Constellation Software : Financial Statements (CSI Financial Statement Q126 Final)

Published: 2026-05-13 15:36:11 ET CSU.TO

Published on 05/13/2026 at 03:36 pm EDT

‌Condensed Consolidated Interim Financial Statements (In U.S. dollars)

For the three months ended March 31, 2026 and 2025 Unaudited

Condensed Consolidated Interim Statements of Financial Position

(In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited

March 31, 2026 December 31, 2025

Assets

Current assets:

Cash and cash equivalents

3,010

3,089

Accounts receivable

1,630

1,467

Unbilled revenue

478

450

Inventories

Other assets (note 6)

755

726

5,956

5,798

Non-current assets:

Property and equipment

239

241

Right of use assets

390

384

Deferred income taxes

369

355

Investments in associates (note 5)

683

655

Other assets (note 6)

425

345

Intangible assets (note 7)

8,907

8,388

11,013

10,368

Total assets

16,969

16,167

Liabilities and Shareholders' Equity

Current liabilities:

Debt with recourse to Constellation Software Inc. (note 8)

Liability of CSI under the IRGA (note 8)

655

775

Debt without recourse to Constellation Software Inc. (note 9)

585

591

Accounts payable and accrued liabilities

1,759

1,941

Dividends payable (note 12)

Deferred revenue

2,891

2,215

Provisions (note 10)

Acquisition holdback payables

238

218

Lease obligations

149

141

Income taxes payable

217

150

6,532

6,069

Non-current liabilities:

Debt with recourse to Constellation Software Inc. (note 8)

1,480

1,489

Liability of CSI under the IRGA (note 8)

478

458

Debt without recourse to Constellation Software Inc. (note 9)

1,925

2,051

Deferred income taxes

935

890

Acquisition holdback payables

234

208

Lease obligations

289

282

Other liabilities (note 6)

487

451

5,828

5,830

Total liabilities

12,360

11,899

Shareholders' equity (note 12): Capital stock

Accumulated other comprehensive income (loss)

130

Retained earnings

3,687

3,347

Non-controlling interests (note 18)

725

692

4,609

4,267

Subsequent events (notes 19)

Total liabilities and shareholders' equity

16,969

16,167

See accompanying notes to the condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Income (loss)

(In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.)

Unaudited

Three months ended March 31,

2026

2025

Revenue

License

$ 91

$ 96

Professional services

546

487

Hardware and other

100

Maintenance and other recurring

2,444

1,996

3,181

2,654

Expenses Staff

1,687

1,412

Hardware

Third party license, maintenance and professional services

312

254

Travel, telecommunications, supplies, software and equipment

159

131

Professional fees

Other, net

Depreciation

Amortization of intangible assets (note 7)

326

272

2,745

2,272

Foreign exchange loss (gain)

(45)

IRGA/TSS Membership liability revaluation charge (note 8)

(76)

Finance and other expense (income) (note 13)

(15)

(80)

Share in net (income) loss of equity investee (note 5)

(10)

Bargain purchase gain (note 4)

Impairment of intangible and other non-financial assets (note 7)

Finance costs (note 13)

(58)

119

Income (loss) before income taxes

493

262

Current income tax expense (recovery) (note 11)

172

137

Deferred income tax expense (recovery)

(78)

(49)

Income tax expense (recovery)

Net income (loss)

400

174

Net income (loss) attributable to:

Common shareholders of Constellation Software Inc.

367

136

Non-controlling interests (note 18)

Net income (loss)

400

174

Earnings per common share of Constellation Software Inc.

Basic and diluted (note 14)

$ 17.32

$ 6.41

See accompanying notes to the condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Comprehensive Income (loss)

(In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.)

Unaudited

Three months ended March 31, 2026 2025

Net income (loss)

$ 400 $

174

Items that are or may be reclassified subsequently to net income (loss):

Foreign currency translation differences from foreign operations and other, net of tax (37) 79

Items that will not be reclassified to net income (loss):

Changes in the fair value of equity investments at FVOCI

120

Other comprehensive income (loss), net of income tax

(37)

199

Total comprehensive income (loss)

$ 363

372

Total other comprehensive income (loss) attributable to: Common shareholders of Constellation Software Inc.

(32)

139

Non-controlling interests (note 18)

(5)

Total other comprehensive income (loss)

$ (37)

199

Total comprehensive income (loss) attributable to: Common shareholders of Constellation Software Inc.

335

275

Non-controlling interests (note 18)

Total comprehensive income (loss)

$ 363

372

See accompanying notes to the condensed consolidated interim financial statements.

Three months ended March 31, 2026

Equity Attributable to Common Shareholders of CSI

Capital stock

Accumulated other comprehensive income (loss)

Retained earnings

Total Non-controlling

interests

Total equity

Balance at January 1, 2026 $

$ 130

$ 3,347

$ 3,576 $

692 $

4,267

Total comprehensive income (loss):

Net income (loss) -

367

400

Other comprehensive income (loss)

Foreign currency translation differences from foreign operations and other, net of tax and

changes in the fair value of equity investments at FVOCI -

(32)

(5)

(37)

Total other comprehensive income (loss) -

(32)

(5)

(37)

Total comprehensive income (loss) -

(32)

367

335

363

Transactions with owners, recorded directly in equity

Other movements in non-controlling interests Dividends to shareholders of the Company

- - (5) (5) 5 0

- - (21) (21) - (21)

Balance at March 31, 2026

$ 99 $

98 $

3,687 $

3,884 $

725 $

4,609

See accompanying notes to the condensed consolidated interim financial statements.

Three months ended March 31, 2025

Equity Attributable to Common Shareholders of CSI

Capital stock

Accumulated other comprehensive income (loss)

Retained earnings

Total Non-controlling

interests

Total equity

Balance at January 1, 2025 $

$ (224) $

2,919

$ 2,795

$ 493

$ 3,288

Total comprehensive income (loss):

Net income (loss) -

136

174

Other comprehensive income (loss)

Foreign currency translation differences from

foreign operations and other, net of tax -

139

199

Total other comprehensive income (loss) -

139

199

Total comprehensive income (loss) -

139

136

275

372

Transactions with owners, recorded directly in equity

Dividends to shareholders of the Company

(21)

Balance at March 31, 2025 $ 99

$ (85) $

3,030 $

3,045 $

594 $

3,639

Other movements in non-controlling interests Dividends paid to non-controlling interests

- - (4) (4) 4 (0)

- - - - (0) (0)

See accompanying notes to the condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Cash Flows

(In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.)

