TORONTO, Nov. 04, 2026 (GLOBE NEWSWIRE) — Topicus.com I c. (TSXV:TOI) i a joi t elease with Co stellatio Softwa e I c. (TSX:CSU) today a ou ced fi a cial esults fo Topicus.com I c. (“Topicus” o the “Compa y”) fo the thi d qua te e ded Septembe 30, 2026. Please ote that all amou ts efe ed to i this p ess elease a e i Eu os u less othe wise stated.
The followi g p ess elease should be ead i co ju ctio with the Compa y’s U audited Co de sed Co solidated I te im Fi a cial Stateme ts fo the th ee a d i e mo ths e ded Septembe 30, 2026 a d the accompa yi g otes, ou Ma ageme t’s Discussio a d A alysis fo the th ee a d i e mo ths e ded Septembe 30, 2026 a d the A ual Co solidated Fi a cial Stateme ts of Topicus.com I c. fo the yea e ded Decembe 31, 2025, which we p epa ed i acco da ce with I te atio al Fi a cial Repo ti g Sta da ds (“IFRS”) a d the Compa y’s a ual Ma ageme t’s Discussio a d A alysis fo the yea e ded Decembe 31, 2025, which ca be fou d o SEDAR+ at www.seda plus.com a d o Topicus.com I c.’s website www.topicus.com. Additio al i fo matio about Topicus.com I c. is also available o SEDAR+ at www.seda plus.com.
- Reve ue i c eased 15% (5% o ga ic g owth) to €445.1 millio compa ed to €387.9 millio i Q3 2025.
- Net i come i c eased to €46.5 millio (€0.34 o a diluted pe sha e basis) f om a et loss of €120.9 millio (€0.94 o a diluted et loss pe sha e basis).
- Acquisitio s we e completed fo agg egate cash co side atio of €47.1 millio (which i cludes acqui ed cash). Defe ed payme ts associated with these acquisitio s have a estimated value of €17.0 millio esulti g i total co side atio of €64.0 millio .
- Cash flows f om ope atio s (“CFO”) dec eased €1.1 millio to €47.4 millio compa ed to €48.4 millio i Q3 2025 ep ese ti g a dec ease of 2%.
- F ee cash flow available to sha eholde s1 (“FCFA2S”) dec eased €3.5 millio to €18.8 millio compa ed to €22.3 millio i Q3 2025 ep ese ti g a dec ease of 16%.
Total eve ue fo the qua te e ded Septembe 30, 2026 was €445.1 millio , a i c ease of 15%, o €57.2 millio , compa ed to €387.9 millio fo the compa able pe iod i 2025. Fo the fi st i e mo ths of 2026 total eve ues we e €1,318.0 millio , a i c ease of 18%, o €202.5 millio , compa ed to €1,115.5 millio fo the compa able pe iod i 2025. The i c ease fo both the th ee a d i e-mo th pe iods compa ed to the same pe iods i the p io yea is p ima ily att ibutable to g owth f om acquisitio s as the Compa y expe ie ced o ga ic g owth of 5% fo both pe iods. O ga ic g owth is ot a sta da dized fi a cial measu e a d might ot be compa able to measu es disclosed by othe issue s.
Net i come fo the qua te e ded Septembe 30, 2026 i c eased €167.5 millio to €46.5 millio compa ed to egative €120.9 millio fo the same pe iod i 2025. O a pe sha e basis, this t a slated i to et i come pe basic a d diluted sha e of €0.34 i the qua te e ded Septembe 30, 2026 compa ed to et loss of €0.94 fo the same pe iod i 2025. The et loss fo the qua te e ded Septembe 30, 2025 is p ima ily the esult of a €221.7 millio expe se associated with electi g to eco d the Q1 2025 i vestme t i Asseco at cost as a esult of the applicatio of the equity method of accou ti g. This expe se offsets gai s eco ded th ough et i come a d othe comp ehe sive i come du i g Q1 2025, Q2 2025 a d Q3 2025. Du i g Q3 2025, the Compa y also eco ded i come of €60.7 millio associated with ma k to ma ket adjustme ts o de ivatives elated to the Compa y’s bi di g ag eeme t to acqui e a fu the i te est i Asseco. Fo the i e mo ths e ded Septembe 30, 2026 et i come i c eased €158.2 millio to €148.9 millio compa ed to egative €9.3 millio fo the same pe iod i 2025. O a pe sha e basis, this t a slated i to et i come pe basic a d diluted sha e of €1.11 i the i e mo ths e ded Septembe 30, 2026 compa ed to egative €0.09 fo the same pe iod i 2025.
