FirstService
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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.
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Investor presentation summary11 Feb, 2026

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.

Quantify self-managed HOA conversion opportunity
How do non-discretionary services impact Brands?
What is the capacity for tuck-under acquisitions?
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Q1 202623 Apr, 2026
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Frequently asked questions

FirstService Corporation, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. It operates in three divisions: FirstService Residential, FirstService Brands, and Property Services. The FirstService Residential division engages in the management of residential communities and portfolios; sale of ancillary products comprising resident and community association insurance policies on behalf of third-party insurers, as well as property insurance; rent collection services; evictions; maintenance contracts; and repair services for community association boards or owners for a fee basis. FirstService Corporation was founded in 1989 and is headquartered in Toronto, Canada.

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