Unaudited

Three months ended March 31,

2026

2025

Cash flows from (used in) operating activities:

Net income (loss)

400

174

Adjustments for:

Depreciation

Amortization of intangible assets (note 7)

326

272

IRGA/TSS Membership liability revaluation charge (note 8)

(76)

Finance and other expense (income) (note 13)

(15)

(80)

Share in net (income) loss of equity investee (note 5)

(10)

Bargain purchase (gain) (note 4)

Impairment of intangible and other non-financial assets (note 7)

Finance costs (note 13)

Income tax expense (recovery)

Foreign exchange loss (gain)

(45)

Depreciation of third party costs

Change in non-cash operating assets and liabilities

exclusive of effects of business combinations (note 17)

185

231

Transaction costs associated with equity securities classified as FVOCI

(2)

Income taxes paid

(107)

Net cash flows from (used in) operating activities

897

827

Cash flows from (used in) financing activities:

Interest paid on lease obligations

(4)

Interest paid on debt

(61)

(62)

Increase (decrease) in Topicus revolving credit debt facility without recourse to CSI

(286)

Proceeds from issuance of debt facilities without recourse to CSI

244

Repayments of debt facilities without recourse to CSI

(73)

(30)

Other financing activities

(1)

Dividends paid to non-controlling interests

(0)

Debt transaction costs

(1)

(0)

Payments of lease obligations, net of sublease receipts

(38)

(31)

Dividends paid to common shareholders of the Company (note 12)

(21)

Net cash flows from (used in) in financing activities

(236)

(91)

Cash flows from (used in) investing activities:

Acquisition of businesses (note 4)

(697)

(94)

Cash obtained with acquired businesses (note 4)

Post-acquisition settlement payments, net of receipts

(69)

(16)

Purchases of investments and other assets

(32)

(175)

Decrease (increase) in restricted cash

Interest, dividends and other proceeds received

Property and equipment purchased

(19)

(15)

Net cash flows from (used in) investing activities

(726)

(271)

Effect of foreign currency on cash and cash equivalents

(13)

Increase (decrease) in cash and cash equivalents

(78)

497

Cash and cash equivalents, beginning of period

$ 3,089

$ 1,980

Cash and cash equivalents, end of period

$ 3,010

$ 2,477

See accompanying notes to the condensed consolidated interim financial statements.

Reporting entity 11. Income taxes

Basis of presentation 12. Capital and other components of equity

Material accounting policies 13. Finance and other expense (income) and finance costs

Business acquisitions 14. Earnings per share

Investments in associates 15. Financial instruments

Other assets and other non-current liabilities 16. Contingencies

Intangible assets 17. Changes in non-cash operating assets and liabilities Debt with recourse to CSI and Liability of CSI

under the IRGA

18. Non-controlling interests

Debt without recourse to CSI 19. Subsequent events

Provisions

Constellation Software Inc. is a company domiciled in Canada. The address of Constellation Software Inc.'s registered office is 66 Wellington Street West, Suite 5300, Toronto, Ontario, Canada. The condensed consolidated interim financial statements of Constellation Software Inc. as at and for the three-month period ended March 31, 2026 comprise Constellation Software Inc. and its subsidiaries (together referred to as "Constellation", "CSI", or the "Company") and the Company's interest in associates. The Company is engaged principally in the development, installation and customization of software as well as in the provisioning of related professional services and support for customers globally across over 100 diverse markets.

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board ("IASB") and using the accounting policies disclosed in Note 3 of the Company's 2025 annual consolidated financial statements, available on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at https://www.sedarplus.com, except as disclosed herein.

These condensed consolidated interim financial statements were approved and authorized for issuance by the Board of Directors of the Company on May 12, 2026.

These condensed consolidated interim financial statements should be read in conjunction with the Company's 2025 annual consolidated financial statements.

The condensed consolidated interim financial statements have been prepared on the historical cost basis except for certain assets and liabilities initially recognized in connection with business combinations, derivative financial instruments, equity securities, and contingent consideration related to business acquisitions, which are measured at their estimated fair value.

The condensed consolidated interim financial statements are presented in U.S. dollars, which is Constellation's functional currency.

The preparation of the condensed consolidated interim financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses, consistent with those disclosed in the 2025 annual consolidated financial statements and described in these condensed consolidated interim financial statements. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.

Unless otherwise noted in the condensed consolidated interim financial statements, the material accounting policies used in preparing these condensed consolidated interim financial statements are unchanged from those disclosed in the Company's 2025 annual consolidated financial statements and have been applied consistently to all periods presented in these condensed consolidated interim financial statements.

The accounting policies have been applied consistently by Constellation's subsidiaries.

The IASB has issued IFRS 18, Presentation and Disclosure in Financial Statements (replacing IAS 1, Presentation of Financial Statements), with an aim to improve how information is communicated in the financial statements, with a focus on information in the statement of income that will become effective on January 1, 2027. The Company is assessing the impacts IFRS 18 will have on the consolidated financial statements.

On February 13, 2026, the Company completed the acquisition of 100% of the shares of Synchronoss Technologies, Inc. ("Synchronoss") for cash proceeds of $309.

Synchronoss is a software company that offers cloud-based software and services that enable communications service providers and other enterprises to manage, monetize, and securely deliver digital content, messaging, and customer engagement solutions. The acquired business operates in the communications and media market. The acquisition has been accounted for using the acquisition method with the results of operations included in the condensed consolidated interim financial statements for three months ended March 31, 2026 from the date of the acquisition.

The goodwill recognized in connection with this acquisition is primarily attributable to the application of the Company's best practices to improve the operations of the company acquired, synergies with existing businesses of the Company, and other intangible assets that do not qualify for separate recognition including assembled workforce. The goodwill is not expected to be deductible for income tax purposes.

The gross contractual amounts of acquired receivables was $15; however, the Company has recorded an allowance of $NIL as part of the acquisition accounting to reflect contractual cash flows that are not expected to be collected.