Fo the qua te e ded Septembe 30, 2026, CFO we e €47.4 millio compa ed to €48.4 millio fo the same pe iod i 2025 ep ese ti g a dec ease of 2%. Ma y of the busi esses i voice custome s fo a ual softwa e mai te a ce fees i Q1 each yea esulti g i a disp opo tio ate amou t of cash bei g eceived i the fi st qua te as compa ed to the emai i g th ee qua te s. Fo the i e mo ths e ded Septembe 30, 2026, CFO i c eased €10.2 millio to €315.2 millio compa ed to €304.9 millio fo the same pe iod i 2025 ep ese ti g a i c ease of 3%.
Fo the qua te e ded Septembe 30, 2026, FCFA2S dec eased €3.5 millio to €18.8 millio compa ed to €22.3 millio fo the same pe iod i 2025 ep ese ti g a dec ease of 16%. Fo the i e mo ths e ded Septembe 30, 2026, FCFA2S i c eased €31.7 millio to €199.1 millio compa ed to €167.5 millio fo the same pe iod i 2025 ep ese ti g a i c ease of 19%.
Ce tai stateme ts he ei may be “fo wa d looki g” stateme ts that i volve k ow a d u k ow isks, u ce tai ties a d othe facto s that may cause the actual esults, pe fo ma ce o achieveme ts of Topicus o the i dust y to be mate ially diffe e t f om a y futu e esults, pe fo ma ce o achieveme ts exp essed o implied by such fo wa d-looki g stateme ts. Fo wa d looki g stateme ts i volve sig ifica t isks a d u ce tai ties, should ot be ead as gua a tees of futu e pe fo ma ce o esults, a d will ot ecessa ily be accu ate i dicatio s of whethe o ot such esults will be achieved. A umbe of facto s could cause actual esults to va y sig ifica tly f om the esults discussed i the fo wa d looki g stateme ts. These fo wa d looki g stateme ts eflect cu e t assumptio s a d expectatio s ega di g futu e eve ts a d ope ati g pe fo ma ce a d a e made as of the date he eof a d Topicus assumes o obligatio , except as equi ed by law, to update a y fo wa d looki g stateme ts to eflect ew eve ts o ci cumsta ces.
F ee cash flow available to sha eholde s ‘‘FCFA2S’’ efe s to et cash flows f om ope ati g activities less i te est paid o lease obligatio s, i te est paid o othe facilities, c edit facility t a sactio costs, epayme ts of lease obligatio s, a d p ope ty a d equipme t pu chased, a d i cludes i te est a d divide ds eceived, a d the p oceeds f om sale of i te est ate caps. The po tio of this amou t applicable to o -co t olli g i te ests is the deducted. Topicus believes that FCFA2S is useful suppleme tal i fo matio as it p ovides a i dicatio of the u committed cash flow that is available to sha eholde s if Topicus does ot make a y acquisitio s, o i vestme ts, a d does ot epay a y debts. While Topicus could use the FCFA2S to pay divide ds o epu chase sha es, Topicus’ objective is to i vest all of ou FCFA2S i acquisitio s which meet Topicus’ hu dle ate.
FCFA2S is ot a ecog ized measu e u de IFRS a d, acco di gly, eade s a e cautio ed that FCFA2S should ot be co st ued as a alte ative to et cash flows f om ope ati g activities.
