   Total liabilities   1,731,363     1,004,474                                   Shareholders' Equity:               Capital stock   39,412     39,412     Accumulated other comprehensive income (loss)   124,611     5,584     Retained earnings   309,801     266,281     Non-controlling interests   307,985     220,119         781,810     531,396                                   Total liabilities and shareholders' equity   2,513,173     1,535,870   Topicus.com Inc. Consolidated Statements of Income (Loss) (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)               Year ended December 31,     2025   2024           Revenue         License   43,891     43,507   Professional services   371,935     326,877   Hardware and other   39,410     24,819   Maintenance and other recurring   1,097,066     899,659       1,552,302     1,294,862   Expenses         Staff   835,097     706,579   Hardware   23,994     16,851   Third party license, maintenance and professional services   133,306     100,085   Occupancy   11,807     10,951   Travel, telecommunications, supplies, software and equipment   64,187     50,382   Professional fees   23,667     20,722   Other, net   22,373     13,427   Depreciation   41,726     34,088   Amortization of intangible assets   162,554     135,499       1,318,710     1,088,584             Impairment of intangible and other non-financial assets   533     617   Bargain purchase (gain)   (154 )   (517 ) Finance and other (income) expenses   (98,021 )   (4,193 ) (Increase) decrease in the fair value of equity securities   (32,789 )   –   Revaluation of investment accounted for using the equity method to cost   221,748     –   Finance costs   34,046     26,897       125,364     22,804             Income (loss) before income taxes   108,229     183,474             Current income tax expense (recovery)   74,724     62,413   Deferred income tax expense (recovery)   (36,555 )   (28,410 ) Income tax expense (recovery)   38,169     34,004             Net income (loss)   70,060     149,470             Net income (loss) attributable to:         Equity holders of Topicus   41,760     91,994   Non-controlling interests   28,300     57,476   Net income (loss)   70,060     149,470             Weighted average shares         Basic shares outstanding   83,212,381     82,766,336   Diluted shares outstanding   129,841,819     129,841,819             Earnings (loss) per common share of Topicus         Basic   0.50     1.11   Diluted   0.50     1.11             Topicus.com Inc. Consolidated Statements of Comprehensive Income (Loss) (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                 Year ended December 31,     2025   2024             Net income (loss)   70,060     149,470               Items that are or may be reclassified subsequently to net income (loss):                       Foreign currency translation differences from foreign operations and other   (5,140 )   7,241               Items that will not be reclassified to net income (loss):                       Changes in the fair value of equity investments at FVOCI   188,959     –               Other comprehensive (loss) income for the period, net of income tax   183,819     7,241               Total comprehensive income (loss) for the period   253,879     156,711               Total other comprehensive income (loss) attributable to:           Equity holders of Topicus   118,994     3,193   Non-controlling interests   64,825     4,048   Total other comprehensive income (loss)   183,819     7,241               Total comprehensive income (loss) attributable to:           Equity holders of Topicus   160,754     95,187   Non-controlling interests   93,125     61,524   Total comprehensive income (loss)   253,879     156,711   Topicus.com Inc. Consolidated Statement of Changes in Shareholders' Equity (Deficiency) (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                                   Year ended December 31, 2025                                                     Capital Stock   Accumulated other comprehensive (loss) income   Retained earnings   Total   Non-controlling interests   Total equity                                   Balance at January 1, 2025   39,412     5,584     266,281     311,277     220,119     531,396                                     Total comprehensive income (loss) for the period:                                                                   Net income (loss)   –     –     41,760     41,760     28,300     70,060                                     Foreign currency translation differences from foreign operations and other, net of income tax and changes in the fair value of equity investments at FVOCI   –     118,994     –     118,994     64,825     183,819                                     Total other comprehensive income (loss) for the period   –     118,994     –     118,994     64,825     183,819                                     Total comprehensive income (loss) for the period   –     118,994     41,760     160,754     93,125     253,879                                     Transactions with owners, recorded directly in equity                                                                   Other movements in non-controlling interests and equity   –     34     128     161     65     226                                     Exchange of Topicus Coop ordinary units held by non-controlling interests to subordinate voting shares of Topicus   –     –     1,633     1,633     (1,633 )   –                                     Dividends paid to non-controlling interests   –     –     –     –     (3,692 )   (3,692 )                                   