Due to the complexity and timing of this acquisition, the Company is in the process of determining and finalizing the estimated fair value of the net assets acquired. The amounts determined on a provisional basis generally relate to net asset assessments and measurement of the assumed liabilities. The provisional purchase price allocations may differ from the final purchase price allocations, and these differences may be material. Revisions to the allocations will occur as additional information about the fair value of assets and liabilities becomes available.

The impact of acquisition accounting applied on a provisional basis in connection with the acquisition of Synchronoss is as follows:

Assets acquired: Cash

$ 34

Accounts receivable 15

Other current assets 12

Property and equipment 2

Right of use assets 4

Other non-current assets 4

Technology assets 111

Customer assets 175

356

Liabilities assumed:

Current liabilities 31

Deferred revenue 0

Deferred income taxes 29

Long-term lease obligations 8

Other non-current liabilities 7

Goodwill 28

Total consideration $ 309

The acquisition of Synchronoss contributed revenue of $22 and a net loss of $2 for the three months ended March 31, 2026. If this acquisition had occurred on January 1, 2026, the Company estimates that pro-forma consolidated revenue and pro-forma condensed consolidated interim net income would have been $3,201 and $402 compared to the actual amounts reported in the consolidated statement of income (loss) for three months ended March 31, 2026.

During the three months ended March 31, 2026, the Company completed a number of additional acquisitions for aggregate cash consideration of $388 plus cash holdbacks of $91 and contingent consideration with an estimated acquisition date fair value of $21. The total consideration resulting from the additional acquisitions in the three months ended March 31, 2026 was $500. The contingent consideration is payable on the achievement of certain financial targets in the post-acquisition periods. The obligation for contingent consideration for acquisitions during the three months ended March 31, 2026 has been recorded at its estimated fair value at the various acquisition dates. The estimated fair value of the applicable contingent consideration is calculated using the estimated financial outcome and resulting expected contingent consideration to be paid and inclusion of a discount

rate as appropriate. For these arrangements, which include both maximum, or capped, and unlimited contingent consideration amounts, the estimated increase to the initial consideration is not expected to exceed $27.

Aggregate contingent consideration of $225 (December 31, 2025 - $215) has been reported in the condensed consolidated interim statement of financial position at its estimated fair value relating to applicable acquisitions completed in the current and prior periods. Changes made to the estimated fair value of contingent consideration are included in other, net in the condensed consolidated interim statements of income (loss). An expense of $4 has been recorded for the three months ended March 31, 2026 (an expense of $7 for the three months ended March 31, 2025).

No additional acquisitions were deemed to be individually significant. The majority of the businesses acquired during the period were acquisitions of shares and the remainder were asset acquisitions. The cash holdbacks are generally payable over a two-year period and are adjusted, as necessary, for such items as working capital or net tangible asset assessments, as defined in the agreements, and claims under the respective representations and warranties of the purchase and sale agreements.

The additional acquisitions during the three months ended March 31, 2026 include software companies catering to the following markets: accounting, agriculture equipment dealers, asset management, automotive, aviation, chemicals, content management, education, enterprise resource planning, financial services, fitness, gaming, gas monitoring, government, healthcare, hospitality, human capital, insurance, legal, manufacturing, mining, planning, policy and procedure management, procurement, real estate, retail management and distribution, social compliance, and telematics all of which are software businesses similar to existing businesses operated by the Company. The acquisitions have been accounted for using the acquisition method with the results of operations included in these consolidated financial statements from the date of each acquisition.

The goodwill recognized in connection with these additional acquisitions is primarily attributable to the application of Constellation's best practices to improve the operations of the companies acquired, synergies with existing businesses of Constellation, and other intangible assets that do not qualify for separate recognition including assembled workforce. Goodwill in the amount of $19 is expected to be deductible for income tax purposes.

The gross contractual amounts of acquired receivables was $43; however, the Company has recorded an allowance of $2 as part of the acquisition accounting to reflect contractual cash flows that are not expected to be collected.

Due to the complexity and timing of certain additional acquisitions made, the Company is in the process of determining and finalizing the estimated fair value of the net assets acquired as part of the acquisitions closed during the three months ended March 31, 2026 and the last nine months of 2025. The amounts determined on a provisional basis generally relate to net asset assessments and measurement of the assumed liabilities, including acquired contract liabilities. The provisional purchase price allocations may differ from the final purchase price allocations, and these differences may be material. Revisions to the allocations will occur as additional information about the fair value of assets and liabilities becomes available. The cash consideration associated with these provisional estimates (including individually significant acquisitions) totals $1,830.

The aggregate impact of acquisition accounting applied in connection with the aggregate of business acquisitions that are not individually significant in the period ended March 31, 2026 is as follows:

Assets acquired:

Cash

$ 43

Accounts receivable

Other current assets

Property and equipment

Right of use assets

Other non-current assets

Deferred income taxes

Technology assets

229

Customer assets

273

656

Liabilities assumed: Current liabilities

Deferred revenue

Deferred income taxes

Long-term lease obligations

Other non-current liabilities

231

Non-controlling interest

(0)

Goodwill

Bargain purchase gain

(0)

Aggregate purchase price

$ 500

Non-cash consideration:

Fair value of investment in affiliate in which control was acquired

(0)

Total consideration

500

The 2026 additional business acquisitions did not have a material impact to either the consolidated revenue or the consolidated net income (loss) for the three months ended March 31, 2026. The materiality threshold is reviewed on a regular basis taking into account the quantitative (contribution to revenue and net income (loss)) and

qualitative (size and comparability with other Constellation businesses) factors of current period acquisitions on both an individual and aggregate basis.

The chart below outlines the significant measurement period adjustments and adjustments to estimated holdback payables on prior year acquisitions which have been reflected on the condensed consolidated interim statement of financial position as of December 31, 2025.

