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FirstService (FSV) investor relations material
FirstService Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Company overview and market position
Leading provider of essential outsourced property services in the U.S. and Canada, with dual listing on TSX and NASDAQ.
Operates through two main divisions: Residential (42% of 2025 revenue) and Brands (58%).
Serves over 30,000 employees and manages 9,500+ residential communities.
Holds leading or top-three market share positions in large, fragmented markets across multiple service lines.
Geographic revenue split is 90% U.S. and 10% Canada.
Financial performance and capital structure
2025 revenue reached $5.5 billion, with adjusted EBITDA of $563 million.
2020–2025 revenue and adjusted EBITDA CAGR of 15%, with adjusted EPS CAGR of 11%.
Annual dividend per share increased to $1.22, reflecting 205% cumulative growth since 2015.
Maintains a conservative balance sheet with net debt/EBITDA of 1.6x and total liquidity of $972 million at year-end 2025.
Attractive unsecured lending arrangements, including a $1.75 billion bank credit facility.
Business model and growth strategy
Achieves 10% average annual top-line growth, balanced between organic growth and acquisitions.
High proportion of recurring, contractual revenue and strong client retention rates.
Focuses on expanding maintenance, repair, and restoration services, and leveraging differentiators to win new business.
Pursues margin enhancement and disciplined acquisition strategy in complementary service lines.
Low capex and working capital requirements drive strong free cash flow.
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