Balance at December 31, 2025   39,412     124,611     309,801     473,825     307,985     781,810   Topicus.com Inc. Consolidated Statement of Changes in Shareholders' Equity (Deficiency) (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                               Year ended December 31, 2024                                                                             Capital Stock   Accumulated other comprehensive (loss) income   Retained earnings   Total   Non-controlling interests   Total equity                               Balance at January 1, 2024   39,412     2,390     297,382     339,185     253,299     592,483                                 Total comprehensive income (loss) for the period:                                                           Net income (loss)   –     –     91,994     91,994     57,476     149,470                                 Other comprehensive income (loss)                                                           Foreign currency translation differences from foreign operations and other, net of income tax   –     3,193     –     3,193     4,048     7,241                                 Total other comprehensive income (loss) for the period   –     3,193     –     3,193     4,048     7,241                                 Total comprehensive income (loss) for the period   –     3,193     91,994     95,187     61,524     156,711                                                               Transactions with owners, recorded directly in equity                                                           Other movements in non-controlling interests and equity   –     –     (251 )   (251 )   (369 )   (620 )                               Exchange of Topicus Coop ordinary units held by non-controlling interests to subordinate voting shares of Topicus   –     –     4,797     4,797     (4,797 )   –                                 Dividends paid to shareholders of the Company   –     –     (127,641 )   (127,641 )   –     (127,641 )                               Return of capital to non-controlling interests   –     –     –     –     (9,048 )   (9,048 )                               Dividends paid to non-controlling interests   –     –     –     –     (80,489 )   (80,489 )                               Balance at December 31, 2024   39,412     5,584     266,281     311,277     220,119     531,396   Topicus.com Inc. Consolidated Statements of Cash Flows (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)                       Year ended December 31,         2025   2024               Cash flows from (used in) operating activities:           Net income (loss)   70,060     149,470     Adjustments for:             Depreciation   41,726     34,088       Amortization of intangible assets   162,554     135,499       Impairment of intangible and other non-financial assets   533     617       Bargain purchase (gain)   (154 )   (517 )     Finance and other expenses (income)   (98,021 )   (4,193 )     (Increase) decrease in the fair value of equity securities   (32,789 )   –       Finance costs   34,046     26,897       Revaluation of investments accounted for using the equity method to cost   221,748     –       Income tax expense (recovery)   38,169     34,004     Change in non-cash operating assets and liabilities             exclusive of effects of business combinations   28,402     27,106     Income taxes (paid) received   (53,598 )   (55,344 )   Net cash flows from (used in) operating activities   412,676     347,627                 Cash flows from (used in) financing activities:           Interest paid on lease obligations   (3,056 )   (2,054 )   Interest paid on other facilities   (24,861 )   (21,124 )   Net increase (decrease) in Topicus Revolving Credit Facility   115,000     65,000     Proceeds from issuance of Loan   200,000     –     Proceeds from issuance of term and other loans   127,691     30,238     Increase (decrease) in bank indebtedness   22,518     7,873     Increase (decrease) in loan from Vela Software Group   (287 )   (300 )   Return of capital to non-controlling interests   –     (9,048 )   Repayments of term and other loans   (18,639 )   (47,786 )   Credit facility transaction costs   (3,468 )   (1,321 )   Payments of lease obligations   (30,139 )   (24,594 )   Other financing activities   –     (356 )   Dividends paid to non-controlling interests   (3,692 )   (80,489 )   Dividends paid to shareholders of the Company   –     (127,641 )   Net cash flows from (used in) in financing activities   381,069     (211,602 )               Cash flows from (used in) investing activities:           Acquisition of businesses (note 4)   (311,003 )   (112,952 )   Cash obtained with acquired businesses   62,707     35,532     Post-acquisition settlement payments, net of receipts   (25,550 )   (22,385 )   Purchase of equity securities of Asseco Poland S.A.   (413,246 )   –     Transaction fees associated with the acquition of Asseco Poland S.A.   (8,618 )   –     Proceeds from sale of equity securities of Asseco Poland S.A.   28,368     –     (Increase) decrease in restricted cash   (1,555 )   (2,128 )   Interest, dividends and other proceeds received, net of income taxes paid   9,545     –     Property and equipment purchased   (10,653 )   (8,283 )   Net cash flows from (used in) investing activities   (670,005 )   (110,217 )               Effect of foreign currency on           cash and cash equivalents   (3,211 )   1,291                 Increase (decrease) in cash   120,529     27,099                 Cash, beginning of period   206,157     179,059                 Cash, end of period   326,686     206,157