Current Assets:

Accounts receivable

(3)

Unbilled revenue

Inventories

(2)

Acquisition holdback receivables

Other assets

(0)

(5)

Non-current Assets: Property and equipment

Right of use assets

Intangible assets

(0)

Total assets

(5)

Current liabilities:

Accounts payable and accrued liabilities

Deferred revenue

Acquisition holdback payables

(5)

Lease obligations

Income taxes payable

(0)

(5)

Non-current liabilities: Deferred income taxes

(0)

Acquistion holdback payables

Lease obligations

Other liabilities

(0)

Total liabilities

(5)

5. Investments in associates

Investments in associates comprise the following:

March 31, 2026

December 31, 2025

Investment in Asseco

590

575

Other investments in associates

683

655

Investment in Asseco:

The Company owns 19,207,886 shares in Asseco Poland S.A. ("Asseco") representing an ownership interest of approximately 23.14%. Asseco offers comprehensive, proprietary IT solutions for certain sectors of the economy and is listed on the Polish Warsaw Stock Exchange (the "WSE"). The Company applies the equity method of accounting to its investment in Asseco as a result of its ability to exercise significant influence over Asseco. Under the equity method of accounting, the investment is initially recognized at cost and is subsequently adjusted to reflect the Company's share of profit or loss and other comprehensive income (loss) of Asseco. The Company has elected to use "lag reporting" in relation to its investment in Asseco. The Company will record its share of profit or loss and other comprehensive income (loss) on a "three-month lag" because the concurrent financial information is impracticable to obtain from Asseco. Due to the complexity and timing of the investment, the Company is in the process of determining and finalizing the estimated fair value of the net assets acquired. The provisional purchase price allocation may differ from the final purchase price allocation, and these differences may be material. Revisions to the allocation will occur as additional information about the fair value of assets and liabilities becomes available.

The below table presents a reconciliation of the investment in Asseco from the beginning of the period to the end of the period:

At January 1, 2026 575

Share in net (income) loss of equity investee

Share in other comprehensive income (loss) of equity investee

Dividends received

Foreign exchange and other adjustments

At March 31, 2026

590

The fair value of the Company's investment in Asseco based on the share price of Asseco at March 31, 2026 is

$872.

Summarized Financial Information:

The tables below provide summarised financial information for the investment in Asseco as at December 31, 2025, due to the application of lag reporting. The information disclosed reflects the amounts presented in the financial statements of Asseco and not the Company's share of those amounts. The amounts have been amended to reflect adjustments made by the Company when using the equity method, including fair value adjustments and significant events during the lag reporting period.

Summarized Statement of Financial Position:

Current assets

3,461

Non-current assets

2,388

Current liabilities

1,982

Non-current liabilities

1,024

Net assets

2,843

Non-controlling interest

(1,782)

Net assets attributable to the shareholders of Asseco

1,061

Topicus' share of net assets

253

Goodwill

337

Investment in Asseco

590

Summarized Statement of Income (loss):

Revenue

1,243

Operating profit

126

Net income

Net income attributable to the shareholders of Asseco

Share in net income (loss) of equity investee

Summarized Statement of Other Comprehensive Income (loss):

Other comprehensive income

Other comprehensive income attributable to the shareholders of Asseco

Share in other comprehensive income (loss) of equity investee

Other assets and other non-current liabilities

Other assets

March 31, 2026

December 31, 2025

Prepaid expenses and other current assets

$ 429

$ 376

Holdback receivable

Investment tax credits recoverable

Sales tax receivable

Equity securities held for trading

Income tax and other receivables

201

188

Total other current assets

$ 755

$ 726

Investment tax credits recoverable

$ 15

$ 19

Costs to obtain a contract

113

110

Non-current trade and other receivables and other assets

297

217

Total other non-current assets

$ 425

$ 345

(b) Other non-current liabilities

March 31, 2026

December 31, 2025

Contingent consideration

$ 123

$ 122

Deferred revenue

123

119

Other non-current liabilities

241

210

Total other non-current liabilities

$ 487

$ 451

Technology Assets

Customer

Assets Backlog

Non-compete

agreements Trademarks Goodwill Total

Cost

Balance at January 1, 2025

$ 5,733

$ 5,485

$ 17

$ 28

$ 1,474

$ 12,739

Acquisitions through business combinations

783

749

268

1,801

Effect of movements in foreign exchange

282

258

(0)

616

Balance at December 31, 2025

$ 6,798

$ 6,492

$ 17

$ 31

$ 1,816

$ 15,157

Balance at January 1, 2026

$ 6,798

$ 6,492

$ 17

$ 31

$ 1,816

$ 15,157

Acquisitions through business combinations

340

448

(0)

105

893

Effect of movements in foreign exchange and other

(35)

(39)

(0)

(11)

(87)

Balance at March 31, 2026

$ 7,103

$ 6,900

$ 17

$ 30

$ 1,910

$ 15,963

Accumulated amortization and impairment losses

Balance at January 1, 2025

$ 3,340

$ 1,894

$ 17

$ 9

$ 23

$ 5,284

Amortization for the period

677

504

(0)

1,182

Impairment charge

Effect of movements in foreign exchange

163

101

(0)

264

Balance at December 31, 2025

$ 4,193

$ 2,512

$ 17

$ 10

$ 34

$ 6,769

Balance at January 1, 2026

$ 4,193

$ 2,512

$ 17

$ 10

$ 34

$ 6,769

Amortization for the period

184

141

(0)

326

Impairment charge

Effect of movements in foreign exchange

(23)

(16)

(0)

(39)

Balance at March 31, 2026

$ 4,354

$ 2,637

$ 17

$ 10

$ 34

$ 7,056

Carrying amounts

At January 1, 2025

$ 2,393

$ 3,591

$ 0

(0)

$ 20

$ 1,451

$ 7,455

At December 31, 2025

$ 2,606

$ 3,980

$ 0

$ -

$ 21

$ 1,782

$ 8,388

At January 1, 2026

$ 2,606

$ 3,980

$ 0

$ -

$ 21

$ 1,782

$ 8,388

At March 31, 2026

$ 2,749

$ 4,263

$ 0

(0)

$ 20

$ 1,876

$ 8,907

CSI Facility Senior Notes

Liability of CSI under

the IRGA Debentures Term Loan Total

Principal outstanding (and, except for debentures, equal to fair value)

- $ 1,000 $

1,133

$ 356

$ 86

2,574

Deduct: Unamortized transaction costs included in debt balance

- (6)

(0)

(6)