The followi g table eco ciles FCFA2S to et cash flows f om ope ati g activities:
| Th ee mo ths e ded Septembe 30, | Ni e mo ths e ded Septembe 30, | 2026 | 2025 | 2026 | 2025 | (€ i millio s) | (€ i millio s) | Net cash flows f om ope ati g activities | 47.4 | 48.4 | 315.2 | 304.9 | Adjusted fo : | I te est paid o lease obligatio s | (0.8) | (0.8) | (2.5) | (2.2) | I te est paid o othe facilities | (4.8) | (2.9) | (18.8) | (11.9) | C edit facility t a sactio costs | (0.0) | (0.2) | (0.3) | (3.5) | Payme ts of lease obligatio s | (8.9) | (7.8) | (25.9) | (21.8) | P ope ty a d equipme t pu chased | (3.4) | (1.7) | (9.7) | (8.3) | I te est a d divide ds eceived | 2.3 | (0.4) | 62.1 | 8.2 | 31.7 | 34.7 | 319.9 | 265.4 | Less amou t att ibutable to | o -co t olli g i te ests | (12.9) | (12.4) | (120.8) | (98.0) | F ee cash flow available to sha eholde s | 18.8 | 22.3 | 199.1 | 167.5 | Due to ou di g, ce tai totals may ot foot. |
Topicus’ subo di ate voti g sha es a e listed o the To o to Ve tu e Stock Excha ge u de the symbol “TOI”. Topicus acqui es, ma ages a d builds ve tical ma ket softwa e busi esses.
Co stellatio ‘s commo sha es a e listed o the To o to Stock Excha ge u de the symbol “CSU”. Co stellatio acqui es, ma ages a d builds ve tical ma ket softwa e busi esses.
Jamal BakshChief Fi a cial Office (416) 861-9677 i fo@topicus.comwww.topicus.com
| Co de sed Co solidated I te im Stateme ts of Fi a cial Positio | (I thousa ds of eu os, except pe sha e amou ts. Due to ou di g, umbe s p ese ted may ot foot.) | U audited | Septembe 30, 2026 | Decembe 31, 2025 | Assets | Cu e t assets: | Cash | 342,391 | 326,686 | Accou ts eceivable | 192,304 | 175,613 | U billed eve ue | 76,974 | 53,909 | I ve to ies | 8,452 | 7,057 | Othe assets | 88,445 | 67,969 | 708,566 | 631,234 | No -cu e t assets: | P ope ty a d equipme t | 29,610 | 27,343 | Right of use assets | 87,868 | 96,656 | Defe ed i come taxes | 22,541 | 23,494 | I vestme ts i associates | 484,632 | 515,368 | Othe assets | 18,872 | 17,790 | I ta gible assets | 1,223,776 | 1,201,287 | 1,867,297 | 1,881,939 | Total assets | 2,575,863 | 2,513,173 | Liabilities a d Sha eholde s’ Equity | Cu e t liabilities: | Topicus Revolvi g C edit Facility a d cu e t po tio of Te m a d othe loa s | 127,226 | 345,324 | Accou ts payable a d acc ued liabilities | 369,509 | 365,229 | Defe ed eve ue | 295,058 | 207,140 | P ovisio s | 3,498 | 3,548 | Acquisitio holdback payables | 28,052 | 23,740 | Lease obligatio s | 30,845 | 30,915 | I come taxes payable | 36,955 | 39,201 | 891,143 | 1,015,098 | No -cu e t liabilities: | Te m a d othe loa s | 352,467 | 347,218 | Defe ed i come taxes | 190,575 | 188,313 | Acquisitio holdback payables | 49,232 | 40,133 | Lease obligatio s | 59,055 | 67,436 | Othe liabilities | 100,335 | 73,166 | 751,663 | 716,266 | Total liabilities | 1,642,806 | 1,731,363 | Sha eholde s’ Equity: | Capital stock | 39,412 | 39,412 | Accumulated othe comp ehe sive i come (loss) | 129,909 | 124,611 | Retai ed ea i gs | 406,793 | 309,801 | No -co t olli g i te ests | 356,943 | 307,985 | 933,057 | 781,810 | Total liabilities a d sha eholde s’ equity | 2,575,863 | 2,513,173 |
