Altus Group Announces Preliminary Results of Substantial Issuer Bid

TORONTO, April 22, 2026 (GLOBE NEWSWIRE) -- Altus Group Limited (“Altus Group” or the “Company”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, today announced the preliminary results of its substantial issuer bid (the “SIB”), pursuant to which Altus Group offered to purchase for cancellation a number of its common shares (“Shares”) for an aggregate purchase price not to exceed C$200 million at a purchase price of not less than C$42.00 and not more than C$52.00 per Share. The SIB expired at 5:00 p.m. (Toronto time) on Tuesday, April 21, 2026 (the “Expiration Time”).

Preliminary Results of SIB

In accordance with the terms and conditions of the SIB and based on the preliminary calculation of TSX Trust Company (the “Depositary”) as depositary for the SIB, Altus Group expects to take up and pay for approximately 3,846,153 Shares at a price of C$52.00 per Share under the SIB (the “Purchase Price”), representing an aggregate purchase price of approximately C$200 million and approximately 9.69% of the total number of Altus Group’s issued and outstanding Shares (net of escrowed Shares) before giving effect to the SIB and on a non-diluted basis. Approximately 82,000 Shares were tendered through notices of guaranteed delivery.

Based on the Depositary’s preliminary calculation, approximately 4,435,568 Shares were validly tendered and not withdrawn (including pursuant to proportionate tenders). None of Altus Group’s directors or executive officers participated in the SIB.

Since the SIB was oversubscribed, shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders will have the number of Shares purchased prorated following the determination of the final results of the SIB (other than “odd lot” tenders, which are not subject to proration). Altus Group currently expects that shareholders who made auction tenders at or below the Purchase Price and purchase price tenders will have approximately 87.13% of their successfully tendered Shares purchased by Altus Group.

Shareholders who made valid proportionate tenders will have such number of Shares purchased by Altus Group as would permit such shareholders to maintain their same Share ownership percentage as existed prior to completion of the SIB (subject to rounding to avoid the purchase of fractional Shares). Approximately 2,518 Shares are anticipated to be taken up and purchased pursuant to proportionate tenders.

After giving effect to the SIB, Altus Group expects to have approximately 35,836,266 Shares issued and outstanding (net of 187,809 escrowed Shares).

The number of Shares expected to be purchased, the proration factor, the Purchase Price and the aggregate purchase price referred to above are preliminary and remain subject to verification by the Depositary. Upon take up and payment of the Shares purchased, Altus Group will release the final results, including the final proration factor. Payment for the Shares accepted for purchase will be made in accordance with the terms of the Offer and applicable law.

Altus Group has not elected to extend the SIB, and the SIB expired on the Expiration Time, which for greater certainty was at 5:00 p.m. (Toronto time) on April 21, 2026.

The full details of the SIB are described in the offer to purchase and issuer bid circular dated March 16, 2026, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available under our profile on SEDAR+ at www.sedarplus.ca. Any questions or requests for information regarding the SIB may be directed to the Depositary, at 1-800-387-0825 (Toll Free - North America), (416) 682-3860 or shareholderinquiries@tmx.com, or to the Dealer Manager, at altussib@rbccm.com.

SHAREHOLDERS ARE STRONGLY URGED TO CAREFULLY READ THE OFFER DOCUMENTS AND RELATED DOCUMENTS FILED WITH SECURITIES REGULATORY AUTHORITIES, AS THEY MAY BE AMENDED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares.

Forward-Looking Information

Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information, including statements regarding the SIB, Shares to be taken up and paid for in connection with the SIB, the proration factor, the Purchase Price, the aggregate purchase price, the number of Shares expected to be issued and outstanding after completion of the SIB and other statements that are not historical facts (collectively, “forward-looking information”). Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “plan”, “would”, “could”, “should”, “continue”, “goal”, “objective”, “remain” and other similar terminology.

Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may not be known and may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information.

Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to: the CRE market conditions; the general state of the economy; our financial performance; our financial targets; our international operations; acquisitions, divestitures, joint ventures and strategic investments; business interruption events; third party information and data; cybersecurity; industry competition; technological strategy; our subscription renewals; our sales pipeline; professional talent; client concentration and loss of material clients; product enhancements and new product introductions; our use of technology; intellectual property; compliance with laws and regulations; privacy and data protection; artificial intelligence; our leverage and financial covenants; interest rates; inflation; our brand, reputation and social media risk; our ARGUS Intelligence transition; share repurchase programs; fixed price engagements; currency fluctuations; credit; tax matters; financial reporting standards; our contractual obligations; legal proceedings; regulatory review; our insurance limits; our internal and disclosure controls; our dividend payments; our Share price; market liquidity and volatility; execution risks associated with any capital return programs (including any normal course issuer bid or the SIB), such as the availability of Shares for purchase, unanticipated tax consequences, the level of shareholder participation in any substantial issuer bid, the timing, pricing, suspension or termination of any program, and our ability to fund repurchases while maintaining our targeted leverage and compliance with financial covenants; our capital investments; the issuance of additional Shares and debt; shareholder activism; health and safety hazards; environmental, social and governance (ESG) matters and climate change; and communications regulation, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2025 (which are available on SEDAR+ at www.sedarplus.ca).

Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities.

About Altus Group

Altus Group is a leading provider of CRE intelligence, anchored by ARGUS – the industry’s go-to software for valuation and performance analytics. For more than two decades, Altus Group has played a vital role in empowering CRE professionals with the analytics and trusted advice they need to make high-impact decisions with confidence. The world’s CRE leaders rely on our market-leading solutions and expertise to drive performance and manage risk. Our people around the world are driving meaningful impact in an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities.

For more information about Altus Group (TSX: AIF) please visit www.altusgroup.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Camilla Bartosiewicz
Chief Communications Officer, Altus Group
(416) 641-9773
camilla.bartosiewicz@altusgroup.com

Martin Miasko
Sr. Director, Investor Relations and Strategy, Altus Group
(416) 204-5136
martin.miasko@altusgroup.com

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