Add: Unamortized debt premium

- -

Carrying value at March 31, 2026

- 994

1,133

401

2,613

Current portion

- -

655

Non-current portion

- 994

478

401

1,959

CSI Facility

On January 31, 2024, the Company completed an amendment and restatement of its existing credit facility agreement (the "CSI Facility"). The facility limit was increased from $840 to $1,085, with a syndicate of existing and new institutions. The agreement has also moved from a secured to an unsecured facility structure, which continues to be available for general corporate purposes including acquisitions and working capital. The CSI Facility is guaranteed by certain subsidiaries of the Company. The CSI Facility bears a variable interest rate with no fixed repayments required over the term to maturity. Interest rates are calculated at standard U.S. and Canadian reference rates plus interest rate spreads based on a leverage table. The CSI Facility contains standard events of default which if not remedied within a cure period would trigger the repayment of any outstanding balance. As at March 31, 2026, $nil (December 31, 2025 - $nil) had been drawn from this credit facility, and letters of credit totaling

$13 (December 31, 2025 - $13) were issued, which limits the borrowing capacity on a dollar-for-dollar basis.

Senior Notes

On February 16, 2024, the Company completed a private offering of $500 aggregate principal amount of 5.158% senior notes due 2029 and $500 aggregate principal amount of 5.461% senior notes due 2034 (collectively, the "Senior Notes"). The Senior Notes are senior unsecured obligations of the Company and rank equally in right of payment to all of the Company's existing and future senior unsecured indebtedness, including the CSI Facility. The Senior Notes are guaranteed by certain subsidiaries of the Company on the same basis as such subsidiaries have guaranteed the CSI Facility. Transaction costs associated with the Senior Notes are being amortized through profit or loss using the effective interest rate method.

Liability of CSI under the terms of the IRGA/TSS Members Agreement

On December 23, 2014, in accordance with the terms of the purchase and sale agreement for the initial acquisition of Total Specific Solutions ("TSS") by CSI, and on the basis of the term sheets attached thereto, Constellation and the sellers of TSS along with certain members of TSS' executive management team (collectively, the "Joday Group") among others, entered into a Members Agreement (the "TSS Members Agreement") pursuant to which the Joday Group acquired 33.29% of the voting interests in Constellation Software Netherlands Holding Coöperatief U.A. (which was renamed to Topicus.com Coöperatief U.A., ("Topicus Coop")), a subsidiary of Constellation and the indirect owner of 100% of TSS at the time of the acquisition. Total proceeds from this transaction was EUR 39.

On January 5, 2021, the TSS Members Agreement was terminated in conjunction with the acquisition of Topicus.com B.V., the reorganization of Topicus Coop and the execution of the Investors Rights and Governance Agreement ("IRGA"). The IRGA was established to create certain contractual obligations of the parties in respect of the governance of Topicus and Topicus Coop. The IRGA provides for transfer restrictions in respect of the ordinary units of Topicus Coop ("Topicus Coop Ordinary Units" or the "Topicus Coop Units").

Any time after January 5, 2021, any member of the Joday Group has the right, at their option, to sell any number of its Topicus Coop Units to CSI at a cash price per Topicus Coop Unit determined in accordance with the IRGA. Upon the exercise of such option by a member of the Joday Group, CSI will be obligated to purchase 33.33% of such Topicus Coop Units within 30 days, and an additional 33.33% on each of the first and the second anniversary of such initial purchase with the exception of certain items including the Company's obligations under the IRGA associated with the investment in Sygnity and Asseco which have been classified as a current liability and are expected to be settled through providing Joday their prorated share of the investments. Notwithstanding the foregoing, CSI can offer Topicus the right to purchase such Topicus Coop Units in lieu of CSI.

In the event of a change of control of CSI, any member of the Joday Group has the right, at their option, to sell all of its Topicus Coop Units to CSI at a cash price per Topicus Coop Unit determined in accordance with the IRGA. Upon the exercise of such option by a member of the Joday Group, CSI will be obligated to purchase all such Topicus Coop Units. Notwithstanding the foregoing, CSI can offer Topicus the right to purchase such Topicus Coop Units in lieu of CSI.

If CSI reduces its economic interest in Topicus by a sale or transfer of its economic interest (and not due to any additional issuance of any shares or equity by Topicus) by more than one-third (calculated on a fully converted basis in accordance with the IRGA), any member of the Joday Group has the right, at their option, to sell to CSI one-third of its Topicus Coop Units at a cash price per Topicus Coop Unit determined in accordance with the IRGA. Upon the exercise of such put option by a member of the Joday Group, CSI will be obligated to purchase all such put Topicus Coop Units. Notwithstanding the foregoing, CSI can offer Topicus the right to purchase such Topicus Coop Units in lieu of CSI. Any member of the Joday Group has a similar right to sell one-half or all of its remaining Topicus Coop Units, respectively, at its option, if CSI further reduces its remaining fully-diluted economic interest in Topicus by a sale or transfer of its economic interest by one-half and again if CSI sells its entire remaining economic interest in Topicus.

All of the Topicus Coop Ordinary Units held by the Joday Group and Ijssel B.V. (collectively, the "Topicus Coop Exchangeable Units") are exchangeable, directly or indirectly, for Topicus Subordinate Voting Shares. All of the above rights of members of the Joday Group apply to any Topicus Subordinate Voting Shares issued on an exchange of Topicus Coop Exchangeable Units.

At any time after December 31, 2023, CSI has the right, at its option, to buy all of the Topicus Coop Units and shares of Topicus held by certain members of the Joday Group (excluding Joday Investments VI B.V. ("Joday")) at a cash price per Topicus Coop Unit (or share of Topicus, as applicable) determined in accordance with the IRGA. After December 31, 2043, CSI has the same right to buy all of the Topicus Coop Units and shares of Topicus held by the remaining members of the Joday Group, including Joday.

In addition, if certain individuals affiliated with Joday are terminated from their employment with Topicus Coop or an affiliate thereof for urgent cause (as defined in the Dutch Civil Code), CSI has the right, at its option, to buy all of Topicus Coop Units held by such individuals at a cash price per Topicus Coop Unit determined in accordance with the IRGA.

