FirstService (FSV) investor relations material

Executive summary

• Third quarter revenues increased 4% year-over-year to $1.45 billion, driven by tuck-under acquisitions and strong Residential performance, while organic growth was flat due to mixed segment results.

• Adjusted EBITDA rose 3% to $165 million, with a consolidated margin of 11.4%, and adjusted EPS grew 8% to $1.76.

• Nine-month revenues reached $4.11 billion (up 7%), adjusted EBITDA $425.2 million (up 13%), and adjusted EPS $4.39 (up 20%).

• GAAP operating earnings for Q3 were $115.6 million, down from $125.9 million a year ago; diluted EPS was $1.24, down from $1.34.

• Management highlighted resilience amid weather and macroeconomic headwinds, especially in the Brands division.

Financial highlights

• Q3 revenues: $1.45 billion, up 4% year-over-year.

• Adjusted EBITDA: $165 million, up 3%; margin at 11.4%.

• Net earnings for Q3 were $70.9 million; nine-month net earnings at $140.4 million.

• Cash flow from operations exceeded $125 million in Q3, totaling $330.4 million year-to-date, up 65%.

• Total assets as of September 30, 2025, were $4.39 billion, with total debt at $1.21 billion and net debt at $985 million.

Outlook and guidance

• Q4 revenues expected to be roughly in line with prior year, with full-year consolidated revenue growth in the mid-single digits.

• 2025 annual EBITDA growth projected in the high single digits, approaching 10%.

• Q4 organic growth in FirstService Residential expected in the mid-single-digit range; Century Fire Protection to maintain double-digit growth.

• Roofing segment to see modest total revenue growth in Q4 due to acquisitions, but organic revenues expected down 10% or more.

• Management expects continued market challenges in Q4 but anticipates a solid year of growth and profitability overall.