| Co de sed Co solidated I te im Stateme ts of I come (Loss) | (I thousa ds of eu os, except pe sha e amou ts. Due to ou di g, umbe s p ese ted may ot foot.) | U audited | Th ee mo ths e ded Septembe 30, | Ni e mo ths e ded Septembe 30, | 2026 | 2025 | 2026 | 2025 | Reve ue | Lice se | 11,460 | 8,894 | 32,832 | 28,726 | P ofessio al se vices | 94,859 | 94,545 | 291,926 | 265,068 | Ha dwa e a d othe | 13,018 | 6,875 | 34,112 | 22,665 | Mai te a ce a d othe ecu i g | 325,755 | 277,574 | 959,162 | 799,056 | 445,092 | 387,888 | 1,318,032 | 1,115,515 | Expe ses | Staff | 230,040 | 205,209 | 704,956 | 609,133 | Ha dwa e | 8,099 | 4,032 | 19,286 | 12,810 | Thi d pa ty lice se, mai te a ce a d p ofessio al se vices | 41,085 | 34,723 | 118,961 | 95,220 | T avel, telecommu icatio s, supplies, softwa e a d equipme t | 18,682 | 15,454 | 56,056 | 45,746 | P ofessio al fees | 6,411 | 6,150 | 22,536 | 20,892 | Othe , et | 7,078 | 8,514 | 23,641 | 25,396 | Dep eciatio | 11,953 | 10,890 | 35,326 | 30,243 | Amo tizatio of i ta gible assets | 47,791 | 43,429 | 138,449 | 119,574 | 371,139 | 328,402 | 1,119,210 | 959,014 | Impai me t of i ta gible a d othe o -fi a cial assets | (0 | ) | 7 | 25 | 7 | Ba gai pu chase (gai ) | (53 | ) | – | (53 | ) | (154 | ) | Fi a ce a d othe (i come) expe ses | 8,203 | (62,035 | ) | 8,901 | (76,511 | ) | Sha e i et (i come) loss of equity i vestees | (5,049 | ) | 496 | (24,260 | ) | 475 | (I c ease) dec ease i the fai value of equity secu ities | – | – | – | (32,789 | ) | Revaluatio of i vestme t accou ted fo usi g the equity method to cost | – | 221,748 | – | 221,748 | Fi a ce costs | 11,397 | 9,175 | 30,314 | 21,939 | 14,498 | 169,392 | 14,927 | 134,716 | I come (loss) befo e i come taxes | 59,456 | (109,905 | ) | 183,896 | 21,786 | Cu e t i come tax expe se ( ecove y) | 19,759 | 18,921 | 62,824 | 56,407 | Defe ed i come tax expe se ( ecove y) | (6,816 | ) | (7,887 | ) | (27,830 | ) | (25,293 | ) | I come tax expe se ( ecove y) | 12,943 | 11,035 | 34,994 | 31,113 | Net i come (loss) | 46,513 | (120,940 | ) | 148,902 | (9,328 | ) | Net i come (loss) att ibutable to: | Equity holde s of Topicus | 28,718 | (78,192 | ) | 93,066 | (7,523 | ) | No -co t olli g i te ests | 17,795 | (42,748 | ) | 55,835 | (1,805 | ) | Net i come (loss) | 46,513 | (120,940 | ) | 148,902 | (9,328 | ) | Weighted ave age sha es | Basic sha es outsta di g | 83,702,570 | 83,338,874 | 83,485,101 | 83,169,753 | Diluted sha es outsta di g | 129,841,819 | 129,841,819 | 129,841,819 | 129,841,819 | Ea i gs (loss) pe commo sha e of Topicus | Basic | 0.34 | (0.94 | ) | 1.11 | (0.09 | ) | Diluted | 0.34 | (0.94 | ) | 1.11 | (0.09 | ) |
| Co de sed Co solidated I te im Stateme ts of Comp ehe sive I come (Loss) | (I thousa ds of eu os, except pe sha e amou ts. Due to ou di g, umbe s p ese ted may ot foot.) | U audited | Th ee mo ths e ded Septembe 30, | Ni e mo ths e ded Septembe 30, | 2026 | 2025 | 2026 | 2025 | Net i come (loss) | 46,513 | (120,940 | ) | 148,902 | (9,328 | ) | Items that a e o may be eclassified subseque tly to et i come (loss): | Fo eig cu e cy t a slatio diffe e ces f om fo eig ope atio s a d othe | 1,910 | (913 | ) | 7,989 | (9,288 | ) | Items that will ot be eclassified to et i come (loss): | Cha ges i the fai value of equity i vestme ts at