The Company has continued to classify the above obligations of CSI under the terms of the IRGA as a liability. The main valuation driver in such calculation is the maintenance and other recurring revenue of Topicus. Maintenance and recurring revenue of Topicus for the trailing twelve months on a pro-forma basis determined at the end of the current reporting period was used as the basis for valuing the interests at each redemption date, excluding Sygnity. The valuation of the Company's obligations under the IRGA associated with the Company's investment in Sygnity and Asseco are based on the fair value of these investments as determined by their respective share prices at the end of each reporting period and the aggregate liability under the IRGA associated with these two investments has been classified as a current liability. The valuation of CSI's obligations under the IRGA is also impacted by the change in the net tangible assets of Topicus (as defined under the IRGA). As the net tangible assets increase (which is typically the result of net profits in the applicable period), the valuation of CSI's obligations under the IRGA increases. Any increase or decrease in the value of such liability is recorded as an expense or income in the condensed consolidated interim statements of income (loss) for the period.

Debentures

On October 1, 2014 and November 19, 2014, the Company issued debentures with a total principal value of C$96 for total proceeds of C$91. On September 30, 2015, the Company issued another tranche of debentures (collectively with the 2014 issuances called the "Debentures") with a total principal value of C$186 for total proceeds of C$214.

On October 6, 2023, a total of C$213 principal amount of debentures ("2023 Debentures") were issued at a price of C$133.00 per C$100.00 principal amount of 2023 Debentures purchased representing proceeds to the Company of C$283 which was used by the Company to pay down indebtedness under its existing credit facility. The 2023 Debentures were issued as an additional tranche of, and will form a single series with, the outstanding C$282 aggregate principal amount of Debentures.

The Debentures have a maturity date of March 31, 2040 (the "Maturity Date"). The interest rate from and including:

March 31, 2024 but excluding March 31, 2025 is 10.4%

March 31, 2025 but excluding March 31, 2026 is 8.9%

March 31, 2026 but excluding March 31, 2027 is 8.6%

Subsequent from and including March 31, 2027 to but excluding the Maturity Date, the interest rate applicable to the Debentures will be reset on an annual basis on March 31 of each year, at a rate equal to the annual average percentage change in the All-items Consumer Price Index during the 12-month period ending on December 31 in the prior year (which amount may be positive or negative) plus 6.5%. Notwithstanding the foregoing, the interest rate applicable to the debentures will not be less than 0%. The Company may, subject to certain approvals, elect the Payment in Kind election ("PIK Election"), in lieu of paying interest in cash, to satisfy all or any portion of its interest obligation payable on an interest payment date by issuing to each Debenture holder PIK Debentures equal to the amount of the interest obligation to be satisfied. The PIK Debentures will have the same terms and conditions as the Debentures and will form part of the principal amount of the Debentures. If, on any interest payment date, the Company fails to pay the amount of interest owing on the Debentures in full in cash, the Company will not (A) declare or pay dividends of any kind on the Common Shares, nor (B) participate in any share buyback or redemption involving the Common Shares, until the date on which the Company pays such interest (or the unpaid portion thereof) in cash to holders of the Debentures; however, where the Company has issued PIK Debentures in respect of all or a portion of the amount of interest owing on the Debentures on an interest payment date, the Company

may resume declaring or paying dividends of any kind on the Common Shares and participating in any share buyback or redemption involving the Common Shares beginning on the next earlier of (i) the interest payment date of which the Company pays the amount of interest owing on the Debentures in full in cash and (ii) the date on which the Company repays all amounts owing under the PIK Debenture. All payments in respect of the Debentures will be subordinated in right of payment to the prior payment in full of all senior indebtedness of the Company.

The Debentures will be redeemable in certain circumstances at the option of the Company or the holder. During the period beginning on March 16 and ending on March 31 of each year, the Company will have the right, at its option, to give notice to holders of Debentures of its intention to redeem the Debentures, in whole or in part, on March 31 in the year that is five years following the year in which notice is given, at a price equal to the principal amount thereof plus accrued and unpaid interest up to but excluding the date fixed for redemption. During the period beginning on March 1 and ending on March 15 of each year, holders of Debentures will also have the right, at their option, to give notice to the Company of their intention to require the Company to repurchase (or to "put") the Debentures, in whole or in part, on March 31 in the year that is five years following the year in which notice is given, at a price equal to the principal amount thereof plus accrued and unpaid interest up to but excluding the date fixed for repurchase.

The fair value of the debentures as at March 31, 2026 was $414 (December 31, 2025 - $426).

Term Loan

One of CSI's subsidiaries has entered into a GBP 65 term debt facility with a financial institution for which CSI has guaranteed the debt. The facility bears a fixed rate of interest. The term loan contains events of default that, if not remedied, allow the loan note holder to require repayment of the loan principal and interest. The loan is due in 2028.

Certain of CSI's subsidiaries have entered into term debt facilities and revolving credit facilities with various financial institutions. CSI does not guarantee the debt of these subsidiaries, nor are there any cross-guarantees between subsidiaries. The credit facilities are collateralized by substantially all of the assets of the borrowing entity and its subsidiaries. The credit facilities typically bear interest at a rate calculated using an interest rate index plus a margin. The financing arrangements for each subsidiary typically contain certain restrictive covenants, which may include limitations or prohibitions on additional indebtedness, payment of cash dividends, redemption of capital, capital spending, making of acquisitions and sales of assets. In addition, certain financial covenants must be met by those subsidiaries that have outstanding debt.

During 2025, the Company breached a debt covenant associated with a Term loan in one of its subsidiaries. The aggregate value of the loan at December 31, 2025 was $51 and the loan had been classified as a current liability. The breach related to administrative requirements relating to holding a certain amount of cash in the ring-fenced entity and was unrelated to the financial performance of the entity. CSI subsequently transferred the required cash, which amounted to $2, to the entity in the ring-fence and received a formal waiver from the lender in 2026.

In conjunction with the acquisition of Optimal Blue, the Company had entered into a promissory note agreement ("Promissory Note"). The Promissory Note accrues interest at a rate of 7% per annum, is compounded annually and is payable in arrears. The first cash interest and principal payment under the Promissory Note is due on the day prior to the fifth anniversary and thereafter interest and principal payments will be due annually on the

subsequent anniversaries of that date. The Promissory Note matures in 2063, subject to earlier optional prepayment.

