Q3 2025/9M 2025 - Constellation Software and Its Spin-Outs - Full Analysis
26% EBITA growth for CSI standalone - strong conversion of M&A pipeline
Yesterday, Constellation Software Inc. (CSI) published its Q3 2025 report.
Given recent share price volatility, and perhaps most importantly, misinformation on its valuation (we’ve seen all kinds of FCF and market cap numbers that make no sense), this recap should help our readers sift through the noise, and focus on the core drivers of forward returns instead.
We published our deep dive on Constellation Software last December.
Nine months later, one could deduce that CSI standalone (accounting for roughly 88.5% of Constellation Software’s total proportionally consolidated EBITA) has nicely outperformed expectations on EBITA growth, demonstrating the breadth of the ROIC lever in this decentralized model. Meanwhile, the spin-out companies have lagged.