FVOCI | – | (4,374 | ) | – | 188,959 | Othe comp ehe sive (loss) i come fo the pe iod, et of i come tax | 1,910 | (5,287 | ) | 7,989 | 179,671 | Total comp ehe sive i come (loss) fo the pe iod | 48,423 | (126,227 | ) | 156,890 | 170,343 | Total othe comp ehe sive i come (loss) att ibutable to: | Equity holde s of Topicus | 1,378 | (3,288 | ) | 5,298 | 116,796 | No -co t olli g i te ests | 532 | (1,998 | ) | 2,691 | 62,875 | Total othe comp ehe sive i come (loss) | 1,910 | (5,287 | ) | 7,989 | 179,671 | Total comp ehe sive i come (loss) att ibutable to: | Equity holde s of Topicus | 30,096 | (81,481 | ) | 98,364 | 109,274 | No -co t olli g i te ests | 18,327 | (44,746 | ) | 58,526 | 61,070 | Total comp ehe sive i come (loss) | 48,423 | (126,227 | ) | 156,890 | 170,343 |
| Co de sed Co solidated I te im Stateme t of Cha ges i Sha eholde s’ Equity (Deficie cy) | (I thousa ds of eu os, except pe sha e amou ts. Due to ou di g, umbe s p ese ted may ot foot.) | U audited | Ni e mo ths e ded Septembe 30, 2026 | Total comp ehe sive i come (loss) fo the pe iod: | Net i come (loss) | – | – | 93,066 | 93,066 | 55,835 | 148,902 | Othe comp ehe sive i come (loss) | Fo eig cu e cy t a slatio diffe e ces f om | fo eig ope atio s a d othe , et of i come tax | – | 5,298 | – | 5,298 | 2,691 | 7,989 | T a sactio s with ow e s, eco ded di ectly i equity | Othe moveme ts i o -co t olli g i te ests a d equity | – | – | (533 | ) | (533 | ) | (212 | ) | (745 | ) | Excha ge of Topicus Coop o di a y u its held by o -co t olli g i te ests to subo di ate voti g sha es of Topicus | – | – | 4,458 | 4,458 | (4,458 | ) | – | Divide ds paid to o -co t olli g i te ests | – | – | – | – | (4,898 | ) | (4,898 | ) |
| Co de sed Co solidated I te im Stateme t of Cha ges i Sha eholde s’ Equity (Deficie cy) | (I thousa ds of eu os, except pe sha e amou ts. Due to ou di g, umbe s p ese ted may ot foot.) | U audited | Ni e mo ths e ded Septembe 30, 2025 | Total comp ehe sive i come (loss) fo the pe iod: | Net i come (loss) | – | – | (7,523 | ) | (7,523 | ) | (1,805 | ) | (9,328 | ) | Othe comp ehe sive i come (loss) | Fo eig cu e cy t a slatio diffe e ces f om | fo eig ope atio s a d othe , et of i come tax a d | cha ges i the fai value of equity i vestme ts at FVOCI | – | 116,796 | – | 116,796 | 62,875 | 179,671 | T a sactio s with ow e s, eco ded di ectly i equity | Othe moveme ts i o -co t olli g i te ests a d equity | – | 34 | 5 | 38 | 60 | 98 | Excha ge of Topicus Coop o di a y u its held by o -co t olli g i te ests to subo di ate voti g sha es of Topicus | – | – | 1,633 | 1,633 | (1,633 | ) | – | Divide ds paid to o -co t olli g i te ests | – | – | – | – | (3,350 | ) | (3,350 | ) |
| Co de sed Co solidated I te im Stateme ts of Cash Flows | (I thousa ds of eu os, except pe sha e amou ts. Due to ou di g, umbe s p ese ted may ot foot.) | U audited | Th ee mo ths e ded Septembe 30, | Ni e mo ths e ded Septembe 30, | 2026 | 2025 | 2026 | 2025 | Cash flows f om (used i ) ope ati g activities: | Net i come (loss) | 46,513 | (120,940 | ) | 148,902 | (9,328 | ) | Adjustme ts fo : | Dep eciatio | 11,953 | 10,890 | 35,326 | 30,243 | Amo tizatio of i ta gible assets | 47,791 | 43,429 | 138,449 | 119,574 | Impai me t of i