Altus Group’s third-quarter adjusted EPS was C$0.71, above the C$0.66 estimate. Software growth and wider margins stood out, but free cash flow fell year over year.
Altus Group Limited (TSX: AIF), also known as AIF.TO, reported its third-quarter 2026 results after markets closed on November 5. Adjusted EPS beat the calendar estimate by 7.6%. Revenue and adjusted EBITDA also increased, while free cash flow declined. For Canadian investors, the key question is whether software growth and efficiency gains can continue as cash generation recovers.
Recent earnings trend
Altus Group Limited
AIF.TO
AIF.TO
Altus Group Limited
WealthAwesomeMarket cap
$1.77B
Div. yield
0.29%
Div. / share
$0.15
52W high
$56.63
52W low
$36.60
1W change
+2.80%
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 4.0% over the next 12 months.
Consensus
NeutralBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$53.85
+4.0% Upside
Previously C$53.02 on Sep 17, 2026
Current Price
C$51.80
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
30.7%
Annualized
90-Day Vol
41.8%
Annualized
Trend (90d)
+33.9%
Annualized drift
90d Mean
C$58.47
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$53.94 | C$48.52 – C$59.96 |
| 60 trading days | C$56.16 | C$48.35 – C$65.23 |
| 90 trading days | C$58.47 | C$48.67 – C$70.25 |
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 |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-18 | — | 0.7800 | — |
| 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% |
Investor takeaway: Altus showed operating momentum. Software ARR grew 14.9% year over year, and the adjusted EBITDA margin expanded by 790 basis points. But free cash flow fell 65.8% to C$7.5 million, and funded debt to EBITDA rose to 2.05:1 from 1.21:1 a year earlier. The earnings beat is only part of the picture. Investors should also watch recurring software growth, margin gains and cash conversion.
C$0.71 adjusted EPS, versus C$0.66 estimated
The 7.6% earnings beat came with 6.8% revenue growth to C$116.9 million and a 790-basis-point increase in adjusted EBITDA margin, to 32.1%. Free cash flow, however, fell to C$7.5 million from C$21.9 million a year earlier. Cash conversion is worth tracking alongside earnings.
Bull case
Altus recorded its fourth straight quarter of double-digit software ARR growth. Software revenue rose 14.6%, and the adjusted EBITDA margin reached 32.1%. Management narrowed its 2026 revenue outlook and raised its outlook for margin expansion, pointing to operating efficiencies and disciplined spending. The company also declared a quarterly dividend of C$0.15 per share.
Bear case
Cash generation weakened. Operating cash flow fell 53.6% year over year, and free cash flow dropped 65.8%. Data revenue also declined 6.8%, while funded debt to EBITDA increased. Profit and adjusted EPS improved, but investors will want to see margin gains lead to stronger cash flow.
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