Debt without recourse to CSI comprises the following:

Topicus Revolving Credit

Facility Debt Facilities Promissory Note Total

Principal outstanding (and equal to fair value) $

104 $

1,925 $

500

2,529

Deduct: Carrying value of transaction costs included in debt balance

(2)

(18)

(20)

Carrying value at March 31, 2026

101

1,908

500

2,509

Current portion

101

483

585

Non-current portion

1,425

500

1,925

The annual minimum repayment requirements for the debt facilities without recourse to CSI (excluding the Topicus Revolving Credit Facility and the Promissory Note) are as follows:

Year

Debt Facilities

2026

135

2027

680

2028

403

2029

154

2030

406

2031

2032

142

2033 and subsequent years

1,925

The annual minimum repayment requirements for the Promissory Note are as follows:

Year

March 31, 2026

2026 - 2029

$ 7

2030- 2063

493

Total

$ 500

10. Provisions

At January 1, 2026

$ 30

Reversal

(1)

Provisions recorded during the period

Provisions used during the period

(10)

Effect of movements in foreign exchange and other

At March 31, 2026

$ 29

Provisions classified as current liabilities

Provisions classified as other non-current liabilities

The provisions balance is comprised of various individual provisions for onerous contracts and other estimated liabilities of the Company of uncertain timing or amount.

Income tax expense is recognized based on management's best estimate of the actual income tax rate for the interim period applied to the pre-tax income of the interim period for each entity in the consolidated group. As a result of foreign exchange fluctuations, acquisitions and ongoing changes due to intercompany transactions amongst entities operating in different jurisdictions, the Company has determined that a reasonable estimate of a weighted average annual tax rate cannot be determined on a consolidated basis. The Company's consolidated effective tax rate in respect of continuing operations for the three months ended March 31, 2026 was 19% (34% for the three months ended March 31, 2025). The March 31, 2026 effective tax rate was impacted by $11 of current tax expense relating to certain revaluation charges recorded in the Condensed Consolidated Interim Statement of Income (loss).

Constellation is subject to tax audits in the countries in which the Company does business globally. These tax audits could result in additional tax expense in future periods relating to historical filings. Reviews by tax authorities generally focus on, but are not limited to, the validity of the Company's intercompany transactions, including financing and transfer pricing policies which generally involve subjective areas of taxation and a significant degree of judgment. If any of these tax authorities are successful with their challenges, the Company's income tax expense may be adversely affected and Constellation could also be subject to interest and penalty charges.

Common Shares

Number Amount

March 31, 2026

21,191,530 $

December 31, 2025

21,191,530 $

Dividends and other distributions to shareholders

During the three months ended March 31, 2026, the Company declared a $1.00 per share dividend to all common shareholders of record at close of business on March 27, 2026. The dividend declared in the quarter ended March 31, 2026 representing $21 was paid and settled on April 15, 2026.

The dividend declared in the quarter ended December 31, 2025 representing $21 was paid and settled on January 12, 2026.

Three months ended March 31,

2026

2025

Interest income on cash

$ (12)

$ (11)

(Increase) decrease in the fair value of equity securities

(7)

(32)

(Increase) decrease in the fair value of derivative

(5)

Finance and other income

(3)

(32)

Finance and other expense (income)

$ (15)

$ (80)

Interest expense on debt and debentures

$ 64

$ 59

Interest expense on lease obligations

Amortization of debt related transaction costs

Amortization of debenture discount (premium)

(1)

Other finance costs

Finance costs

$ 81

$ 71

Basic and diluted earnings per share

Numerator:

Three months ended March 31,

2026 2025

Net income (loss) attributable to common shareholders of CSI $

Denominator:

367 $

136

Basic and diluted shares outstanding 21,191,530 21,191,530

Earnings per share

Basic and diluted

$ 17.32 $

6.41

Fair values versus carrying amounts

The carrying values of cash, accounts receivable, accounts payable, accrued liabilities, dividends payable, the majority of the acquisition holdbacks, and the CSI Facility, approximate their fair values due to the short-term nature of these instruments. The carrying value of the debt without recourse to CSI approximate their fair values as the debt is subject to market interest rates. The carrying value of the Senior Notes, IRGA liability and the Term Loan with recourse to CSI approximates fair value.

Fair value hierarchy

The table below analyzes financial instruments carried at fair value, by valuation method.

level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;

level 2 inputs are inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly (i.e. prices) or indirectly (i.e. derived from prices); and

level 3 inputs are inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

In the table below, the Company has segregated all financial assets and liabilities that are measured at fair value into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.

Financial assets and financial liabilities measured at fair value as at March 31, 2026 and December 31, 2025 in the condensed consolidated interim financial statements are summarized below.

March 31, 2026

December 31, 2025

Level 1

Level 2 Level 3

Total

Level 1

Level 2 Level 3

Total

Assets:

Equity securities

$ 88 $

- $ - $

88 $

64 $ - $ - $ 64

Derivatives - - 10 10 - - 9 9

88 - 10 98 64 - 9 73

Liabilities:

Contingent consideration

225

215

Derivatives

239

223

There were no transfers of fair value measurement between level 1, 2 and 3 of the fair value hierarchy in the periods ended March 31, 2026 and December 31, 2025.

The following table shows a reconciliation from the beginning balances to the ending balances for fair value measurements in level 3 of the fair value hierarchy.

Contingent Consideration

Balance at January 1, 2026

$ 215

Increase from business acquisitions

Cash payments

(16)

Charges (recoveries) through profit or loss

Foreign exchange and other movements

(2)

Balance at March 31, 2026

225

Contingent consideration classified as current liabilities

102

Contingent consideration classified as other non-current liabilities

123

Estimates of the fair value of contingent consideration are performed by the Company on a quarterly basis. Key unobservable inputs include revenue/profitability growth rates and the discount rates applied (7% to 11%). The estimated fair value increases as the annual revenue/profitability growth rate increases and as the discount rate decreases and vice versa.

