Altus Group’s third-quarter adjusted EPS was C$0.71, ahead of the C$0.66 estimate. Software growth and wider margins improved the operating picture, but lower free cash flow and declining data revenue remain concerns.
Altus Group Limited (TSX: AIF) reported its third-quarter 2026 results after markets closed on November 5. Adjusted EPS beat the calendar estimate by 7.6%, marking the company’s fourth consecutive quarterly earnings beat. Revenue rose 6.8% year over year on a constant-currency basis to C$116.9 million. Adjusted EBITDA margin increased to 32.1% from 23.8%. But free cash flow fell sharply from a year earlier, so the earnings beat is only part of the story for Canadian investors.
Recent earnings trend
Altus Group Limited
AIF.TO
AIF.TO
Altus Group Limited
WealthAwesomeMarket cap
$1.78B
Div. yield
1.14%
Div. / share
$0.60
52W high
$56.63
52W low
$36.60
1W change
+5.81%
Beta
0.81
Analyst Price Targets
Based on analyst covering AIF · as of Oct 22, 2026
Wall Street analysts forecast AIF stock price to rise 3.6% over the next 12 months.
Consensus
NeutralBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$53.85
+3.6% Upside
Previously C$53.02 on Sep 17, 2026
Current Price
C$51.99
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on AIF's historical volatility
30-Day Vol
30.6%
Annualized
90-Day Vol
41.8%
Annualized
Trend (90d)
+26.1%
Annualized drift
90d Mean
C$57.06
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$53.63 | C$48.26 – C$59.60 |
| 60 trading days | C$55.32 | C$47.65 – C$64.23 |
| 90 trading days | C$57.06 | C$47.53 – C$68.51 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 3 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-05 | 0.7100 | 0.6600 | +7.6% |
| 2026-06-30 | 2026-08-06 | 0.5300 | 0.5100 | +3.9% |
| 2026-03-31 | 2026-05-07 | 0.4200 | 0.4000 | +5.0% |
| 2025-12-31 | 2026-02-19 | 0.6700 | 0.5800 | +15.5% |
| 2025-09-30 | 2025-11-06 | 0.3800 | 0.4500 | -15.6% |
| 2025-06-30 | 2025-08-07 | 0.5000 | 0.3500 | +42.9% |
Investor takeaway: Altus’s results show stronger software growth and operating efficiency. Software ARR rose 14.9%, and management raised its expected margin expansion range for 2026. However, free cash flow fell 65.8% year over year, and data revenue continued to decline. Investors should look beyond adjusted earnings and watch whether software growth can offset weakness elsewhere. See the AIF stock page for more company and share information.
C$0.71 adjusted EPS
Adjusted EPS came in C$0.05 above the C$0.66 estimate, a 7.6% surprise. It also rose from C$0.38 a year earlier. Altus has now beaten estimates for four consecutive quarters, but cash generation weakened. Q3 free cash flow was C$7.5 million, down from C$21.9 million a year ago.
Bull case
Software ARR has grown at a double-digit rate for four straight quarters. In Q3, it increased 14.9% to C$218.8 million, while software revenue rose 14.6% to C$58.1 million. Adjusted EBITDA climbed 42.4% to C$37.5 million, lifting the margin by 790 basis points to 32.1%.
Management narrowed its full-year revenue outlook and raised its expected adjusted EBITDA margin expansion range to 600–620 basis points. The company says it is making substantial progress toward its goal of ending 2027 as a Rule of 40 business.
Bear case
Cash flow fell even as adjusted earnings improved. Net cash from operating activities dropped 53.6% to C$10.5 million, while free cash flow declined 65.8% to C$7.5 million. Altus expects free cash flow conversion to improve meaningfully later, in 2027 and 2028.
Data revenue also fell 6.8% year over year, and management warned that VMS will face a potentially tougher comparison in Q4. The fundamentals snapshot shows negative trailing-twelve-month EPS and a negative profit margin, a reminder that one strong adjusted quarterly result doesn’t tell the whole story about profitability.
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