Mr. Jamal Baksh reports

CONSTELLATION SOFTWARE INC. AND TOPICUS.COM INC. ANNOUNCE RESULTS FOR TOPICUS.COM INC. FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2023

Topicus.com Inc., in a joint release with Constellation Software Inc., has released financial results for Topicus.com for the third quarter ended Sept. 30, 2023. Please note that all amounts referred to in this press release are in euros unless otherwise stated.

The following press release should be read in conjunction with the Company's Unaudited Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2023 and the accompanying notes, our Management's Discussion and Analysis for the three and nine months ended September 30, 2023 and the Annual Consolidated Financial Statements of Topicus.com Inc. for the year ended December 31, 2022, which we prepared in accordance with International Financial Reporting Standards ("IFRS") and the Company's annual Management's Discussion and Analysis for the year ended December 31, 2022, which can be found on SEDAR+ and on Topicus.com's website. Additional information about Topicus.com is also available on SEDAR+.

Q3 2023 Headlines:

• Revenue increased 22% (8% organic growth) to euros278.8 million compared to euros228.6 million in Q3 2022.
• Net income increased to euros28.3 million ( euros0.22 on a diluted per share basis) from euros18.4 million ( euros0.15 on a diluted per share basis).
• Acquisitions were completed for aggregate cash consideration of euros7.2 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of euros0.2 million resulting in total consideration of euros7.4 million.
• Cash flows from operations ("CFO") increased euros14.6 million to euros25.5 million compared to euros10.9 million in Q3 2022 representing an increase of 134%.
• Free cash flow available to shareholders1 ("FCFA2S") increased euros7.0 million to euros6.5 million compared to negative euros0.5 million in Q3 2022.

Total revenue for the quarter ended September 30, 2023 was euros278.8 million, an increase of 22%, or euros50.2 million, compared to euros228.6 million for the comparable period in 2022.

For the first nine months of 2023 total revenues were euros815.3 million, an increase of 25%, or euros162.4 million, compared to euros653.0 million for the comparable period in 2022. The increase for both the three and nine-month periods compared to the same periods in the prior year is primarily attributable to growth from acquisitions as the Company experienced organic growth of 8% and 7%.

Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.

Net income for the quarter ended September 30, 2023 increased euros9.9 million to euros28.3 million compared to euros18.4 million for the same period in 2022. On a per share basis, this translated into net income per basic and diluted share of euros0.22 in the quarter ended September 30, 2023 compared to net income per basic and diluted share of euros0.15 for the same period in 2022. For the nine months ended September 30, 2023 net income increased euros14.0 million to euros72.9 million compared to euros58.9 million for the same period in 2022. On a per share basis, this translated into net income per basic and diluted share of euros0.57 in the nine months ended September 30, 2023 compared to euros0.45 for the same period in 2022.

For the quarter ended September 30, 2023, CFO were euros25.5 million compared to euros10.9 million for the same period in 2022 representing an increase of 134%. Many of the businesses invoice customers for annual software maintenance fees in Q1 each year resulting in a disproportionate amount of cash being received in the first quarter as compared to the remaining three quarters. A longer collection cycle for the Q1 invoiced amounts in 2023 as compared to 2022 is the primary reason for the large Q3 increase. For the nine months ended September 30, 2023, CFO increased euros29.2 million to euros184.1 million compared to euros154.9 million for the same period in 2022 representing an increase of 19%.

For the quarter ended September 30, 2023, FCFA2S was euros6.5 million compared to negative euros0.5 million for the same period in 2022. For the nine months ended September 30, 2023, FCFA2S increased euros58.8 million to euros94.5 million compared to euros35.7 million for the same period in 2022 representing an increase of 165%. The increase for the nine month period is primarily as a result of the dividend paid to the Preferred Securities holders during the quarter ended March 31, 2022. Excluding the dividend, FCFA2S increased euros18.4 million or 24% for the nine months ended September 30, 2023.

See Non-IFRS measures.

About Topicus.com Inc.

Topicus' subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol "TOI". Topicus acquires, manages and builds vertical market software businesses.

About Constellation Software Inc.

Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation acquires, manages and builds vertical market software businesses.

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