Core Viewpoint - Altus Group Limited has initiated a substantial issuer bid (SIB) to repurchase up to C$350,000,000 of its common shares, believing the current market price does not reflect the company's fundamental value [1][3]. Summary by Sections Issuer Bid Details - The SIB will run from November 26, 2025, to January 8, 2026, unless modified [1]. - Shareholders can participate through a "modified Dutch auction" with three tender options: auction tender, purchase price tender, and proportionate tender [2]. - The price range for the shares is set between C$50.00 and C$57.00, representing a premium of 0.40% to 14.46% over the closing price on November 19, 2025 [4]. Shareholder Participation - Participation in the SIB is optional, allowing shareholders to choose how many shares to tender and at what price [5]. - Jarislowsky Fraser Global Investment Management, owning approximately 13.19% of shares, plans to make a proportionate tender to maintain its ownership [6]. Financial and Market Context - As of November 25, 2025, Altus Group had 3,222,129 shares issued and outstanding [7]. - The SIB will be funded using the company's cash on hand, reflecting its liquidity position [3][13]. Auction Process - The final purchase price will be determined based on valid tenders and will be the lowest price that allows Altus Group to purchase all shares tendered at or below that price [8][10]. - If the total purchase price exceeds the auction tender limit, shares will be purchased on a pro rata basis, with odd lot holders exempt from proration [10]. Documentation and Conditions - The formal offer documents detailing the SIB terms will be filed with Canadian securities authorities and made available on SEDAR+ [11]. - The SIB is not conditional on a minimum number of shares being tendered but is subject to customary conditions for such transactions [12]. Advisory and Management - RBC Capital Markets has been engaged as the financial advisor and dealer manager for the SIB [14]. - The Board has approved the SIB and its parameters, but does not recommend whether shareholders should tender their shares [15].

Core Insights - European commercial property values have increased for the fourth consecutive quarter, with a rise of 0.6% from Q1 2025 and 2.8% year-over-year from Q2 2024, indicating a stabilizing market despite mixed macroeconomic conditions [3][4]. Market Overview - Altus Group's Q2 2025 dataset includes €29 billion in assets under management across 17 countries, covering industrial, office, retail, and residential sectors [2]. - The growth in commercial property values has moderated, with cashflow gains tapering to 0.5%, the lowest level in four quarters, yet the yield impact remains positive due to improving investor sentiment in a lower interest rate environment [3]. Sector Performance - **Residential Sector**: The top performer with a 0.9% value increase over Q1 2025, benefiting from stronger cash flow fundamentals despite rising yields [6]. - **Industrial Sector**: Values increased by 0.8% over Q1 2025, although cashflow appreciation slowed [6]. - **Office Sector**: Experienced a muted 0.3% value increase over Q1 2025, with cashflows largely unchanged despite tightening yields [6]. - **Retail Sector**: Values rose by only 0.3% over Q1 2025, impacted by minimal rent improvements and increased operating expenses [6]. - **Other Sectors**: Student accommodation assets saw a value increase of 1.9% over Q1 2025 [6].

Group 1 - Altus Group Limited announced a cash dividend of $0.15 per common share for Q3 ending September 30, 2025, payable on October 15, 2025 [1] - The Dividend Reinvestment Plan (DRIP) allows eligible shareholders to reinvest cash dividends in additional common shares at 96% of the weighted average closing price for the five trading days preceding the payment date [2] - All dividends paid to common shareholders qualify as "eligible dividends" under Canadian tax legislation [3] Group 2 - Altus Group is a leading provider of commercial real estate intelligence, connecting data, analytics, and expertise to enhance CRE performance [4] - The company employs approximately 2,000 experts who contribute to shaping urban environments and communities [4]

Core Insights - European commercial property values have increased for the third consecutive quarter, with a 0.8% rise from Q4 2024 and a 2% increase year-over-year [3]. Summary by Sector - **Residential Sector**: The residential sector led with a 1.5% value increase over Q4 2024, driven by strong cash flow fundamentals and above-average rent growth. The Netherlands showed the strongest market performance [7]. - **Industrial Sector**: The industrial sector experienced a modest growth of 0.8% over Q4 2024, with steady yields and improved cash flows. Italy and Spain recorded the largest gains in this sector [7]. - **Office Sector**: Office values rose by 0.8% in Q1 2025 compared to Q4 2024, supported by yield improvement and strengthening cash flows. France had the largest valuation gains, while Germany and the U.K. saw declines [7]. - **Retail Sector**: Retail values increased by 0.5% over Q4 2024, with rising yields affecting shopping centers negatively, but benefiting high street shops and supermarkets. Retail warehouses were the top performers in this sector over the past year [7]. - **Other Sectors**: Student accommodation assets outperformed hotels, with a 3.0% value increase over Q4 2024 [7].

Core Points - Altus Group Limited announced a cash dividend of $0.15 per common share for Q2 ending June 30, 2025, to be paid on July 15, 2025 [1] - The Dividend Reinvestment Plan (DRIP) allows eligible shareholders to reinvest their cash dividends in additional common shares at 96% of the weighted average closing price for the five trading days preceding the payment date [2] - All dividends paid to common shareholders qualify as "eligible dividends" under Canadian tax legislation [3] Company Overview - Altus Group is a leading provider of commercial real estate intelligence, connecting data, analytics, and expertise to enhance CRE performance [4] - The company employs approximately 2,000 experts who contribute to shaping urban environments and communities [4]