Derivative assets and derivative liabilities

Derivative assets and liabilities relate to contractual arrangements of the Company which have uncertain outcomes. If the probability of the outcomes associated with the contractual arrangements increases, the underlying value of the derivative will increase. If the probability of the outcomes decreases, the underlying value of the derivative will decrease. Assuming a probability of 100% and utilizing the observable inputs as of March 31, 2026, the maximum exposure of the Company's derivative liabilities is approximately $58 as of March 31, 2026.

In the normal course of operations, the Company is subject to litigation and claims from time to time. The Company may also be subject to lawsuits, investigations and other claims, including environmental, labour, income and sales tax, product, customer disputes and other matters. Management believes that adequate provisions have been recorded in the accounts where required. Although it is not always possible to estimate the extent of potential costs, if any, management believes that the ultimate resolution of such contingencies will not have a material adverse impact on the results of operations, financial position or liquidity of the Company.

Three months ended March 31,

2026

2025

Decrease (increase) in current accounts receivable

$ (115)

$ (34)

Decrease (increase) in current unbilled revenue

(20)

(27)

Decrease (increase) in other current assets

(59)

(49)

Decrease (increase) in inventories

Decrease (increase) in other non-current assets

(14)

Increase (decrease) in other non-current liabilities

Increase (decrease) in current accounts payable and accrued liabilities,

excluding holdbacks from acquisitions

(242)

(172)

Increase (decrease) in current deferred revenue

628

487

Increase (decrease) in current provisions

(3)

Change in non-cash operating working capital

$ 185

$ 231

18. Non-controlling interests

Topicus:

Constellation's equity interest in Topicus, a company based in the Netherlands, is 60.65% (39.35% being non-controlling interest). On May 16, 2022, Topicus also acquired a controlling interest of 72.68% in Sygnity S.A. ("Sygnity"), a company based in Poland. The remaining 27.32% represents non-controlling interest.

Adapt IT:

On January 3, 2022, the Company acquired a controlling interest in Adapt IT Holdings Limited ("Adapt IT"), a company based in South Africa. The Company has an interest of 73.93% in Adapt IT (the remaining 26.07% represents non-controlling interest)

Lumine:

The Company reflects an equity interest of 61.40% in Lumine, a company based in Canada, and a non-controlling interest in Lumine of 38.60%.

The following tables summarize the information relating to the Company's non-controlling interests in Topicus, Adapt-IT and Lumine as at March 31, 2026 and December 31, 2025:

Non-controlling interest

As at March 31, 2026

Topicus Coop Adapt-IT

39.35% 26.07%

Lumine

38.60%

Current assets

810 50

559

Non-current assets

2,180 63

1,059

Total assets

2,990 113

1,618

Current liabilities

1,184 41

472

Non-current liabilities

831 21

316

Total liabilities

2,015 63

788

Less: Non-controlling interest of subsidaries, including interests held by CSI

46 -

Net assets after allocation of non-controlling interests (including interests held by CSI)

929 50

830

Inter-group eliminations

(14) -

Total

915 50

840

Net assets allocated to the non-controlling interests of subsidiary

360 13

324

Add: Non-controlling interest of subsidaries not owned by CSI

27 -

Total non-controlling interest

387 13

324

As at December 31, 2025

Topicus Coop Adapt-IT

Lumine

Non-controlling interest

39.35%

26.07%

38.60%

Current assets

741

616

Non-current assets

2,209

772

Total assets

2,950

104

1,387

Current liabilities

1,192

240

Non-current liabilities

841

328

Total liabilities

2,033

568

Less: Non-controlling interest of subsidaries, including interests held by CSI

Net assets after allocation of non-controlling interests (including interests held by CSI)

869

819

Inter-group eliminations

(25)

Total

844

828

Net assets allocated to the non-controlling interests of subsidiary

332

320

Add: Non-controlling interest of subsidaries not owned by CSI

Total non-controlling interest

359

320

The following tables summarizes the information on the condensed consolidated interim statement of income (loss) relating to Topicus, Adapt-IT and Lumine for the three months ended March 31 2026 and 2025.

Three months ended March 31, 2026

Revenue

Topicus Coop

510

Adapt-IT

Lumine

208

Expenses

435

186

Income (loss) before income taxes

Income tax expense

Net income (loss) prior to non-controlling interest allocation

Less: Non-controlling interest of subsidaries, including interests held by CSI

Net income (loss) after allocation of non-controlling interest

Inter-group eliminations

(2)

Total

Net income (loss) attributable to non-controlling interests

Add: Non-controlling interest of subsidaries not owned by CSI

Total non-controlling interest

Three months ended March 31, 2025

Revenue

Topicus Coop

374

Adapt-IT

Lumine

179

Expenses

289

150

Income (loss) before income taxes

Income tax expense

Net income (loss) prior to non-controlling interest allocation

Less: Non-controlling interest of subsidaries, including interests held by CSI

Net income (loss) after allocation of non-controlling interest

Inter-group eliminations

(2)

Total

Net income (loss) attributable to non-controlling interests

Add: Non-controlling interest of subsidaries not owned by CSI

Total non-controlling interest

Financial information on the statement of cash flows for Topicus, Adapt-IT and Lumine for the three months ended March 31, 2026 and 2025:

Three months ended March 31, 2026 Topicus Coop Adapt-IT Lumine

Cash flows from (used in) operating activities

329

Cash flows from (used in) financing activities

(299)

(1)

155

Cash flows from (used in) investing activities

(26)

(0)

(277)

Three months ended March 31, 2025 Topicus Coop Adapt-IT Lumine

Cash flows from (used in) operating activities 284 14 40

Cash flows from (used in) financing activities 25 (4) (6)

Cash flows from (used in) investing activities (217) (0) 4

On May 12, 2026 the Company declared a $1.00 per share dividend that is payable on July 10, 2026 to all common shareholders of record at close of business on June 19, 2026.

Subsequent to March 31, 2026, the Company completed or has open commitments to acquire a number of businesses for aggregate cash consideration of $627 on closing plus total estimated deferred payments of $159 for total consideration of $786. The business acquisitions operate in the local government, printing, financial services, healthcare, security, education, marketing management, gaming, aviation, justice, manufacturing, mining, asset management, utilities, legal, defence, dealer, and travel verticals and are all software companies similar to the existing business of the Company.

Disclaimer

Constellation Software Inc. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 19:35 UTC.