ta gible a d othe o -fi a cial assets | (0 | ) | 7 | 25 | 7 | Ba gai pu chase (gai ) | (53 | ) | – | (53 | ) | (154 | ) | Fi a ce a d othe expe ses (i come) | 8,203 | (62,035 | ) | 8,901 | (76,511 | ) | Sha e i et (i come) loss of equity i vestees | (5,049 | ) | 496 | (24,260 | ) | 475 | (I c ease) dec ease i the fai value of equity secu ities | – | – | – | (32,789 | ) | Fi a ce costs | 11,397 | 9,175 | 30,314 | 21,939 | Revaluatio of i vestme t accou ted fo usi g the equity method to cost | – | 221,748 | – | 221,748 | I come tax expe se ( ecove y) | 12,943 | 11,035 | 34,994 | 31,113 | Cha ge i o -cash ope ati g assets a d liabilities | exclusive of effects of busi ess combi atio s | (69,827 | ) | (51,340 | ) | 1,465 | 41,619 | T a sactio costs associated with equity secu ities classified as FVOCI | – | – | – | (1,659 | ) | I come taxes (paid) eceived | (16,499 | ) | (14,019 | ) | (58,876 | ) | (41,330 | ) | Net cash flows f om (used i ) ope ati g activities | 47,372 | 48,446 | 315,186 | 304,949 | Cash flows f om (used i ) fi a ci g activities: | I te est paid o lease obligatio s | (817 | ) | (807 | ) | (2,546 | ) | (2,188 | ) | I te est paid o othe facilities | (4,834 | ) | (2,881 | ) | (18,834 | ) | (11,896 | ) | Net i c ease (dec ease) i Topicus Revolvi g C edit Facility | 10,000 | 257,000 | (215,000 | ) | 172,000 | P oceeds f om issua ce of Loa | – | – | – | 200,000 | P oceeds f om issua ce of te m a d othe loa s | 2,894 | 4,262 | 10,394 | 117,672 | I c ease (dec ease) i ba k i debted ess | 27,793 | (83 | ) | 23,857 | (83 | ) | I c ease (dec ease) i loa f om Vela Softwa e G oup | – | (287 | ) | – | (287 | ) | Repayme ts of te m a d othe loa s | (1,481 | ) | (2,066 | ) | (11,775 | ) | (16,177 | ) | C edit facility t a sactio costs | (25 | ) | (190 | ) | (337 | ) | (3,468 | ) | Payme ts of lease obligatio s | (8,861 | ) | (7,805 | ) | (25,915 | ) | (21,810 | ) | Divide ds paid to o -co t olli g i te ests | – | (1,718 | ) | (4,898 | ) | (3,350 | ) | Net cash flows f om (used i ) i fi a ci g activities | 24,669 | 245,426 | (245,054 | ) | 430,414 | Cash flows f om (used i ) i vesti g activities: | Acquisitio of busi esses | (47,052 | ) | (11,437 | ) | (93,303 | ) | (261,095 | ) | Cash obtai ed with acqui ed busi esses | 1,332 | 2,338 | 9,654 | 31,075 | Post-acquisitio settleme t payme ts, et of eceipts | (5,808 | ) | (8,906 | ) | (22,160 | ) | (18,139 | ) | Pu chases of othe i vestme ts | (750 | ) | – | (1,021 | ) | – | Pu chase of equity secu ities of Asseco Pola d S.A. | – | – | – | (167,977 | ) | (I c ease) dec ease i est icted cash | (477 | ) | (246,775 | ) | (2,016 | ) | (246,857 | ) | I te est, divide ds a d othe p oceeds eceived, et of i come taxes paid | 2,299 | (376 | ) | 62,094 | 8,181 | P ope ty a d equipme t pu chased | (3,407 | ) | (1,653 | ) | (9,747 | ) | (8,319 | ) | Net cash flows f om (used i ) i vesti g activities | (53,863 | ) | (266,810 | ) | (56,500 | ) | (663,131 | ) | Effect of fo eig cu e cy o | cash a d cash equivale ts | 944 | (256 | ) | 2,072 | (2,328 | ) | I c ease (dec ease) i cash | 19,122 | 26,807 | 15,704 | 69,904 | Cash, begi i g of pe iod | 323,269 | 249,254 | 326,686 | 206,157 | Cash, e d of pe iod | 342,391 | 276,061 | 342,391 | 276,061 |
