Constellation Software

S&P Global Ratings has changed Constellation Software’s outlook from “stable” to “positive” and affirmed the issuer rating at “BBB”. The move is justified by significant debt reduction despite acquisitions, a strong rise in free operating cash flow (from $1.6bn in 2023 to about $2.5bn in 2025) and adjusted net debt of roughly 1.1x EBITDA as of 30 June 2026. S&P expects free operating cash flow of $2.8bn in 2026 with acquisitions of $2.6bn, which would keep leverage stable at about 1.0x, and signals a possible upgrade if conservative financial policies continue; an increase in leverage above 1.5x could revert the outlook back to “stable.” » More on de.investing.com

Constellation Technology Ventures has announced a strategic equity investment in Blue Energy, the first US developer of small modular reactors that Constellation’s venture arm has invested in. Blue Energy plans to use GE Vernova Hitachi’s BWRX‑300 technology and applies shipbuilding manufacturing approaches as well as project‑finance models. Founded in 2023, the company secured $380m earlier this year and is working with GE Vernova on a multi‑gigawatt project; initial site work in Texas could begin in 2026, with a final investment decision planned for 2027. » More on de.investing.com

After the annual general meeting on 15 May 2026, Mark Leonard will not stand for re-election to Constellation Software’s board and will assume an advisory role to focus on the “Permanent Engaged Minority Shareholder” strategy. The company emphasizes continuity in leadership and strategy; over the last 12 months it recorded revenue of $1.49 billion, a return on equity of 10%, and has paid a dividend for 20 years (yield 2.6%). The board and supervisory committee highlight Leonard’s influence on corporate culture and capital allocation and remain positive about the company’s development. » More on de.investing.com